Overview
- KW Kingfisher LLC, a joint venture led by affiliates of Kemmons Wilson Hospitality Partners with Ascendant Capital Partners as strategic partner, will acquire all outstanding Sotherly common shares for cash.
- The $2.25 per-share price reflects a premium of roughly 153 percent to the Oct. 24 close and about 126 percent to the 30‑day average.
- Sotherly’s board unanimously approved the merger after an independent special committee review, and chairman Andrew Sims agreed to vote his shares in favor.
- Affiliates of Apollo Global Management and Ascendant provided debt financing commitments to support the transaction.
- Preferred holders may convert Series B, C, and D shares into common or keep existing terms, the company canceled its Q3 earnings call, will file a Form 8‑K, and expects closing in the first quarter of 2026 subject to approvals and customary conditions.