On March 25, 2015, subsidiaries of W2007 Senior Mezz, LLC (Senior Mezz) entered into a contract to sell its 10 remaining hotels for a combined purchase price of $100 million. W2007 Grace Acquisition I, Inc. (the Company) has a 3% interest in Senior Mezz. The contract has customary closing conditions and closing is currently scheduled for June 8, 2015. There can be no assurance as to whether or when the transaction will close, as to the actual proceeds that will be realized if it does close, or as to what the assets might ultimately sell for in an alternate transaction if the pending transaction does not close. Even if the transaction does close, there can be no assurance as to when a distribution from such sale proceeds will be received by the Company.
