Technically, the REIT will be owned by funds managed by Morgan, which will pay $20.50 per share in cash for all outstanding common stock and CHR's debt. As part of the deal--and just before it closes--CHR will shed some 51 assets. Dallas-based Ashford Hospitality Trust will buy the properties for $2.4 billion.
With the portfolio trimmed, Morgan funds will own properties that include three Waldorf-Astorias in various western states; the Ritz-Carlton Orlando and JW Marriott Orlando at the Grande Lakes Resort; the Doral Golf Resort & Spa, which is a Marriott resort in Miami; the JW Marriott Desert Ridge Resort & Spa in Phoenix; and the Claremont Resort & Spa in Berkeley, CA.
Banc of America Securities LLC, UBS Investment Bank and Houlihan Lokey were financial advisors to CHR on the transaction and Sidley Austin LLP and Venable LLP served as CHR's legal counsel. Goodwin Procter LLP provided legal counsel for self-advised Morgan.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
