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Overview

Watermark Lodging Trust

On April 13, 2020, CWI® 1 and CWI® 2 merged to create Watermark Lodging Trust (“WLT”), an internally-managed non-traded REIT with increased scale and operating efficiencies. WLT is a premier lodging REIT with a portfolio of high-quality loading assets led by an internal management team with a distinctive record of stockholder value creation. WLT was formed to take advantage of current and future opportunities in the lodging industry and seeks to provide investors with attractive, risk adjusted returns and long-term growth in value.

Estimated Net Asset Value – Class A1

$11.41

Annualized Distribution Rate – Class A2

Temporarily Suspended

Estimated Net Asset Value – Class T1

$11.41

Annualized Distribution Rate – Class T2

Temporarily Suspended

Past performance is not a guarantee of future results.

  1. As of December 31, 2018. For additional information regarding the calculation of the NAV, please refer to the Form 8-K filed by WLT with the SEC on April 10, 2019.

  2. On March 18, 2020 Watermark Lodging Trust (formerly CWI® 2) announced that it temporarily suspended distributions due to the reduced travel demand and related financial impact resulting from the global novel coronavirus (COVID-19) pandemic. For more information regarding the impact of COVID-19, please see our investor communications.

 

Portfolio

For a full portfolio listing, please access the Portfolio Snapshot.

Number of Properties 33
Number of Rooms 10,045
WLT1 U.S. Lodging Industry2 Fund-to-Industry Performance
Occupancy3 55.5% 51.8% +7.1%
ADR4 $248.78 $123.76 +101.0%
RevPAR5 $138.08 $64.14 +115.3%
  • WLT1
    Occupancy3 55.5%
    ADR4 $248.78
    RevPAR5 $138.08
  • U.S. Lodging Industry2
    Occupancy3 51.8%
    ADR4 $123.76
    RevPAR5 $64.14
  • Fund-to-Industry Performance
    Occupancy3 +7.1%
    ADR4 +101.0%
    RevPAR5 +115.3%

All Watermark Lodging Trust portfolio data is as of March 31, 2020 pro forma for the merger of CWI 1 and CWI 2.

  1. Statistical data is for our consolidated hotels for the three month period ended March 31, 2020.

  2. Industry data is for the three month period ended March 31, 2020, published by STR, Inc. in April 2020.

  3. Occupancy is the percentage of rooms sold divided by rooms available.

  4. ADR (Average Daily Rate) is room revenue divided by rooms sold, displayed as the average rental rate for a single room.

  5. RevPAR (Revenue Per Available Room) is room revenue divided by available rooms.

  6. Diversification does not ensure market gain or protect against loss. Percentages derived from proportionate share of hotel rooms at each property, as financial metrics vary by period. Numbers may not add up to 100% due to rounding.

  7. “Other” includes properties in Louisiana, Minnesota, Vermont and Virginia.

  8. “Other” includes Accor – Fairmont and Intercontinental.

 

Forms & Materials

 

Distribution History

Record Date(s) Distribution Rate Annualized Distribution Rate Payable Date
12/31/19 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 01/15/20
09/30/19 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 10/15/19
06/28/19 $0.1410 payable in cash
$0.0339 payable in shares of common stock2322
5.86% 07/15/19
03/29/19 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 04/15/19
12/31/18 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 01/15/19
09/28/18 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 10/15/18
06/29/18 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 07/16/18
03/29/18 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 04/16/18
12/29/17 $0.1410 payable in cash
$0.0339 payable in shares of common stock
5.86% 01/16/18
07/01/17 -09/30/17 $0.0015323 per day in cash
$0.0003687 per day in stock
5.86% 10/16/17
04/13/17 -06/30/17 $0.0015491 per day in cash
$0.0003727 per day in stock
5.86% 07/14/17
Following the announcement of CWI 2’s estimated net asset value per share (NAV) on April 12, 2017, CWI 2 adjusted its purchase price based on the NAV to $11.93 per Class A share. Beginning on April 13, 2017, annualized distribution rates are calculated using the updated purchase price for Class A shares. Annualized distribution rates prior to this are calculated using the purchase price of $11.70 per share.
04/01/17 -04/12/17 $0.0015178 per day in cash
$0.0003727 per day in stock
5.86%1 07/14/17
01/01/17 -03/31/17 $0.0015347 per day in cash
$0.0003688 per day in stock
5.86%1 04/17/17
10/01/16 -12/31/16 $0.0015013 per day in cash
$0.0003608 per day in stock
5.86%1 01/13/17
07/01/16 -09/30/16 $0.0015013 per day in cash
$0.0003608 per day in stock
5.86%1 10/14/16
04/01/16 -06/30/16 $0.0015178 per day in cash
$0.0002892 per day in stock
5.62%1 07/15/16
Following the announcement of CWI 2’s estimated net asset value per share (NAV) in March 2016, CWI 2 adjusted its purchase price based on the NAV to $11.70 per Class A share. Beginning in the second quarter of 2016, annualized distribution rates are calculated using the updated purchase price for Class A shares. Annualized distribution rates prior to this are calculated using the purchase price of $10.00 per share.
01/01/16 -03/31/16 $0.0013736 per day in cash
$0.0002747 per day in stock
6.00%2 04/15/16
10/01/15 -12/31/15 $0.0013586 per day in cash
$0.0002717 per day in stock
6.00%2 01/15/16
07/01/15 -09/30/15 $0.0013586 per day in cash
$0.0002717 per day in stock
6.00%2 10/15/15
05/15/15 -06/30/15 $0.0013736 per day in cash
$0.0002747 per day in stock
6.00%2 07/15/15
Record Date(s) Distribution Rate Annualized Distribution Rate Payable Date
12/31/19 $0.1154 payable in cash
$0.0339 payable in shares of common stock
5.29% 01/15/20
09/30/19 $0.1153 payable in cash
$0.0339 payable in shares of common stock
5.29% 10/15/19
06/28/19 $0.1150 payable in cash
$0.0339 payable in shares of common stock
5.28% 07/15/19
03/29/19 $0.1155 payable in cash
$0.0339 payable in shares of common stock
5.30% 04/15/19
12/31/18 $0.1153 payable in cash
$0.0339 payable in shares of common stock
5.29% 01/15/19
09/28/18 $0.1150 payable in cash
$0.0339 payable in shares of common stock
5.28% 10/15/18
06/29/18 $0.1147 payable in cash
$0.0339 payable in shares of common stock
5.27% 07/16/18
03/29/18 $0.1153 payable in cash
$0.0339 payable in shares of common stock
5.29% 04/16/18
12/29/17 $0.1174 payable in cash
$0.0339 payable in shares of common stock
5.37% 01/16/18
07/01/17 -09/30/17 $0.0012405 per day in cash
$0.0003687 per day in stock
5.25% 10/16/17
04/13/17 -06/30/17 $0.0012541 per day in cash
$0.0003727 per day in stock
5.25% 07/14/17
Following the announcement of CWI 2’s estimated net asset value per share (NAV) on April 12, 2017, CWI 2 adjusted its purchase price based on the NAV to $11.28 per Class T share. Beginning on April 13, 2017, annualized distribution rates are calculated using the updated purchase price for Class T shares. Annualized distribution rates prior to this are calculated using the purchase price of $11.05 per share.
04/01/17 -04/12/17 $0.0012285 per day in cash
$0.0003648 per day in stock
5.25%<sup>1</sup> 07/14/17
01/01/17 -03/31/17 $0.0012422 per day in cash
$0.0003688 per day in stock
5.25%<sup>1</sup> 04/17/17
10/01/16 -12/31/16 $0.0012152 per day in cash
$0.0003608 per day in stock
5.25%<sup>1</sup> 01/13/17
07/01/16 -09/30/16 $0.0012152 per day in cash
$0.0003608 per day in stock
5.25%<sup>1</sup> 10/14/16
04/01/16 -06/30/16 $0.0012285 per day in cash
$0.0002892 per day in stock
5.00%<sup>1</sup> 07/15/16
Following the announcement of CWI 2’s initial estimated net asset value per share (NAV) in March 2016, CWI 2 adjusted its purchase price based on the NAV to $11.05 per Class T share. Beginning in the second quarter of 2016, annualized distribution rates are calculated using the updated purchase price for Class T shares. Annualized distribution rates prior to this are calculated using the original purchase price of $9.45 per share.
01/01/16 -03/31/16 $0.0011291 per day in cash
$0.0002596 per day in stock
5.35%<sup>2</sup> 04/15/16
10/01/15 -12/31/15 $0.0011168 per day in cash
$0.0002567 per day in stock
5.35%<sup>2</sup> 01/15/16
07/01/15 -09/30/15 $0.0011168 per day in cash
$0.0002567 per day in stock
5.35%<sup>2</sup> 10/15/15
05/15/15 -06/30/15 $0.0011291 per day in cash
$0.0002596 per day in stock
5.35%<sup>2</sup> 07/15/15

As of April 2017, WLT’s annualized distribution rates are based on a purchase price of $11.93 per share for Class A shares and $11.28 per share for Class T shares. Past performance is not a guarantee of future results.

  1. Based on a purchase price of $11.70 per share for Class A shares and $11.05 per share for Class T shares.

  2. Based on a purchase price of $10.00 per share for Class A shares and $9.45 per share for Class T shares.

 

Related Pages

Leadership

View WLT's Management and Board of Directors.

Learn More

Corporate Governance

Access WLT’s governance and charter documents.

Learn More

Press Releases

Access WLT’s press releases.

Learn More

SEC Filings

Access WLT’s SEC Filings.

Learn More
 

For more information, contact us