Everest REIT Investors I LLC launched a cash tender offer for takeover target Moody National REIT I Inc.

The investor is offering to buy up to 670,000 shares, or roughly 5.1%, of Moody National REIT I's outstanding common stock, at $7.75 apiece. If all shares sought are tendered, the buyer would pay up an aggregate purchase price of up to about $5.2 million, for which it has the capital available and committed.

The buyer and its affiliates do not beneficially own any shares of the REIT.