Blackstone Real Estate to buy Condor Hospitality Trust hotels

Condor Hospitality Trust has entered into an agreement with affiliates of Blackstone Real Estate Partners to sell its entire portfolio of hotels in a $305 million transaction. This is an all-cash transaction without the assumption of any existing debt. Completion of the transaction is expected to occur in fourth quarter 2021.

The REIT owns 15 hotels in eight states.

Blackstone has entered into voting agreements with certain Condor Hospitality shareholders that hold about 60 percent of outstanding shares, and those shareholders have agreed to vote in favor of the transaction.

After the hotel portfolio's sale and the payment of outstanding liabilities, the company intends to distribute certain net proceeds from the sale of the hotel portfolio to the company’s shareholders in one or more liquidating distribution installments