Andrew Sims, chairman and CEO of Sotherly Hotels Inc. (NASDAQ: SOHO), participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.
In March, Sotherly acquired the Hyatt Centric Arlington located in Arlington, Virginia. Sims said Sotherly has been trying to enter the Washington, D.C. market for several years now as it serves as a feeder for the company’s other hotels.
“The fact that we could get a high-profile property in the close-in Virginia suburbs… was a big win for us,” Sims said.
Other markets that Sotherly is focusing on include: Charlotte, North Carolina; Charleston, South Carolina; New Orleans; and Nashville.
“Our goal is to create growth in the major Southern markets,” Sims said. He added that Sotherly believes that over the long term these markets will outperform other regions of the country because of the migration of people and businesses to the region.
Meanwhile, Sims noted that the REIT has been working to reposition its assets so that Sotherly is more of a boutique hotel company.