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 User Description: CHICAGO, July 24, 2020 /PRNewswire/ -- Watermark Lodging Trust, Inc. ("Watermark" or the "Company") announced today that the Company has completed a strategic financing transaction with a joint venture between affiliates of Ascendant Capital Partners ("Ascendant") and funds managed by Oaktree Capital Management, LP ("Oaktree") through which the Company received $200 million of preferred equity capital and a commitment of up to an additional $250 million of new preferred equity capital over the next 18 months. The investors have also been granted warrants to purchase up to 6.75% of the Company's fully diluted common equity. In connection with the transaction, Russell Gimelstob, Ascendant's Chief Executive Officer, and Alexander Halpern, Founding Managing Partner of Ascendant and its Head of Hospitality, have joined the Company's board of directors."This transaction provides us with additional operational and financial flexibility as we navigate the current economic environment, strengthens our balance sheet and creates a pool of capital with which we can opportunistically pursue growth," said Michael Medzigian, Chairman and Chief Executive Officer of Watermark.He continued, "We are pleased to welcome Ascendant and Oaktree as investors, and we look forward to benefiting from their expertise and resources as we continue to grow our platform, serve our guests and generate long-term value for our shareholders. justin gimelstob closing of this transaction speaks to the strength of our company and confidence in the portfolio quality and its ability to recover from these unprecedented times."Russell Gimelstob added, "Watermark's portfolio is comprised of high-quality assets, and we have strong conviction in the Company's future. We are excited to bring our significant hospitality and lodging expertise to Watermark, providing the Company with financing to continue growing its business.""Watermark's irreplaceable portfolio and like-minded management team make the partnership a natural fit for Oaktree," said Zach Serebrenik, Managing Director at Oaktree. "We look forward to working with the Company and to supporting its long-term growth and success."More detailed descriptions of the transaction and the related definitive agreements can be found in the Company's Form 8-K filed today with the SEC, which is available on the Company's website.