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)

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