The real estate investment trust Sotherly Hotels Inc. (NASDAQ: SOHO) announced that KW Kingfisher, a joint venture involving affiliates of Kemmons Wilson Hospitality Partners LP (KHWP) and Ascendant Capital Partners LP, will acquire all outstanding shares of Sotherly common stock for $2.25 per share in cash.
At closing on Oct. 24, Sotherly reported a market cap of $18.24 million. The newly announced transaction represents a premium of 152.7% to the company’s closing share price on Oct. 24, the last trading day prior to the announcement of the transaction, and a 126.4% premium to the volume weighted average share price over the previous 30 days.
“This transaction is a testament to the high-quality portfolio that Sotherly has built over the past 20-plus years as a publicly traded company and we are confident this will pave a path towards future success for our hotels and the associates and guests that enjoy them every day,” said David Folsom, Sotherly’s CEO.
Webb Wilson, KWHP’s chief investment officer, added: “Sotherly has developed a distinctive portfolio of hotels across the Southeast. KWHP has a long history in investing in hospitality, particularly in the Southeast, and will bring additional resources to Sotherly’s unique and compelling portfolio of high-quality hotels to position them for continued success over the long term. We have been fortunate to have known and worked with the Sotherly team previously and look forward to furthering the relationship in our stewardship of these assets.”
0 Comments