Condor Hospitality Trust to sell hotel portfolio to Blackstone for $305m
Condor Hospitality Trust, a Maryland-based real estate investment trust company, has agreed to sell its full portfolio of hotels with affiliates of Blackstone Real Estate Partners for $305 million in an all-cash deal.
The deal involves the sale of 15 hotels in eight states. The hotels of Condor Hospitality Trust are franchised by Hilton, InterContinental Hotels, Marriott, and various other brand families.
Bill Blackham — CEO of Condor Hospitality Trust said: “We believe that this is an extremely attractive transaction for Company’s shareholders with a highly credible and very experienced buyer. Both Blackstone Real Estate Partners and the Company have teams that have been working and will continue to work towards a timely and successful consummation of the transaction.
“The Company portfolio is highly attractive as evidenced by the strong buyer interest that surfaced during the marketing process and appears to fit very well into the investment profile of our buyer.”
Blackstone Real Estate Partners has signed voting agreements in favor of the deal with certain shareholders of Condor Hospitality Trust, who hold nearly 60% of the outstanding common shares.
Scott Trebilco — Managing Director of Blackstone Real Estate Partners said: “We are pleased to have reached agreements with Condor and a majority of its shareholders. 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.”
The closing of the deal, which is subject to Condor Hospitality Trust’s shareholders and customary closing conditions, is expected to occur in Q4 2021.