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Chicago & Midwest  + Downtown  + Hospitality  |  September 12, 2022
The Sawgrass Marriott Golf Resort & Spa in Pointe Vedra Beach, FL is one of 25 luxury hotels owned by Watermark Lodging Trust
Paul Bubny
By: Paul Bubny

Shareholders Approve Watermark Lodging Trust Merger with Brookfield

Watermark Lodging Trust, Inc. (WLT), a nontraded REIT headquartered in Chicago, said Monday its stockholders had approved WLT’s acquisition by private real estate funds managed by Brookfield. First announced in May, the deal is valued at $3.8 billion. 

“I would like to thank our stockholders for their support of this transaction and the entire Watermark team for their hard work and commitment throughout this process,” said Michael Medzigian, chairman and CEO of Watermark. “With this critical step now accomplished, we look forward to completing the transaction with Brookfield and delivering cash liquidity to our stockholders.” 

The Watermark portfolio, built over a decade, includes 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. The merger is expected to close on or around Oct. 21.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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