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NEW YORK—Carey Watermark Investors 1 (CWI 1) and Carey Watermark Investors 2 (CWI 2) have entered into a definitive agreement under which the two companies will merge in an all-stock transaction to create Watermark Lodging Trust (WLT), a $4.6 billion, internally-managed non-traded REIT.
CWI 1 and CWI 2 are non-traded REITs managed by affiliates of W. P. Carey Inc. and Watermark Capital Partners. Ultimately WLT is destined for a public listing or an IPO, the company says.
The transaction, which has been approved by the Boards of Directors of CWI 1 and CWI 2, is expected to close in the first quarter of 2020, subject to the approval of stockholders, among other conditions.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
