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Sotherly Hotels (NASDAQ:SOHO) has agreed to be acquired by a joint venture led by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners for $2.25 per share in cash, the companies said on Monday, sparking a rally in premarket activity.
The merger consideration represents a premium of 152.7% to the company's closing share price on October 24.
Affiliates of Apollo (APO) and Ascendant provided debt financing commitments to the joint venture in connection with the transaction.
The merger is expected to close in the first quarter of 2026.
The merger consideration represents a premium of 152.7% to the company's closing share price on October 24.
Affiliates of Apollo (APO) and Ascendant provided debt financing commitments to the joint venture in connection with the transaction.
The merger is expected to close in the first quarter of 2026.
