7/22/2019 | By Nareit Staff
NexPoint Hospitality Trust (NYSE: NXRT) and Condor Hospitality Trust, Inc. (NYSE American: CDOR) said July 22 that NexPoint will pay approximately $318 million to acquire all the outstanding equity interests of Condor and its operating partnership in a cash and debt deal.
The transaction will result in NHT acquiring 15 select-service and extended-stay hospitality properties, representing 1,908 guest rooms across eight U.S. states. The transaction 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 transaction instantly expands NHT’s geographical footprint and balances NHT’s strategic value-add portfolio with durable, core, extended-stay hotels,” said NHT CEO Jim Dondero. “We believe the future for quality extended-stay and select-service hotels remains bright.”
The transaction is expected to close in the fourth quarter.