We are pleased to announce that Carey Watermark Investors 1 Inc. (CWI® 1) and Carey Watermark Investors 2 Inc. (CWI® 2) merged to create Watermark Lodging Trust, Inc. a self-managed non-traded REIT with increased scale and operating efficiencies.
Prior to the merger, CWI 1 and CWI 2 were non-traded REITs managed by the Watermark Capital Partners team and professionals from W. P. Carey. Following the close of the merger, the combined company completed an internalization transaction with Watermark Capital Partners and W. P. Carey, as a result of which, the combined company became self-managed.
The merger combines two highly complementary portfolios that benefit from strong brand affiliations, geographic diversification, and a focus on top markets. In addition, it combines the team from Watermark Capital Partners and professionals from W. P. Carey that have been primarily dedicated to CWI 1 and CWI 2 into a single team. By internalizing management, we maintained the highly experienced team with extensive knowledge of all CWI 1 and CWI 2 assets to continue working on behalf of our shareholders to execute on our strategy of providing long-term growth and income.