Watermark Lodging Trust Agrees to be Acquired by Brookfield in $3.8 Billion Deal
06 Maggio 2022 - 11:11PM
Dow Jones News
By Stephen Nakrosis
Watermark Lodging Trust Inc. said Friday it entered a deal with
private real estate funds managed by Brookfield Asset Management
that will see Brookfield acquire Watermark.
Under the terms of the deal, Brookfield will acquire all
outstanding shares of Watermark's common stock. Brookfield will pay
$6.768 per Class A share and $6.699 per Class T share in an
all-cash transaction valued at $3.8 billion, including the
assumption of debt and preferred equity, the companies said.
The purchase price is a premium of over 7.5% from Watermark's
most recently published Net Asset Values per share of $6.29 per
Class A share and $6.22 per Class T share as of December 31, 2021,
according to the companies.
The Watermark portfolio consists of 25 properties totaling over
8,100 rooms. These assets "are located in drive-to leisure
destinations and gateway urban cities across 14 states with a high
concentration in the Sun Belt region," the companies said.
The deal is expected to close in the fourth quarter of this
year.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
May 06, 2022 16:56 ET (20:56 GMT)
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