Brookfield Buys Watermark Lodging Trust for $3.8 Billion in Cash

Private real estate funds managed by Brookfield Asset Management Inc. agreed to buy Watermark Lodging Trust, whose properties include the Ritz-Carlton Key Biscayne in Miami and the Fairmont Sonoma Mission Inn & Spa.

The all-cash transaction values Watermark at $3.8 billion, including debt, according to a statement Friday. Also among the lodging company’s 25 properties are the Marriott Sawgrass Golf Resort & Spa in Ponte Vedra Beach, Florida, and the Ritz-Carlton Bacara in Santa Barbara, California, according to its website.

Read more: Watermark Lodging Trust Said to Explore Options Including a Sale

The deal comes during a global ...