Kemmons Wilson Hospitality Partners (KWHP), a hospitality-focused investment management firm, and Ascendant Capital Partners, a vertically integrated real estate investment and operating platform, through their joint venture, KW Kingfisher, together with Sotherly Hotels, announced the completion of a previously disclosed merger under which Sotherly was acquired by the joint venture.
The merger agreement, under which the joint venture acquired all outstanding shares of Sotherly common stock for $2.25 per share in cash, was approved by Sotherly stockholders at a special meeting held Jan. 22. The transaction followed unanimous approval by Sotherly’s board of directors and a unanimous recommendation from a special committee of independent directors.
