Kirkland Advises Oaktree Capital on Joint Venture to Invest in Watermark Lodging Trust, Inc.

Kirkland & Ellis advised funds managed by Oaktree Capital Management, LP (“Oaktree”), a leader among global investment managers specializing in alternative investments, on its joint venture with affiliates of Ascendant Capital Partners (“Ascendant”) to invest in Watermark Lodging Trust, Inc. (“Watermark”), a real estate investment trust (REIT) that invests in, manages and seeks to enhance the value of interests in lodging and lodging-related properties. As part of the transaction, Watermark will receive $200 million of preferred equity capital and a commitment of up to an additional $250 million of new preferred equity capital over the next 18 months. The investors have also been granted warrants to purchase up to 6.75% of Watermark's fully diluted common equity.

Read the company press release from Watermark

The interdisciplinary Kirkland team was led by transactional partner Hamed Meshki and real estate partners Robert Keane and Michael Shultz and included tax partners Mike Beinus, Russell Light and Meredith Levy, tax associate Scott Fryman, investment funds partner Carrie VanFleet and transactional associate Michele Cumpston.