Watermark Lodging Trust To be Acquired by Brookfield Real Estate Funds for $3.8 Billion

Los Angeles – Paul Hastings LLP, a leading global law firm, represented Watermark Lodging Trust, which entered into a definitive agreement with private real estate funds managed by Brookfield Asset Management, which will acquire all of the outstanding shares of common stock of Watermark in an all-cash transaction valued at $3.8 billion, including the assumption of debt and preferred equity.

The Watermark portfolio, built over a decade of investing and intensive asset management, is comprised of high-quality lodging assets consisting of 25 properties totaling over 8,100 rooms. These luxury and upper upscale assets are located in drive-to leisure destinations and gateway urban cities across 14 states with a high concentration in the Sun Belt region.

The proposed transaction has been unanimously approved by the Watermark Board of Directors and is expected to close in the fourth quarter of 2022, subject to certain closing conditions and the approval of Watermark’s shareholders.

The Paul Hastings team was led by Real Estate partners Derek Roth and Rick Kirkbride and Real Estate associate Mark Rutter, and also included Real Estate of counsel Michael Bradford and Real Estate associates Joe Camp, Todd Fieldston, Abigail Siegel, Andrea Rodriguez Boutros and Joshua Miller.

Dedicated to helping the world’s leading Wall Street and global investment banks, asset managers and corporations achieve their business and legal goals, Paul Hastings is a premier global finance law firm with elite teams in finance, mergers and acquisitions, private equity and litigation. We are one of only a handful of law firms ranked across multiple core finance areas including: structured credit, leveraged finance, private credit, capital markets and real estate finance.

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