NexPoint Hospitality Trust Announces Agreement to Acquire Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (CDOR)
US:NASDAQ Investor Relations:
condorhospitality.com
Company Research
Source: Business Wire
TORONTO & BETHESDA, Md.--(BUSINESS WIRE)--NexPoint Hospitality Trust (TSXV: NHT.U) (“NHT”) and Condor Hospitality Trust, Inc. (NYSE American: CDOR) (“Condor”) today announced the execution of a definitive agreement (the “Merger Agreement”), under which NHT’s operating partnership, NHT Operating Partnership, LLC (“NHT OP”), will acquire all of the outstanding equity interests of Condor and its operating partnership by merger. The total consideration payable pursuant to the transaction is approximately US$318 million, which will be satisfied by a combination of cash and debt, including the assumption of certain debt.Transaction HighlightsIn line with NHT’s growth strategy, NHT will acquire 15 select-service and extended stay hospitality properties, representing 1,908 guestrooms across eight U.S. states (the “Portfolio”).The transaction will expand NHT’s geographic footprint into Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina and increase its presence in Florida
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