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Announced

Carey Watermark Investors 1 to merge with Carey Watermark Investors 2 in a $4.6bn deal.

Financials

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Transaction Value£3,555m
Consideration TypeOrdinary Shares
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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United States

real estate investment trust

Acquisition

Majority

Merger

Friendly

Commercial REITs

Private

Single Bidder

Pending

Domestic

Synopsis

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Carey Watermark Investors 1 and Carey Watermark Investors 2, two publicly registered real estate investment trusts, agreed to merge in a $4.6bn deal. "We are pleased to have structured a transaction that we believe has meaningful benefits for both CWI 1 and CWI 2 shareholders. The strategic combination of the two highly complementary portfolios is a unique opportunity to create a premier, internally managed lodging REIT and is the next step on the path to liquidity. It allows us to create a more focused portfolio and improve profitability to position the company for the public markets and create long-term growth on behalf of our shareholders," Michael Medzigian, CWI 1 and CWI 2 CEO.

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