Chicago, September 12, 2022 – Watermark Lodging Trust, Inc. (“Watermark,” “WLT” or the “Company”) today announced that, at a Special Meeting of Stockholders, the proposed acquisition of WLT by private real estate funds managed by Brookfield was approved by its stockholders. Under the terms of the previously announced merger transaction, WLT common stockholders will receive cash consideration of $6.768 per Class A share and $6.699 per Class T share. The transaction is anticipated to close on or about October 21, 2022; however, closing remains subject to the terms and conditions of the merger agreement and there can be no assurance as to the exact closing date.
“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 Chief Executive Officer 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 final voting results will be reported in a Form 8-K to be filed with the Securities and Exchange Commission after certification by Watermark’s inspector of election.