Condor Hospitality Trust to Sell All Hotels to Blackstone for $305 Million in Liquidation Move
September 23 2021 - 8:15AM
Dow Jones News
By Dave Sebastian
Condor Hospitality Trust Inc. said it has agreed to sell its
entire hotel portfolio for $305 million in cash to Blackstone
Inc.'s real-estate business.
The real-estate investment trust, which owns 15 hotels in eight
states, on Thursday said its board has adopted a plan of
liquidation and dissolution to wind down its business affairs.
After the hotel portfolio's sale and the payment of outstanding
liabilities, the company said it plans to distribute certain net
proceeds from the sale to shareholders in one or more liquidating
distribution installments.
Blackstone has entered into voting agreements with certain
Condor Hospitality shareholders that hold about 60% of outstanding
shares, and those shareholders have agreed to vote in favor of the
transaction, Condor Hospitality said.
"The portfolio is complementary to our existing select service
hotels and is demonstrating strong performance, which we look
forward to building on as travel continues to recover," said Scott
Trebilco, managing director of Blackstone Real Estate Partners.
The companies expect the deal to close in the fourth
quarter.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
September 23, 2021 08:00 ET (12:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Blackstone (NYSE:BX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blackstone (NYSE:BX)
Historical Stock Chart
From Sep 2023 to Sep 2024