Milbank LLP served as equity counsel to affiliates of Kemmons Wilson Hospitality Partners (“KWHP”), a hospitality‑focused investment management firm, and as borrower’s counsel for the KWHP-led and sponsored joint venture with Ascendant Capital Partners (“Ascendant”), a vertically integrated real estate investment and operating platform. Through this partnership, the joint venture entity, KW Kingfisher LLC, announced the successful completion of its merger, resulting in the acquisition of Sotherly Hotels Inc. (Nasdaq: SOHO) (“Sotherly”). Milbank previously advised affiliates of KWHP in making a loan to Sotherly as an element of the previously announced definitive merger agreement, pursuant to which the Joint Venture agreed to acquire all outstanding shares of Sotherly common stock for $2.25 per share in cash, which merger was approved by Sotherly stockholders at a Special Meeting of stockholders held on January 26, 2026. The acquisition by the Joint Venture entity, KW Kingfisher LLC, meaningfully expands KWHP and Ascendant’s respective high-quality hospitality portfolios in strategic Southeastern U.S. submarkets with established demand. The Milbank deal team was led by Real Estate partner Yaakov Sheinfeld and associate Bailey Vincent, Corporate/M&A partner Scott Golenbock and associate Frank Pensabene, and Alternative Investments special counsel Nicholas Gonski.