W2007 Grace Acquisition I, Inc. (fka WGCBP)

[Enterprising Investor]

W2007 Senior Mezz, LLC Amends and Reinstates Sales Contract (6/09/15)

On March 25, 2015, subsidiaries of W2007 Senior Mezz, LLC (Senior Mezz) entered into a contract to sell its 10 remaining hotels (the Remaining Hotels) for a combined purchase price of $100 million. The contract for the sale of the Remaining Hotels was terminated by the purchasers on May 6, 2015. On June 8, 2015, Senior Mezz entered into an amendment to the terminated contract, which among other things, reinstated the contract for nine of the Remaining Hotels, amended the purchase price to $85 million and scheduled closing for July 23, 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 W2007 Grace Acquisition I, Inc. (the Company). The Company has a 3% interest in Senior Mezz.

Upon completion of the sale of nine of the Remaining Hotels, the subsidiaries of Senior Mezz will own one Remaining Hotel. While the subsidiaries of Senior Mezz intend to sell the one Remaining Hotel not currently under contract to be sold, there can be no assurance as to whether or when that hotel will be sold, the form of consideration which may be received in respect of that hotel or whether the consideration which may be received in respect of that hotel will be greater or less than the purchase price allocated to that hotel in the terminated sale agreement. Even if a transaction for the one Remaining Hotel not currently under contract to be sold does occur, there can be no assurance as to when a distribution from such sale proceeds will be received by the Company.

http://www.sec.gov/Archives/edgar/data/916530/000119312515217495/d938550d8k.htm