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Tuesday, 20 February 2007

Och-Ziff Team to Buy Winston Hotels in $671Mln Deal

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An investor group led by Och-Ziff Real Estate Fund has agreed to acquire Winston Hotels Inc., in a deal valued at roughly $671 million.

The acquisition would give Och-Ziff, which is run by former Blackstone Real Estate Advisors executives Steve Galiotos and Steven Orbuch, a hotel investment and lending operation that owns stakes in 53 properties with 7,205 rooms. Winston, which is headquartered in Raleigh, N.C., also lends against hotels and had nearly $52.1 million of loans outstanding.

The Och-Ziff group, Wilbur Acquisition Holding Co., includes Norge Churchill Inc., an affiliate of Acta Holding ASA, a Norweigian investment adviser.

The group has agreed to pay $14.10/share in cash for Winston, which has nearly 30 million shares outstanding. The REIT also has $261 million of debt outstanding, giving the deal a total value of $671 million.

Merrill Lynch is providing acquisition financing and served as financial adviser to the Och-Ziff team, while Skadden, Arps, Slate, Meagher & Flom was legal counsel. Winston meanwhile, was advised by JF Capital Advisors, while Hunton & Williams was counsel. A special committee of the REIT's board was advised by Lehman Brothers and Wyrick Robbins Yates & Ponton was legal counsel.

Comments? E-mail Orest Mandzy or call him at (267) 247-0112, Ext. 211.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Raleigh
  • States: North Carolina
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Company: BNP Residential Properties Inc., Clarion Partners, Mervyn's, Wafra Investment Advisory Goup
  • Valuation: Between $50 million and $100 million, More than $150 million
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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