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We present results from our Very Large Telescope large program to study thedynamical evolution of local Ultraluminous Infrared Galaxies (ULIRGs) and QSOs.This paper is the second in a series presenting the stellar kinematics of 54ULIRGs, derived from high resolution, long-slit H- and K-band spectroscopy. Thedata presented here, including observations of 17 new targets, are mainlyfocused on sources that have coalesced into a single nucleus. The stellarkinematics, extracted from the CO ro-vibrational bandheads in our spectra,indicate that ULIRG remnants are dynamically heated systems with a meandispersion of 161 km/s. The combination of kinematic, structural, andphotometric properties of the remnants indicate that they mostly originate frommajor mergers and that they result in the formation of systems supported byrandom motions, therefore, elliptical galaxies. The peak of the velocitydispersion distribution and the locus of ULIRGs on the fundamental plane ofearly-type galaxies indicate that the end products of ultraluminous mergers aretypically moderate-mass ellipticals (of stellar mass ~10^10 - 10^11 M_sun).Converting the host dispersion into black hole mass with the aid of theM_BH-sigma relation yields black hole mass estimates of the order 10^7 - 10^8M_sun and high accretion rates with Eddington efficiencies often >0.5.Comment: Accepted for publication in the Astrophysical Journa

Dynamical Properties of Ultraluminous Infrared Galaxies. II. Traces of Dynamical Evolution and End Products of Local Ultraluminous Mergers