Milbank LLP served as debt counsel to the joint venture led and sponsored by affiliates of Kemmons Wilson Hospitality Partners, LP (“KWHP”), with Ascendant Capital Partners LP (“Ascendant”) serving as strategic joint venture partner, under which the joint venture entity, KW Kingfisher LLC, will acquire all outstanding shares of Sotherly Hotels Inc. common stock for $2.25 per share in cash.
The merger represents a premium of 152.7% to Sotherly’s closing share price on October 24, 2025, 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. The merger has been unanimously approved by Sotherly’s full board of directors following a unanimous recommendation from a special committee comprising independent directors of the board.
The transaction is expected to close in the first quarter of 2026, subject to approval by Sotherly stockholders and customary closing conditions.
The Milbank deal team was led by Real Estate partner Yaakov Sheinfeld, Corporate/M&A partner Scott Golenbock, Corporate Finance and Securities partner Antonio Diaz-Albertini and Direct Lending and Specialty Finance partner Kelsey Breck Baumberger.
