March 25, 2020
Hotel REIT Condor Hospitality Trust, based in Bethesda, MD, said it’s reviewing its options after the rescheduled date for its acquisition by NexPoint Hospitality Trust (NHT) came and went without a deal.
Originally set to close in the fourth quarter of 2019, the $318-million acquisition has been rescheduled numerous times by NHT since the original agreement was announced last July, most recently to March 23.
Condor said it’s in discussions with NHT about finalizing the acquisition. The merger agreement calls for NHT, headquartered in Toronto, to pay an $11.93-million breakup fee if it terminates the acquisition. Conversely, Condor is to pay $9.54 million if it calls off the deal.
Condor’s portfolio includes 15 select-service and extended-stay properties totaling more than 1,900 keys across eight states. It includes properties franchised by brands such as Hilton Worldwide, Marriott International and InterContinental Hotels Group.
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