Sotherly Hotels to Be Sold for $425 Million
Skift Take
Sotherly Hotels has been acquired in a deal involving affiliates of Apollo and Ascendant, providing debt financing commitments of $350 million to the joint venture. Plus more hotel news.
The DJIA rose another 337 points while the Nasdaq was up 433, the S&P 500 was up 83 points, and the 10-year treasury yield was flat at 4%. Lodging stocks were higher, led by SOHO, up 141% to a new 52-week high. HBNB traded up another 20% to another all-time high.
The big news of the day is Sotherly Hotels, the company that on Friday had a stock price of $0.89, with many thinking they may not be around a year from now, announced they were being acquired for $2.25 per share. If you needed a reason for the other lodging REITs to jump, SOHO is being acquired for $2.25 per share by a joint venture comprised of affiliates of Kemmons Wilson Hospitality Partners and Ascendant Capital Partners. The entity is called KW Kingfisher, and they are being funded by affiliates of Apollo and Ascendant, providing debt financing commitments of $350 million to the JV. The total value of the transaction is
