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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







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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