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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Watermark Lodging Trust Inc (CE) | USOTC:WRMK | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.00 | 0.00 | 01:00:00 |
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| Proposal 1: | | | To consider and vote on a proposal to approve the merger of Merger Sub I with and into the Company; | |
| Proposal 2: | | | To consider and vote on a proposal to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to our named executive officers that is based on or otherwise relates to the merger; and | |
| Proposal 3: | | | To consider and vote on a proposal to approve any adjournment of the special meeting for the purpose of soliciting additional proxies if there are not sufficient votes at the special meeting to approve the merger proposal. | |
| | | |
Fiscal Year Ending December 31,
|
| ||||||||||||
|
(in millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
|
| Hotel EBITDA(1) | | |
$224
|
| |
$279
|
| |
$302
|
| |
$319
|
| |
$343
|
|
| Net Operating Income(2) | | |
188
|
| |
238
|
| |
259
|
| |
274
|
| |
295
|
|
| Corporate EBITDA(3) | | |
192
|
| |
245
|
| |
268
|
| |
283
|
| |
307
|
|
| Unlevered Free Cash Flow(4) | | |
150
|
| |
215
|
| |
211
|
| |
213
|
| |
277
|
|
| | | |
Implied Per Share Equity Value Reference Range
|
|
|
Published NAV
|
| |
$6.29 per share of Class A common stock
$6.22 per share of Class T common stock |
|
|
Adjusted NAV
|
| | $6.50 per share of common stock (blended) | |
|
Adjusted NAV Net of Transaction Costs
|
| | $5.89 per share of common stock (blended) | |
| | | |
Exit
Multiple |
| |
WACC
|
| |
Implied Per Share Equity Value
of Company Common Stock |
|
|
Discounted Cash Flow
|
| |
11.7x–13.0x
|
| |
8.7%–9.5%
|
| |
$6.03–$7.70
|
|
|
Discounted Cash Flow Adjusted for Incremental CapEx
|
| |
11.7x–13.0x
|
| |
8.7%–9.5%
|
| |
$5.41–$7.08
|
|
| | | |
Selected
Companies’ Top Quartile |
| |
Selected
Companies’ Mean |
| |
Selected
Companies’ Bottom Quartile |
|
|
Adj. AV / 2022E EBITDA
|
| |
17.5x
|
| |
16.8x
|
| |
16.0x
|
|
|
Adj. AV / 2023E EBITDA
|
| |
13.5x
|
| |
13.1x
|
| |
12.6x
|
|
|
NAV Premium / (Discount)
|
| |
(15.0%)
|
| |
(18.6%)
|
| |
(23.3%)
|
|
| | | |
Multiple Statistic /
Percentage Range |
| |
Implied Per Share Equity Value
of Company Common Stock |
|
|
Adj. AV / 2022E EBITDA
|
| |
16.0x–17.5x
|
| |
$4.96–$6.18
|
|
|
Adj. AV / 2023E EBITDA
|
| |
12.6x–13.5x
|
| |
$5.00–$5.95
|
|
|
NAV Premium / (Discount)
|
| |
(23.3%)–(15.0%)
|
| |
$4.99–$5.52
|
|
|
Acquiror/Target
|
| |
Announcement
Date |
| |
Deal
Type |
|
| Park Hotels & Resorts Inc. / Chesapeake Lodging Trust | | | May 2019 | | |
Public M&A
|
|
| Pebblebrook Hotel Trust / LaSalle Hotel Properties | | | September 2018 | | |
Public M&A
|
|
| RLJ Lodging Trust / FelCor Lodging Trust Incorporated | | | April 2017 | | |
Public M&A
|
|
| Bluesky Hotels and Resorts Inc. / InnVest Real Estate Investment Trust | | | May 2016 | | |
Take Private
|
|
| Blackstone Real Estate Advisors / Strategic Hotels & Resorts, Inc. | | | September 2015 | | |
Take Private
|
|
| | | |
Multiple Statistic
Range |
| |
Implied Per Share Equity
Value of Company Common Stock |
|
|
AV / NTM EBITDA as of 3/31/2022
|
| |
14.4x–16.0x
|
| |
$4.99–$6.46
|
|
|
AV / NTM EBITDA as of 9/30/2022
|
| |
14.4x–16.0x
|
| |
$5.91–$7.46
|
|
| | | |
Percentage Range
|
| |
Implied Per Share Equity
Value of Company Common Stock |
|
|
P / (D) to Consensus NAV (Applied to Company Adjusted NAV)
|
| |
(3.2%)–9.3%
|
| |
$6.29–$7.10
|
|
|
Name
|
| |
RSU Awards
(#) |
| |
Value of RSU Awards
($) |
| ||||||
| Executive Officers | | | | | | | | | | | | | |
|
Michael G. Medzigian
|
| | | | 1,303,334 | | | | | | 8,820,964.51 | | |
|
Brendan M. Medzigian
|
| | | | 108,015 | | | | | | 731,045.52 | | |
|
Samuel C. Zinsmaster
|
| | | | 101,276 | | | | | | 685,435.97 | | |
|
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
| |
Perquisites/
Benefits(3) ($) |
| |
Total
($) |
| ||||||||||||
| Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Michael G. Medzigian
Chairman, Chief Executive Officer |
| | | | 8,851,875.00 | | | | | | 8,820,964.51 | | | | | | 36,000.00 | | | | | | 17,708,839.51 | | |
|
Brendan M. Medzigian
Chief Investment Officer |
| | | | 2,783,334.00 | | | | | | 731,045.52 | | | | | | 0.00 | | | | | | 3,514,379.52 | | |
|
Samuel C. Zinsmaster
Chief Operating Officer |
| | | | 2,500,000.00 | | | | | | 685,435.97 | | | | | | 0.00 | | | | | | 3,185,435.97 | | |
|
Name of Beneficial Owner
|
| |
Amount and Nature
of Beneficial Ownership(a) |
| |
Percentage of Total
Common Stock Outstanding |
| ||||||
| Directors and Executive Officers | | | | | | | | | | | | | |
|
Michael G. Medzigian(b)
|
| | | | 3,003,874 | | | | | | * | | |
|
Charles S. Henry
|
| | | | 78,164 | | | | | | * | | |
|
Michael D. Johnson
|
| | | | 78,164 | | | | | | * | | |
|
Katherine G. Lugar
|
| | | | 43,961 | | | | | | * | | |
|
Robert E. Parsons, Jr.
|
| | | | 86,939 | | | | | | * | | |
|
William H. Reynolds, Jr.
|
| | | | 78,211 | | | | | | * | | |
|
Simon M. Turner
|
| | | | 43,806 | | | | | | * | | |
|
Brendan M. Medzigian
|
| | | | 29,687 | | | | | | * | | |
|
Samuel C. Zinsmaster
|
| | | | 66,203 | | | | | | * | | |
| All directors and executive officers as a group (9 individuals) | | | | | 3,509,009 | | | | | | * | | |
| 5% Stockholders | | | | ||||||||||
|
W. P. Carey Inc.(c)
|
| | | | 12,208,243 | | | | | | 5.3 | | |
| | |
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Section 8.5.
Interpretation; Certain Definitions
|
| | | | A-54 | | |
Section 8.6.
Parties In Interest
|
| | | | A-54 | | |
Section 8.7.
Severability
|
| | | | A-55 | | |
Section 8.8.
Specific Performance
|
| | | | A-55 | | |
Section 8.9.
Amendment
|
| | | | A-56 | | |
Section 8.10.
Extension; Waiver
|
| | | | A-56 | | |
Section 8.11.
Counterparts
|
| | | | A-56 | | |
Section 8.12.
Debt Financing Sources
|
| | | | A-56 | | |
Section 8.13.
Definitions
|
| | | | A-57 | | |
Exhibits | | | | | | | |
Exhibits A-1, A-2
Forms of Closing Certificates
|
| | | | | | |
Exhibit B
Form of REIT Qualification Opinion
|
| | | | | | |
Exhibit C
Form of REIT Officer’s Certificate
|
| | |||||
Schedules | | | | | | | |
Schedule A
Parent Entities’ Knowledge
|
| | | | | | |
Schedule B
Parent Entities’ Section 5.1 Approval
|
| | | | | | |
Term
|
| |
Section
|
|
Acceptable Confidentiality Agreement | | | 5.6(b) | |
Adverse Recommendation Change | | | 5.6(d) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | 5.6(a) | |
Alternative Financing | | | 5.15(e) | |
Asset Sale | | | 5.2(c) | |
Bankruptcy and Equity Exception | | | 3.3(a) | |
Book-Entry Share | | | 2.4(b) | |
Book-Entry Unit | | | 2.4(b) | |
Cancelled Units | | | 2.2(c) | |
Capitalization Date | | | 3.2(a) | |
Certificate of Limited Partnership | | | 1.2(b) | |
Chosen Courts | | | 8.4(b) | |
Class A Common Stock | | | 3.2(a) | |
Class A Partnership Units | | | Recitals | |
Class T Common Stock | | | 3.2(a) | |
Class T Partnership Units | | | 3.2(g) | |
Closing | | | 1.5 | |
Closing Date | | | 1.5 | |
CMA Employees | | | 3.12(d) | |
COBRA | | | 3.11(d) | |
Commitment Letters | | | 4.8(b) | |
Company | | | Preamble | |
Company A Share | | | 2.1(b) | |
Company Board | | | Recitals | |
Company Bylaws | | | 3.1(b) | |
Company Capital Stock | | | 3.2(a) | |
Company Charter | | | 3.1(b) | |
Company Common Stock | | | 3.2(a) | |
Company Disclosure Letter | | | Article III | |
Company Employee | | | 5.9(a) | |
Company Employee Benefit Plan | | | 3.11(a) | |
Company Financial Statements | | | 3.5(a) | |
Company Intellectual Property | | | 3.16(a) | |
Company Material Contract | | | 3.17(b) | |
Company Merger | | | Recitals | |
Company Merger Articles of Merger | | | 1.4(b) | |
Company Merger Effective Time | | | 1.4(b) | |
Company Permits | | | 3.9(a) | |
Term
|
| |
Section
|
|
Company Preferred Stock | | | 3.2(a) | |
Company Property | | | 3.14(a) | |
Company Recommendation | | | 5.4 | |
Company Requisite Vote | | | 3.20 | |
Company RSU Award | | | 2.3(a) | |
Company SEC Documents | | | 3.5(a) | |
Company Series B Preferred Share | | | 2.1(c) | |
Company Share(s) | | | 2.1(b) | |
Company Share Merger Consideration | | | 2.1(b) | |
Company Shareholders’ Meeting | | | 5.4 | |
Company T Share | | | 2.1(b) | |
Company Termination Fee | | | 7.3(b)(iii) | |
Company Title Insurance Policy | | | 3.14(h) | |
Confidentiality Agreement | | | 5.2(b) | |
Continuing Units | | | 2.2(b) | |
Debt Commitment Letter | | | 4.8(b) | |
Debt Documents | | | 5.15(b) | |
Debt Financing | | | 4.8(b) | |
Debt Financing Sources Protective Provisions | | | 8.12 | |
Designation | | | 3.14(j) | |
D&O Insurance | | | 5.8(b) | |
DRULPA | | | Recitals | |
DSOS | | | 1.4(a) | |
Equity Commitment Letter | | | 4.8(b) | |
Equity Financing | | | 4.8(b) | |
Equity Financing Sources | | | 4.8(b) | |
ERISA | | | 3.11(a) | |
Exchange Fund | | | 2.4(a) | |
Excluded Shares | | | 2.1(d) | |
Excluded Units | | | 2.2(c) | |
Existing Loan Documents | | | 3.17(b)(iii) | |
Expense Reimbursement Payment | | | 7.3(c) | |
FCPA | | | 3.9(c) | |
Financing | | | 4.8(b) | |
Financing Purposes | | | 4.8(a) | |
GAAP | | | 3.5(a) | |
Guarantors | | | Recitals | |
Guaranty | | | Recitals | |
Indemnified Liabilities | | | 5.8(a) | |
Indemnified Party | | | 5.8(a) | |
Inquiry | | | 5.6(a) | |
Interim Period | | | 5.1 | |
IRS | | | 3.11(c) | |
Lenders | | | 4.8(b) | |
Maximum Amount | | | 5.8(b) | |
Merger Consideration | | | 2.2(a) | |
Merger Sub I | | | Preamble | |
Term
|
| |
Section
|
|
Merger Sub II | | | Preamble | |
Merger Sub II GP | | | Recitals | |
Mergers | | | Recitals | |
MGCL | | | Recitals | |
MLLCA | | | Recitals | |
Multiemployer Plan | | | 3.11(b) | |
Notice of Change of Recommendation | | | 5.6(e) | |
Notice of Change Period | | | 5.6(e) | |
Outside Date | | | 7.1(b)(ii) | |
Parent 1 | | | Preamble | |
Parent 2 | | | Preamble | |
Parent 3 | | | Preamble | |
Parent 4 | | | Preamble | |
Parent Approved Transactions | | | 5.2(c) | |
Parent Entities | | | Preamble | |
Parent Plan | | | 5.9(b) | |
Parent Termination Fee | | | 7.3(d) | |
Partnership | | | Preamble | |
Partnership Merger | | | Recitals | |
Partnership Merger Certificate | | | 1.4(a) | |
Partnership Merger Effective Time | | | 1.4(a) | |
Partnership Unit Merger Consideration | | | 2.2(a) | |
Partnership Units | | | 3.2(g) | |
Paying Agent | | | 2.4(a) | |
Pay-Off Indebtedness | | | 5.17 | |
Pay-Off Letters | | | 5.17 | |
Per Company A Share Merger Consideration | | | 2.1(b) | |
Per Company Series B Preferred Share Merger Consideration | | | 2.1(c) | |
Per Company T Share Merger Consideration | | | 2.1(b) | |
Per Partnership Unit Merger Consideration | | | 2.2(a) | |
Per Series B Preferred Share Redemption Price | | | 5.14 | |
Permit | | | 3.9(a) | |
Proceeding | | | 3.10 | |
Proxy Statement | | | 5.3(a) | |
QRS | | | 3.13(c) | |
Qualifying Income | | | 7.4(a) | |
REIT | | | 3.13(b) | |
REIT Accountant | | | 5.2(a) | |
Replacement Financing | | | 5.15(c) | |
Required Financial Information | | | 5.16(a)(v) | |
Sarbanes-Oxley Act | | | 3.5(a) | |
SDAT | | | 1.4(b) | |
Series B Articles Supplementary | | | 5.14 | |
Series B Preferred Partnership Units | | | Recitals | |
Series B Preferred Share Merger Consideration | | | 2.1(c) | |
Series B Preferred Share Redemption | | | 5.14 | |
Series B Preferred Share Redemption Price | | | 5.14 | |
Term
|
| |
Section
|
|
Series B Preferred Stock | | | 3.2(a) | |
Series B Redemption/Fundamental Change Notice | | | 5.14 | |
Surviving Company | | | 1.1(b) | |
Surviving Partnership | | | 1.1(a) | |
Takeover Statutes | | | 3.19 | |
Transaction Litigation | | | 5.5(b) | |
Transfer Pricing Reports | | | 3.13(l) | |
TRS | | | 3.13(c) | |
WARN | | | 3.12(e) | |
Warrant Call Notice | | | 5.18 | |
Warrant Call Option | | | 5.18 | |
1 Year Watermark Lodging (CE) Chart |
1 Month Watermark Lodging (CE) Chart |
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