Everest REIT Investors I LLC, a private real estate investment firm, has completed its unsolicited tender offer for shares of Carey Watermark Investors Inc., a publicly registered non-traded real estate investment trust managed by W.P. Carey Inc. (NYSE: WPC).
Everest purchased 48,831 shares of Carey Watermark for $7.50 each in its tender offer that expired on March 29, 2019. The firm offered to purchase up to 7.02 million shares of common stock, or roughly 5 percent of the outstanding shares.
Carey Watermark shares originally sold for $10.00 each and have an estimated net asset value of $10.41 as of December 31, 2017.
Carey Watermark Investors launched in September 2010 and closed in December 2014 after raising approximately $1.1 billion in investor equity, according to Summit Investment Research. The company’s portfolio was comprised of 27 properties with a total investment cost of nearly $2.3 billion, as of the third quarter of 2018.