Fried Frank acted as counsel to Brookfield Asset Management’s real estate funds in their definitive agreement to acquire Watermark Lodging Trust, Inc., in an all-cash transaction valued at $3.8 billion, including the assumption of debt. The transaction is expected to close in the fourth quarter of 2022. Watermark owns a portfolio of luxury and upper upscale hotels and resorts located in 14 states with a high concentration in the Sun Belt region. Watermark’s assets include numerous properties operated under the Ritz Carlton brand as well as the renowned Marriott Sawgrass, the Sonoma Mission Inn and other iconic properties.
The team was led by corporate partner Warren S. de Wied and real estate partner Laurinda Martins and included corporate partners Emil Buchman and Robert McLaughlin; executive compensation and ERISA partner Jason Ertel; litigation partners Emilie Cooper and Robin A. Henry; real estate partner Julianne E. Befeler; tax partner Christopher Roman; corporate real estate special counsel Jessica H. Mayes and Melissa Meyrowitz; corporate associates Stephen Ark, Robert Bennett, Asad J. Hussain, Kaelyn L. MacGilivray, Brian Marte, Juliette Nicole Rafael and Michael Sorrentino; executive compensation and ERISA associate Eden Lichaw; litigation associate Cynthia S. Luo; real estate associates Kevin Hartnett Jr. and Sarah Zehentner; and tax associate Kim Youwha.
