Returns have also moderated from an average of 8.8% in 2018, down 30 bps from 9.1% in 2017, according to Hodes Weill & Associates and Cornell University's annual Institutional Real Estate Allocations Monitor.

The combined company will create Watermark Lodging Trust, which will have 33 lodging assets.

"The market in the US is fairly developed and many of those players are focusing on just sub-asset categories such as car dealerships, casinos or gas stations."

Tod Lickerman will help Cresa's executive leadership on their ongoing growth strategy.

"You can never assume that people will welcome you with open arms."

While the idea of these projects has been hyped, the reality is that they are scarce, says Cushman & Wakefield.

MGM Resorts is also selling Circus Circus for $825 million.

After joining the company in August 2015, Nathalie Palladitcheff has assumed the helm of the company.