September 28, 2016 Comments Off on Moody National REITs Looking to Merge Views: 286 Houston-Galveston, Texas News

Moody National REITs Looking to Merge

Moody National REIT I Inc. (REIT I) has accepted a non-binding letter of intent from Moody National REIT II Inc. (REIT II) for acquisition. The parties are currently working on finalizing a definitive merger agreement.

Once necessary approvals are received, the merger will go forward at a consideration of $11 per share of common stock. The LOI also provides that REIT I shareholders will have the option to receive shares of REIT II common stock or cash provided.

Both REITs are publicly registered, non-listed real estate investment trusts, focused on select-service hotels in major metros nationally. REIT I holds the hotel portfolio, while REIT II acquires the assets. Both REITs are sponsored by Moody National REIT Sponsor LLC, an affiliate of Moody National Cos., based in Houston.

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