SOTHERLY HOTELS DL-,01

Sotherly Hotels shareholders have approved the sale to KW Kingfisher LLC, a joint venture led by Kemmons Wilson Hospitality Partners with Ascendant Capital Partners as strategic partner. Under the terms, shareholders will receive $2.25 per share in cash. The closing is expected in the first quarter of 2026 and is subject to customary closing conditions; final voting results will be reported to the SEC. » Más en de.investing.com

At the 2025 annual meeting, shareholders elected six directors to the board of directors and ratified Cherry Bekaert LLP as independent auditors for the fiscal year ending 31 Dec. 2025. The advisory “Say on Pay” vote was approved by a majority, and the company will review it annually going forward. Separately, Sotherly announced acceptance of a merger agreement under which a joint venture led by Kemmons Wilson Hospitality Partners would acquire the company for USD 2.25 per share. In addition, the sale of a parking garage fell through, a default notice was issued on a mortgage for the DoubleTree Resort, and dividends on certain preferred shares were suspended. » Más en de.investing.com

The planned sale of a parking garage property of the Georgian Terrace in Atlanta for $17.75m failed after the buyer withdrew during the due diligence period. Sotherly Hotels also received a Notice of Default on the mortgage loan for the DoubleTree Resort by Hilton Hollywood Beach; the direct obligation under the loan is about $49.3m (as of 12.11.2025). The company is negotiating with an advisor on a loan extension and has submitted proposals to the special servicer, while the hotel is in a cash trap. At the same time, a takeover agreement valuing Sotherly shares at $2.25 per share is in place, and the company secured a $42m loan for the DeSoto Hotel in Savannah. » Más en de.investing.com