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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

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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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

 

RCA CPPI

 

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CMBS 2.0 Spreads

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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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