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.