DALLAS and TORONTO, Sept. 23,
2019 /CNW/ -- NexPoint Hospitality Trust ("NHT") (TSX-V:
NHT.U) announced today that the shareholders of Condor Hospitality
Trust, Inc. ("Condor") (NYSE American: CDOR) approved the proposed
acquisition by merger of Condor by NHT Operating Partnership, LLC,
the operating partnership of NHT (the "Merger"). The Merger is
currently expected to close during the fourth quarter of 2019,
subject to the satisfaction of customary closing conditions.
Pursuant to the Merger, NHT will acquire 15 select-service and
extended stay hospitality properties. The transaction is expected
to increase NHT's gross asset value to approximately US$700 million. Additionally, the Merger provides
other benefits such as scale, geographic diversification, brand
diversification, more exposure to extended stay assets with higher
occupancy and more stable cash flows, and a newer portfolio with
upside revenue growth potential.
About NHT
NexPoint Hospitality Trust is a publicly traded real estate
investment trust, with its units listed on the TSX Venture Exchange
under the ticker NHT.U. NHT is focused on acquiring, owning and
operating well-located hospitality properties in the United States that offer a high current
yield and in many cases, that are underperforming assets with the
potential to increase in value through investments in capital
improvements, a market-based recovery, brand repositioning, revenue
enhancements, operational improvements, reducing expense
inefficiencies, and exploiting excess land or underutilized space.
NHT owns 11 branded properties sponsored by Marriott, Hilton and
InterContinental Hotels Group, located across the U.S.,
specifically in the Seattle,
Portland, Dallas, Nashville and St.
Petersburg markets. NHT is externally advised by NexPoint
Real Estate Advisors VI, L.P., an affiliate of Highland Capital
Management, L.P., a leading global alternative asset manager and an
SEC-registered investment adviser. For more information, visit
www.nexpointhospitality.com.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. 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. Condor currently owns 15 hotels in
eight states. Condor's hotels are franchised by a number of the
industry's most well-regarded brand families including Hilton,
Marriott, and InterContinental Hotels Group.
Forward-Looking Information
This news release may contain forward-looking information within
the meaning of applicable securities legislation, which reflects
NHT's current expectations regarding future events and in some
cases can be identified by terms such as "will", "may", "expected"
and other similar expressions. Forward-looking information in this
news release includes, but is not limited to, statements with
respect to the anticipated closing of the Merger and the expected
benefits to be realized by NHT as a result of the Merger.
Forward-looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond NHT's control, that could cause actual results and
events to differ materially from those that are disclosed in or
implied by such forward-looking information. Such risks and
uncertainties include, but are not limited to, risks related to the
closing conditions of the Condor merger being satisfied and the
Merger closing and a reasonably stable North American economy and
stock market. Although the forward-looking information contained in
this press release is based upon what the NHT's management believes
to be reasonable assumptions, NHT cannot assure investors that
actual results will be consistent with such information.
Forward-looking information reflects current expectations of
management regarding future events and operating performance as of
the date of this press release. Such information involves
significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
information, and a description of these factors can be found under
"Risk Factors" in NHT's final prospectus dated March 27, 2019 and Management's Discussion and
Analysis dated August 27, 2019, which
are available on SEDAR (www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Jackie
Graham
Investor Relations
972-419-6213
SOURCE NexPoint Hospitality Trust, Inc.