Private Hotel REIT to Be Turned Over to Brookfield

Brookfield Asset Management (NYSE: BAM) is nearing a deal with private, non-traded REIT, or real estate investment trust, Hospitality Investors Trust that would give it control of the hotel owner. The prepackaged bankruptcy would see Brookfield inject additional liquidity into the company as part of a deal to convert its preferred equity into a 43% common equity interest in the REIT. It would give Brookfield control over roughly 100 hotels managed by top brands, mainly in markets in the Southeast.