{"id":1004192210,"date":"2017-10-02T03:01:52","date_gmt":"2017-10-02T11:01:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192210"},"modified":"2022-12-08T02:11:43","modified_gmt":"2022-12-08T10:11:43","slug":"moody-closes-national-reits-merger","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/moody-closes-national-reits-merger\/","title":{"rendered":"Moody Closes National REITs Merger"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"hotel<\/a>The merger of Moody National REIT II Inc. with Moody National REIT I Inc. has closed, REIT II announced. The merger of the two hotel REITs had reportedly been approved by more than 96 percent of REIT I\u2019s stockholders.<\/p>\n

Both REITs were sponsored by Moody National REIT Sponsor LLC, an affiliate of Moody National Cos., of Houston.<\/p>\n

REIT II\u2019s investment portfolio is now worth more than $450 million with select-service hotels under the major brands in major metro markets across the country, though somewhat concentrated in Texas.<\/p>\n

\u201cREIT I delivered income for its shareholders, paying an annual distribution of 8 percent for a span lasting approximately 6 years while maintaining the original invested capital and appreciating thereon<\/em>,\u201d Brett Moody, CEO & chairman of both REITs, said in a prepared statement. \u201cIn expanding its portfolio, REIT II will also continue to focus on delivering income along with asset preservation and appreciation<\/em>.\u201d<\/p>\n

The Moody National REITs merger<\/a> was first announced in September of last year.<\/p>\n

The REIT II strategy reportedly focuses on acquisition of \u201cstabilized, income-producing select-service hotel properties with premier brands,\u201d such as Marriott, Hilton and Hyatt.<\/p>\n

Combined portfolio<\/h2>\n

The prior REIT II portfolio comprised only the Residence Inn Austin University in Austin, Texas, and the Marriott SpringHill Suites Seattle Downtown.<\/p>\n

The former REIT I portfolio consisted of 12 properties, seven of which are in Texas: Marriott TownePlace Suites Fort Worth Southwest\/TCU; Hampton Inn, Austin; Marriott Residence Inn, Grapevine (metro Dallas\u2013Fort Worth); Homewood Suites, The Woodlands (metro Houston); Homewood Suites Austin-South; Hilton Garden Inn Austin Northwest\/Arboretum; and Hampton Inn Houston I-10W\/Energy Corridor.<\/p>\n

The remaining five are the Hampton Inn Great Valley (metro Philadelphia); Embassy Suites Nashville; Hyatt Place, North Charleston, S.C.; Hyatt Place, Germantown, Tenn.; and Marriott Courtyard, Lyndhurst, N.J.<\/p>\n

Realigning price expectations<\/h2>\n

The national hospitality picture is a positive one, with 2017 expected to see the peak of this cycle in terms of new construction, while remaining below the peaks of earlier cycles, according to a Marcus & Millichap report.<\/p>\n

The report nonetheless predicts that both hotel investors and sellers will realign their price expectations in view of a large number of new properties coming online this year (totaling about 140,000 rooms, or a 1.9 percent increase nationwide).<\/p>\n","protected":false},"excerpt":{"rendered":"

Worth more than $450 million, the combined portfolio now includes 14 hotel properties with premier brands, most of which are located in Texas.<\/p>\n","protected":false},"author":882,"featured_media":1004192224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,23891,21742],"tags":[34836,32864,37722,32819,32820],"class_list":["post-1004192210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-national","category-latest","tag-marcus-millichap","tag-marcus-and-millichap","tag-moody-national-companies","tag-moody-national-reit-i","tag-moody-national-reit-ii-inc"],"acf":[],"yoast_head":"\nMoody Closes National REITs Merger - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/moody-closes-national-reits-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moody Closes National REITs Merger\" \/>\n<meta property=\"og:description\" content=\"Worth more than $450 million, the combined portfolio now includes 14 hotel properties with premier brands, most of which are located in Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/moody-closes-national-reits-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-10-02T11:01:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T10:11:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/10\/hotel-news.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/moody-closes-national-reits-merger\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/moody-closes-national-reits-merger\/\",\"name\":\"Moody Closes National REITs Merger - 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He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. 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