DALLAS—Shareholders of Condor Hospitality Trust Inc. approved the proposed acquisition by merger of Condor by NexPoint Hospitality Trust (NHT) Operating Partnership LLC, the operating partnership of NHT. The merger is currently expected to close during Q4 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 $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, according to the company.