Private real estate funds managed by Brookfield are set to acquire Watermark Lodging Trust in an all-cash $3.8 billion deal. The transaction, which is slated to close in the final quarter of 2022, includes the assumption of debt and preferred equity. The Watermark portfolio comprises more than 8,100 guestrooms across 25 luxury and upper midscale properties largely located in the Sun Belt region.
“We are very pleased to reach this agreement with Brookfield, as it achieves our longer-term objective of a liquidity event, while providing our stockholders with an immediate and certain cash value,” says Michael Medzigian, Watermark chairman and CEO. “The transaction’s premium to our most recently published net asset values per share represents the strong execution of our entire team, who have demonstrated the ability to find innovative solutions to address the challenges brought on by the COVID-19 pandemic. I would like to thank the members of our Watermark team, across all functions, for their dedication and hard work over the past several years.”
“Hotels and resorts of this scale and quality are difficult to replicate,” adds Brookfield’s managing partner and chief investment officer Lowell Baron. “This portfolio is well positioned given its concentration in high barrier to entry coastal destinations, gateway cities, and the sunbelt.”
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