September 28, 2016 Comments Off on Moody National REITs Looking to Merge Views: 205 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.

Read More at PR Newswire

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