Following a key announcement from the innovative experienced-based hospitality brands operating company Sortis Holdings Inc (OTCMKTS:SOHI) it is likely that the stock may come into focus among investors today.
On Tuesday, SOHI stock ended flat at $1.4000 with more than 10.82K shares, compared to its average volume of 1.20K shares. The stock moved within a range of $1.4000 – 1.4000 after opening trade at $1.4000.
Sortis Holdings Signs Definitive Agreement to Acquire Ace Hotel Group
The company came into the news cycle yesterday after it announced that it had gone into a definitive agreement for the acquisition of Ace Group International, as well as its management firm Atelier Ace. The company noted that the acquisition is going to help Sortis in launching a new era for its iconic brand through growth, innovation and cultural collaboration. The company believes that it would be beneficial for both Sortis as well as for the Ace Hotel brand.
The acquisition had been completed by the company in a transaction made entirely in cash consideration of $85 million. The acquisition is expected to be closed at the end of the first fiscal quarter of 2023.
That being said, it should be noted that it is going to be subject to the usual closing conditions. Sortis already owns award winning restaurants, a sustainable Sushi bar and a cult coffee brand. The addition of the Ace Group is expected to come as a boost for the company’s continued growth.
“The Sortis platform is rooted in innovation, purpose, and impact, and aims to foster consumer brands that are at the forefront of culture,” said Paul Brenneke, Executive Chairman of Sortis. “Our acquisition of the storied Ace Hotel brand, long known for embodying and celebrating the unique culture of each of its destinations worldwide provides us with an opportunity to advance this vision by scaling the legacy brand in a thoughtful way.”