Clifford Chance is advising Watermark Lodging Trust, Inc. (WLT) on its proposed US$3.8 billion merger with private real estate funds managed by Brookfield. WLT is a publicly registered, self-managed, non-traded real estate investment trust (REIT) that invests in and manages a portfolio of lodging and lodging-related properties.

Under the terms of the definitive agreement, WLT stockholders will be entitled to receive cash for each share of WLT common stock that they own. Closing is subject to the approval of WLT stockholders and other customary conditions to closing.

Partner Kathleen Werner and associate Christine Kim lead a cross practice team comprising partner Mike Seaton and associate Caroline Koo (tax), partner Howard Adler and associate David Walsh (employment / benefits), and associate Hyde Kwan and law clerk Ishrath Ahmed (M&A).

This continues the firm's market-leading work in this space, including the merger to form Watermark Lodging Trust in 2020 and the pending merger of CPA®:18 – Global and W. P. Carey.