Sotherly Hotels Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2013. For the quarter, total revenue was $20,189,812 against $20,025,146 for the same period of last year. Net operating income was $1,883,256 against $1,306,142 for the same period of last year. Net loss before taxes was $3,092,711 against $2,875,769 for the same period of last year. Net loss attributable to the company was $,594,916 against $2,294,355 for the same period of last year. Diluted EPS was $0.24 against $0.23 for the same period of last year. Funds used in operations was $1,167,844 against $662,566 for the same period of last year. Adjusted FFO was $2,172,730 against $1,205,543 for the same period of last year. Funds used in operations per share and unit was $0.09 against $0.05 for the same period of last year. Adjusted FFO per share and unit was $0.17 against $0.09 for the same period of last year. The company reiterates its previous guidance for 2013 which is predicated on continued strengthening of the economy and expected improvements in hotel lodging industry fundamentals. These projections are based on estimates of occupancy and average daily rates that are consistent with calendar year 2013 forecasts by Smith Travel Research for the market segments in which the Company operates. Total revenue is expected to be in the range of $87,425,000 to $91,170,000; Net loss is expected to be in the range of $2,131,000 to income of $90,000; EBITDA is expected to be in the range of $18,165,000 to $20,485,000; Adjusted EBITDA is expected to be in the range of $20,065,000 to $22,285,000; FFO is expected to be in the range of $7,164,000 to $9,384,000; Adjusted FFO is expected to be in the range of $10,164,000 to $12,384,000; Net loss per share attributable to the company is expected to be in the range of $0.16 to income of $0.01; FFO per share and unit is expected to be in the range of $0.55 to $0.72; and Adjusted FFO per share and unit is expected to be in the range of $0.78 to $0.95.

SoTHERLY Hotels Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.035 per common share of beneficial interest. The quarterly dividend will be paid on July 11, 2013 to shareholders of record as of June 14, 2013.

Effective April 16, 2013, the Articles of Amendment, the MHI Hospitality Corp.’s Amended and Restated Bylaws were amended and restated solely to reflect the change of the company’s name to Sotherly Hotels Inc.