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KWHP and Ascendant Joint Venture Acquires Sotherly
Kemmons Wilson Hospitality Partners (KWHP) and Ascendant Capital Partners (Ascendant) have successfully completed their acquisition of Sotherly Hotels Inc. through their joint venture, KW Kingfisher LLC. The deal, valued at $2.25 per share in cash for all outstanding Sotherly common stock, expands KWHP’s and Ascendant’s hospitality portfolios into strategic Southeastern U.S. markets. Schulte Hospitality Group will take over operations for Sotherly’s 10 full-service hotels and its condo-hotel management agreement.