Watermark Lodging Trust has completed a strategic financing transaction with a joint venture between affiliates of Ascendant Capital Partners and funds managed by Oaktree Capital Management through which the company received $200 million of preferred equity capital and a commitment of up to an additional $250 million of new preferred equity capital over the next 18 months. The investors have also been granted warrants to purchase up to 6.75 percent of the company’s fully diluted common equity.
In connection with the transaction, Russell Gimelstob, Ascendant’s CEO, and Alexander Halpern, founding managing partner of Ascendant and its head of hospitality, have joined the company’s board of directors.
“This transaction provides us with additional operational and financial flexibility as we navigate the current economic environment, strengthens our balance sheet and creates a pool of capital with which we can opportunistically pursue growth,” said Michael
