Watermark Lodging Trust
Watermark Lodging Trust, Inc. (WLT) is a self-managed non-traded real estate investment trust with a portfolio of high-quality lodging assets. Our premier portfolio, which is primarily focused on Luxury and Upper Upscale properties, was built over a decade through investing in high barrier to entry and growth markets as well as intensive asset management.
WLT was created by the merger of Carey Watermark Investors 2 Incorporated (“CWI 2”) and Carey Watermark Investors Incorporated (“CWI 1”) in April 2020. Prior to the merger, both CWI 1 and CWI 2 were non-traded REITS externally managed by W. P. Carey Inc. and Watermark Capital Partners, LLC. Upon completion of the merger, the external advisory agreements were terminated and management of the Company was internalized.
Our mission is to be the leading owner of lodging real estate by delivering industry-leading shareholder risk-adjusted returns. We seek to achieve this mission through our asset quality and performance, capital deployment and scale, and organizational excellence. We have carefully aggregated an irreplaceable portfolio with significant long-term value, and we have access to capital to execute accretive growth opportunities both through acquisitions and strategic capital projects.
We employ a value-added approach to investing by targeting opportunities that can benefit from the unique strategic, operational and capital markets capabilities brought to bear by our team as well as our culture of focused execution. We invest both solely and in partnership with leading real estate owners and operators.
We focus our investment activities on hotels and resorts; resort residential products; recreational uses; and mixed-use projects. Our management team has been recognized for its lodging-related investment activities and for being early trendsetters in value creation strategies ranging from the introduction of spas as part of integrated resort offerings, to operations outsourcing and the development of profitable new staffing techniques. Importantly, we believe that we were among the earliest to capitalize on emerging trends over the course of multiple lodging real estate cycles.
Target investments generally exhibit the following themes:
- intrinsic barriers to entry such as legislated and natural growth limitations and environmental restrictions;
- markets and assets with the potential to attract a diversity of demand as opposed to narrow customer bases;
- scarcity value resulting from unique property characteristics, reputation, positioning or clientele;
- assets that provide internal value-added opportunities as opposed to those where returns are predicated upon market growth or recovery; and
- complex situations that offer multiple value creation opportunities.