Boutique Design Events and Trade Fairs

NexPoint Hospitality Trust and Condor Hospitality Trust, Inc. announced a definitive agreement under which NHT’s operating partnership, NHT Operating Partnership, LLC, will acquire all of the outstanding equity interests of Condor and its operating partnership by merger. The total consideration is approximately $318 million.

NHT will acquire 15 select-service and extended stay hospitality properties, representing 1,908 guestrooms across eight U.S. states. The deal will expand NHT’s geographic footprint into Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina and increase its presence in Florida and Texas. Following closing of the transaction, NHT’s gross asset value is expected to increase to approximately $700 million.

The merger consideration of $11.10 per share to be paid to holders of shares of common stock represents a premium of approximately 34% over Condor’s unaffected share price of $8.27 as of July 19, 2019.

The transaction is expected to be completed in the fourth quarter of 2019.

Photo: Courtesy of Home2 Suites by Hilton Summerville
 

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