Condor Hospitality Trust has terminated its merger agreement with NHT Operating Partnership, the operating partnership of NexPoint Hospitality Trust.
Pursuant to its rights under the merger agreement, the company terminated the merger agreement due to failure of NHT’s operating partnership to consummate the acquisition of the company and for material breaches of the merger agreement by NHT’s operating partnership and its affiliates. Pursuant to the merger agreement, the company is entitled to receive a termination fee of $11.93 million within five business days of its termination of the merger agreement. The company continues to reserve all other rights and remedies.
