Pursuant to the previously announced succession plan, on January 1, 2020 Sotherly Hotels Inc. as recommended by the company's Nominating, Corporate Governance and Compensation Committee and approved by the company's board of directors, made several appointments to its senior leadership team. On January 1, 2020, the Company appointed Andrew M. Sims to the newly-created officer position of Chairman of the Board of Directors. In this role, Mr. Sims will be responsible for advising the Company on strategic matters and major transactions, including acquisitions, dispositions, franchising and branding decisions, as well as capital market transactions.

Mr. Sims, previously served as Chairman of the Board of Directors and Chief Executive Officer since the Company's initial public offering in 2004. On January 1, 2020, the Company appointed David R. Folsom as President and Chief Executive Officer. Mr. Folsom, previously served as the Company's Chief Operating Officer since 2006, where he has played a significant role in the growth of the Company's footprint.

On January 1, 2020, the Company appointed Scott M. Kucinski as Executive Vice President and Chief Operating Officer. Mr. Kucinski, joined the Company in 2004 as Development Analyst, and since 2014 has served as the Company's Vice President Operations and Investor Relations. On January 1, 2020, the Company appointed Robert E. Kirkland IV as General Counsel.

Mr. Kirkland, joined the Company in 2013 as Compliance Officer, where he has helped manage the Company's public company compliance program, provided legal support for various corporate transactions, and managed the shareholder service function of the Company, while acting as a conduit to outside counsel.