Sotherly Hotels (SOHO) 8-K/A CSC Georgian Terrace Limited Partnership

Exhibit 99.2

SOTHERLY HOTELS INC.

PROFORMA FINANCIAL INFORMATION

CONSOLIDATED BALANCE SHEET

DECEMBER 31, 2013

	Sotherly Hotels Inc. Balance Sheet December 31, 2013			Proforma Adjustments of Georgian Terrace			Proforma Balance Sheet
ASSETS
Investment in hotel properties, net	$	202,645,633		$	58,581,627	(2)(3)	$	261,228,260
Investment in joint venture		2,446,039			—			2,446,039
Cash and cash equivalents		9,376,628			(3,778,842	)(1)(2)(5)		5,597,786
Restricted cash		3,796,141			1,754,113	(2)		5,550,255
Accounts receivable, net		1,982,091			465,287	(2)		2,447,378
Accounts receivable-affiliate		101,439			—			101,439
Prepaid expenses, inventory and other assets		2,444,975			430,997	(2)		2,875,973
Shell Island sublease, net		240,196			—			240,196
Deferred income taxes		1,186,122			—			1,186,122
Deferred financing costs, net		3,820,838			606,965	(1)		4,427,803
TOTAL ASSETS	$	228,040,102		$	58,061,147		$	280,101,251
LIABILITIES
Mortgage loans	$	160,363,549		$	41,500,000	(1)	$	201,863,549
Bridge loan		—			19,000,000	(1)		19,000,000
Unsecured notes		27,600,000			—			27,600,000
Accounts payable and accrued liabilities		7,650,219			591,618	(2)		8,241,838
Advance deposits		666,758			—			666,758
Dividends and distributions payable		588,197			—			588,197
TOTAL LIABILITIES		196,868,723			61,091,618			257,960,342
Commitments and contingencies		—			—			—
EQUITY
Sotherly Hotels Inc. stockholders’ equity
Preferred stock, par value $0.01, 972,350 shares authorized, 0 shares issued and outstanding		—			—			—
common stock, par value $0.01, 49,000,000 shares authorized, 10,206,927 shares and 9,999,786 shares issued and outstanding at December 31, 2013 and 2012, respectively		102,069			—			102,069
Additional paid in capital		57,534,113						65,181,640
Distributions in excess of retained earnings		(32,210,917	)		(2,370,719	)(3)(4)(5)		(34,581,636	)
Total Sotherly Hotels Inc. stockholders’ equity		25,425,265			(2,370,719	)		23,054,546
Noncontrolling interest		5,746,114			(452,560	)(3)(4)(5)		5,086,363
TOTAL EQUITY		31,171,379			(3,030,471	)		28,140,909
TOTAL LIABILITIES AND EQUITY	$	228,040,102		$	58,061,147		$	286,101,251

(1) Financing proceeds of first mortgage and bridge loan

(2) Acquisition of Georgian Terrace

(3) Proforma depreciation

(4) Proforma amortization of deferred financing charges

(5) Proformaoperating income of the Georgian Terrace

SOTHERLY HOTELS INC.

PROFORMA FINANCIAL INFORMATION

CONSOLIDATED STATEMENT OF OPERATIONS

YEAR ENDED DECEMBER 31, 2013

	Sotherly Hotels Inc. For the year ended December 31, 2013			Proforma Adjustments of Georgian Terrace			Proforma Statement of Operations
REVENUE
Rooms department	$	62,837,422		$	11,608,351	(5)	$	74,445,773
Food and beverage department		22,054,209			6,536,189	(5)		28,590,398
Other operating departments		4,482,896			1,722,547	(5)		6,205,443
Total revenue		89,374,527			19,867,087			109,241,614
EXPENSES
Hotel operating expenses
Rooms department		17,210,445			3,555,858	(5)		21,766,303
Food and beverage department		14,066,145			5,260,642	(5)		19,326,787
Other operating departments		508,868			414,435	(5)		923,303
Indirect		33,683,486			6,111,687	(5)		39,795,173
Total hotel operating expenses		65,468,944			15,342,622			80,811,566
Depreciation and amortization		8,467,228			2,292,717	(6)		10,759,945
Corporate general and administrative		4,360,583			321,959	(5)		4,682,542
Total operating expenses		78,296,755			17,957,298			96,254,073
NET OPERATING INCOME		11,077,772			1,909,789			14,181,984
Other income (expense)
Interest expense		(11,647,141	)		(4,940,260	)(7)		(16,587,401	)
Interest income		17,914			—			17,914
Equity income in joint venture		453,700			—			453,700
Realized and unrealized loss on warrant derivative		(2,205,248	)		—			(2,205,248	)
Impairment of investment in hotel properties, net		(611,000	)		—			(611,000	)
Net( loss) income before income taxes		(2,914,003	)		(3,030,471	)		(5,944,474	)
Income tax provision		(1,521,182	)		—			(1,521,182	)
Net (loss) income		(4,435,185	)		(3,030,471	)		(7,465,656	)
Add: Net loss(income) attributable to the noncontrolling interest		981,126			(659,751	)		1,640,877
Net (loss)income attributable to the Company	$	(3,454,059	)	$	(2,370,719	)	$	(5,824,778	)
Net loss per share attributable to the Company
Basic and diluted	$	(0.34	)	$	(0.23	)	$	(0.57	)
Weighted average number of shares outstanding
Basic and diluted		10,156,955			10,156,955			10,156,955

(1) Financing proceeds of first mortgage and bridge loan

(2) Acquisition of Georgian Terrace

(3) Proforma depreciation

(4) Proforma amortization of deferred financing charges

(5) Proforma operating income of Georgian Terrace

(6) Proforma depreciation

(7) Proforma interest expense