MVP REIT II Inc. said its closed its merger with MVP REIT Inc. Dec. 15 and changed its name to The Parking REIT Inc.

As per the terms of the agreement, Parking REIT increased its board members to eight from five, and elected MVP REIT independent directors Robert Aalberts, Nicholas Nilsen and Shawn Nelson to serve in the same roles and fill the new vacancies at the new company.

About 3.9 million shares of common stock of the new company were issued to former stockholders of MVP REIT, who now own roughly 59.7% of the diluted common equity of the new company.