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Moody Terminates $1.73 Billion Acquisition

Moody National REIT I Inc., a publicly registered non-traded real estate investment trust, has terminated the $1.73 billion purchase agreement it signed in May for a portfolio of 149 limited-service hotels.

As reported by The DI Wire at the time, the Moody REIT agreed to purchase the portfolio from Whitehall Street, a real estate unit of Goldman Sachs Group Inc.

According to an SEC filing, Moody’s management terminated the agreement after considering “various factors, including the current movement in the capital market conditions.”

All cash deposits previously placed in escrow were returned to the REIT upon the termination of the purchase agreement, and they paid no termination fees and incurred no penalties.

Moody National REIT I Inc. is a real estate investment trust that owns select-service hotels in major markets across the United States. The REIT is sponsored by Moody REIT Sponsor LLC, an affiliate of the Moody National Companies, which is a full-service commercial real estate company inclusive of mortgage, development, realty and title divisions.

Founded in 1996, Moody National Companies has managed more than $2 billion in commercial real estate. As of March 31, 2015, the REIT had raised total gross proceeds including its public offerings and DRIP of $124,490,794.

Visit Moody National Companies in The DI Wire’s directory here.