KWHP and Ascendant JV Complete Acquisition of Sotherly Hotels

Kemmons Wilson Hospitality Partners (KWHP) and Ascendant Capital Partners' joint venture (JV) has completed the acquisition of Sotherly Hotels. The JV acquired all outstanding shares of Sotherly common stock at $2.25 per share in cash. Sotherly's ten full-service hotels will be operated by Schulte Hospitality Group, and the JV plans to make strategic enhancements to improve guest experience. The acquisition grows KWHP's and Ascendant's hospitality holdings in established Southeastern submarkets across the US.