NexPoint Hospitality buys remaining shares in Condor for $318m

NexPoint Hospitality Trust and Condor Hospitality Trust have entered into an agreement under which NHT will acquire all of the outstanding equity interests of Condor and its operating partnership by merger. Under the $318 million transaction, NHT acquires 15 select service and extended stay hospitality properties, which represents 1,908 guestrooms across eight U.S. states. A $11.10 per share price is to be paid to holders of shares of common stock. Once completed, NHT’s gross asset value is expected to increase to approximately $700 million.

“We’re excited about NexPoint Hospitality Trust’s strategic merger with Condor Hospitality Trust. The transaction instantly expands NHT’s geographical footprint and balances NHTs strategic value add portfolio with durable, core, extended stay hotels.” stated NHT’s Chief Executive Officer, Jim Dondero. “We believe the future for quality extended stay and select service hotels remains bright.”