07:06 AM EDT, 10/27/2025 (MT Newswires) -- Sotherly Hotels ( SOHO ) said Monday it has agreed to be acquired by a joint venture between Kemmons Wilson Hospitality Partners affiliates and Ascendant Capital Partners for $2.25 per share in cash.

The company said the purchase price represents a 152.7% premium to its closing share price last Friday and a 126.4% premium to the 30-day volume-weighted average share price.

Sotherly said its board of directors has unanimously approved the definitive merger agreement, which is expected to close in the first quarter of 2026. Andrew Sims, one of its largest stockholders, has agreed to vote all of his shares in favor of the deal, the company said.

Sotherly said that affiliates of Apollo (APO) and Ascendant have provided debt financing commitments to the joint venture for the transaction.

Sotherly Hotels ( SOHO ) shares were up more than 132% in recent Monday pre-market activity.