Condor Hospitality Trust Provides Update on Acquisition by NexPoint Hospitality Trust and Declares Common Stock Dividend
December 18 2019 - 9:00AM
Business Wire
Condor Hospitality Trust, Inc. (the “Company”) (NYSE American:
CDOR), a hotel-focused real estate investment trust (REIT)
headquartered and incorporated in the state of Maryland, provided
an update today on the previously announced acquisition by merger
of the Company (the “Merger”) by NexPoint Hospitality Trust (“NHT”)
(TSX-V: NHT-U). NHT and the Company have agreed to close the Merger
on January 31, 2020, subject to the satisfaction or waiver of
certain remaining closing conditions.
The Company also today announced that its Board of Directors has
authorized and the Company has declared a cash common stock
dividend of $0.195 per share, payable on December 31, 2019 to
shareholders of record on December 30, 2019.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a
self-administered real estate investment trust that specializes in
the investment and ownership of upper midscale and upscale,
premium-branded, select-service, extended-stay, and limited-service
hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with
a particular focus on the top 20 to 60 MSAs. The Company currently
owns 15 hotels in 8 states. Condor’s hotels are franchised by a
number of the industry’s most well-regarded brand families
including Hilton, Marriott, and InterContinental Hotels.
Forward-Looking Statement
This news release (including statements about the expected
timing, completion and effects of the Merger) may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts,
and in some cases, can be identified by the use of forward-looking
terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “continue,” “project”, “plan”,
the negative version of these words or other similar expressions.
Readers are cautioned not to place undue reliance on any such
forward-looking statements.
All forward-looking statements speak only as of the date hereof
and are based on current expectations and involve a number of
assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
They are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Condor may
not be able to complete the proposed transaction on the terms
described herein or other acceptable terms or at all because of a
number of factors, including without limitation, the following: (i)
the occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement; (ii)
unknown, underestimated or undisclosed commitments or liabilities;
(iii) the inability to complete the proposed transaction due to the
failure to satisfy the closing conditions to the proposed
transaction; (iv) risks related to disruption of management’s
attention from Condor’s ongoing business operations due to the
proposed transaction; (v) the effect of the announcement of the
proposed transaction on the ability of the parties to retain and
hire key personnel, maintain relationships with their franchisors,
management companies and suppliers, and maintain their operating
results and business generally; (vi) the risk that certain
approvals or consents will not be received in a timely manner or
that the proposed transaction will not be consummated in a timely
manner; (vii) adverse changes in U.S. and non-U.S. governmental
laws and regulations; and (viii) the risk of litigation, including
shareholder litigation in connection with the proposed transaction,
and the impact of any adverse legal judgments, fines, penalties,
injunctions or settlements.
The forward-looking statements represent Condor’s views as of
the date on which such statements were made. Condor anticipates
that subsequent events and developments may cause those views to
change. These forward-looking statements should not be relied upon
as representing Condor’s views as of any date subsequent to the
date hereof. Condor expressly disclaims a duty to provide updates
to forward-looking statements, whether as a result of new
information, future events or other occurrences.
Additional factors that may affect the Company’s business or
financial results are described in the risk factors included in the
Company’s filings with the SEC, including its Annual Report on Form
10-K for the fiscal year ended December 31, 2018, and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20191218005404/en/
Arinn Cavey acavey@trustcondor.com
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