Search
 

Non-Traded Hotel REITs Eye Merger

HOUSTON—Based on 13.2 million shares outstanding of Moody National REIT I, the acquisition by Moody National REIT II would be valued at about $145 million, according to CoStar Group.

Hyatt Place hotel exterior The Hyatt Place in Germantown, TN, part of the Moody National REIT I portfolio.

HOUSTON—Two non-traded hotel REITs sponsored by a Moody National Cos. affiliate are finalizing plans to merge. Moody National REIT I Inc. and Moody National REIT II Inc. said Tuesday that the proposed deal, which followed a strategic review by special committees of both trusts, would see REIT I stockholders receive gross consideration of $11 per share of common stock.

CoStar Group reported Wednesday that based on the 13.2 million REIT I shares outstanding as of June 30, the merger would be valued at about $145 million, including $72 million in cash. REIT I will be given a go-shop period to seek out other potential buyers.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.