Watermark Lodging Trust, a Chicago-based hotel company created in the middle of the coronavirus lockdown is looking for financial help.
The real estate investment trust, which was formed in April by a merger of two Carey Watermark Investors REITs, is pitching private-equity firms and other funds.
With travel limited by stay-at-home orders and fears of another peak in coronavirus cases, hotels are suffering.
Chalk it up to bad timing for Watermark, whose portfolio of 32 hotels includes the 560-room Renaissance Chicago Downtown. But hotel owners of all shapes and sizes are reeling from the "almost cataclysmic event" of COVID-19 shutdowns and many are looking for financial relief, said hotel developer Bob Habeeb, CEO of Chicago-based Maverick Hotels & Restaurants.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.