Soreide Law Group has filed lawsuits representing our clients who invested in the non-traded REIT, Watermark Lodging Trust Inc., recommended for purchase by their broker/dealers or financial advisors and have suffered significant losses.
Watermark Lodging Trust Inc. is a publicly registered, non-traded real estate investment trust that invests in, manages, and seeks to enhance the value of interests in lodging and lodging-related properties according to Yahoo Finance. Over the past decade, Watermark Lodging Trust, Inc. has been one of the largest and most active investors in the lodging industry. The REIT was created when the Carey Watermark Investors and Carey Watermark Investors 2 Inc. merged.
Unfortunately for the investors, brokers or financial advisors may not have thoroughly explained the risks and liquidity problems associated with non-traded REITs. Also, due to the effects of COVID-19 on the lodging industry, Watermark Lodging Trust Inc. delayed filings in May and the future remains uncertain. It was also noted they had suspended operations at nearly half of their hotels and reduced staffing at the remaining hotels.
It is the duty of the broker/dealer or financial advisor to make the client aware of the risks and complexity of real estate investment trusts (REITs). These products are not for the unsophisticated investor or low-risk retiree. Also, the client should be aware of the fact that they are often illiquid and if they can be sold to a buyer, often there is a significant loss. Brokers can make up to a 15% commission selling REITs, which may make the recommendations to the client more attractive to the broker.
If your broker/dealer or financial advisor did not do the proper due diligence and recommended the non-traded REIT, Watermark Lodging Trust Inc., and recommended purchasing this product, they may be accountable for your financial losses through a FINRA arbitration. Call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents our clients nationwide before FINRA.
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