Clifford Chance

Clifford Chance advises Watermark Lodging Trust on US$450 million strategic financing

Leading international law firm Clifford Chance is advising Watermark Lodging Trust, Inc. (WLT) on its US$450 million strategic financing transaction with an investor group comprised of investment funds managed by Ascendant Capital Partners and Oaktree Capital Management, LP.

The transaction involves an initial issuance of US$200 million of newly created WLT preferred shares to the investors, and a commitment by the investors to purchase up to an additional US$250 million of preferred shares over the next 18 months to fund working capital and hotel acquisitions.

The deal team included partners Kathleen Werner and Mike Seaton and associates Soyeon Kim, Lauren Clarke and Dana Cataldi.

Watermark Lodging Trust, Inc. is a real estate investment trust (REIT) that invests in, manages and seeks to enhance the value of interests in lodging and lodging-related properties. Earlier this year Clifford Chance advised the company on its all-stock merger and management internalization transaction with Carey Watermark Investors Incorporated.

The Firm also recently advised Chimera Investment Corporation, a publicly traded REIT, as borrower on its US$400 million secured loan led by funds managed by the Alternative Credit Strategy at Ares Management Corporation.