Sotherly Hotels Acquired by Joint Venture for $2.25 per Share, Shares Soar 140%

Sotherly Hotels Inc. agreed to be acquired by a joint venture led by Kemmons Wilson Hospitality Partners LP for $2.25 per share, a 153% premium to its Oct. 24 closing price. The deal, which received unanimous approval from the board of directors, is expected to close in Q1 2026 pending shareholder approval. Preferred stockholders have the option to convert their shares or retain them under existing terms.