Private real estate funds managed by Brookfield has entered into a definitive agreement to acquire the non-traded REIT Watermark Lodging Trust in an all-cash transaction valued at $3.8 billion.
The acquisition price includes the assumption of debt and preferred equity. The purchase price represents a premium of over 7.5% from the most recently published net asset values per share as of December 31, 2021, of $6.29 per Class A share and $6.22 per Class T share.
The Watermark portfolio, built over a decade, consists of 25 luxury and upscale properties totaling over 8,100 rooms, many of which are located in the Sun Belt region. It owns, for example, the Ritz-Carlton in Ft Lauderdale, FL and one in San Francisco as well.
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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.
