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Monday, 02 April 2007

Winston Nixes Och-Ziff Deal; Sides With Inland

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Winston Hotels Inc. has terminated its agreement to be acquired by an investor group led by Och-Ziff Real Estate Fund and instead struck a deal to be acquired by Inland American Real Estate Trust Inc. in a deal valued at $850 million.

The Raleigh, N.C., hotel company, which owns stakes in 53 properties with 7,205 rooms, had agreed to a $14.10/share offer last February from the Och-Ziff team, which included Norge Churchill Inc., an affiliate of Acta Holding ASA, a Norweigian investment adviser.

Inland has offered $15/share, or 6.4 percent more than the Och-Ziff group had offered. With the assumption of debt and the addition of transaction costs, the deal is valued at $850 million.

So, according to Winston, it was "deemed superior" by its board and a special committee of its board.

Lehman Brothers is financial adviser to the special committee of Winston's board, while Wyrick Robbins Yates & Ponton is counsel. JF Capital Advisors is Winston's financial adviser, while Hunton & Williams is counsel.

Inland American's financial adviser is Raymond James, while its legal counsel are DLA Piper US and Shefsky & Froelich Ltd.

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



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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Mergers & Acquisitions (M&A)
  • Company: Insignia Financial Group, 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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