Moody National REIT I and Moody National REIT II Close Merger
September 28, 2017 | Luke Schmidt | Blue Vault
On September 28, 2017, Moody National REIT II, Inc. announced the closing of its merger with Moody National REIT I, Inc. As a result of the merger, Moody National REIT II’s investment portfolio with consist of more than $450 million in assets. The portfolio includes select service hotels under the Marriott, Hilton, and Hyatt brands located in major metropolitan markets in the East Coast, West Coast, and Sunbelt regions.
The merger was previously approved by Moody National REIT I stockholders, with over 96% of the votes cast being voted in favor of the merger. Under the terms of the merger, Moody National REIT II will acquire Moody National REIT I for $11 per share.
Brett Moody, CEO and Chairman of the REITs commented: “REIT I delivered income for its shareholders, paying an annual distribution of 8% for a span lasting approximately 6 years while maintaining the original invested capital and appreciating thereon. In expanding its portfolio, REIT II will also continue to focus on delivering income along with asset preservation and appreciation.”
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