Kemmons Wilson Hospitality Partners and Ascendant Capital Partners Joint Venture Completes Acquisition of Sotherly Hotels Inc.

Core Insights - The merger between Kemmons Wilson Hospitality Partners and Ascendant Capital Partners has successfully acquired Sotherly Hotels Inc. for $2.25 per share in cash, approved by Sotherly stockholders [1][2][3] Company Overview - Sotherly Hotels Inc. is a self-managed lodging real estate investment trust (REIT) that owns ten full-service hotels with a total of 2,786 rooms, primarily located in the mid-Atlantic and southern United States [6][7] - KWHP is a hospitality-focused investment management firm established by the Kemmons Wilson family, known for its hands-on investing approach and managing hospitality funds across the U.S. [8] - Ascendant Capital Partners is a vertically integrated real estate investment firm that focuses on high-quality assets in U.S. gateway markets and high-growth cities [9] Management Transition - Schulte Hospitality Group will take over the management of Sotherly's 10 full-service hotels and a condo-hotel management agreement, further aligning their interests with the ownership group [3][10] - The founders of Schulte Hospitality Group have invested alongside the investor group acquiring Sotherly, enhancing their commitment to the portfolio [3] Strategic Goals - The acquisition aims to expand KWHP's and Ascendant's hospitality portfolios in strategic Southeastern U.S. submarkets with established demand [2] - The leadership from KWHP and Ascendant emphasizes a commitment to enhancing guest experiences and operational excellence through the merger [4][10]