Blackstone is acquiring Condor Hospitality Trust鈥檚 entire portfolio of US hotels for $305m (鈧�260m).
Condor said it has entered into an agreement with affiliates of Blackstone Real Estate Partners to sell the portfolio and intends to wind down the business following the closing of the sale, which is subject to shareholders approval.
Condor intends to distribute certain net proceeds from the sale to the company鈥檚 shareholders as part of a proposed plan to liquidate the company.
The NYSE-listed company currently owns 15 hotels in 8 states. The hotels are franchised by brand families including Hilton, Marriott, and InterContinental Hotels.
Bill Blackham CEO of Condor Hospitality Trust, said: 鈥淲e believe that this is an extremely attractive transaction for company鈥檚 shareholders with a highly credible and very experienced buyer.
鈥淏oth 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.鈥�
Scott Trebilco, managing director of Blackstone Real Estate Partners, said: 鈥淲e are pleased to have reached agreements with Condor and a majority of its shareholders.
鈥漈he 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.鈥�
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