Shareholders of Condor Hospitality approve merger with NexPoint Hospitality - Insights
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Shareholders of Condor Hospitality approve merger with NexPoint Hospitality

Condor Hospitality Trust, Inc (“Condor”) announced that its shareholders approved the proposed acquisition by merger of Condor by NHT Operating Partnership, LLC (“NHT OP”), the operating partnership of NexPoint Hospitality Trust.

Shareholders of Condor Hospitality approve merger with NexPoint Hospitality

Shareholders of Condor Hospitality approve merger with NexPoint Hospitality

At a special meeting of Condor shareholders held on September 23, 2019, holders of more than 81.8% of the shares of Condor common stock entitled to be cast, and holders of 100% of the shares of Condor Series E Cumulative Convertible preferred stock, voted in favor of adopting and approving the merger agreement and the transactions contemplated thereby (including the acquisition of Condor’s operating partnership by a subsidiary of NHT OP). Condor will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.

The merger is currently expected to close during the fourth quarter of 2019, subject to the satisfaction of customary closing conditions.

Upon completion of the merger and associated transactions, holders of Condor common stock will be entitled to receive $11.10, without interest thereon, per share, a premium of approximately 34% over Condor’s unaffected share price of $8.27 as of July 19, 2019, the most recent trading day before the public announcement of the proposal to acquire Condor, holders of Condor Series E preferred stock will be entitled to receive $10.00 per share and limited partners of Condor’s operating partnership, Condor Hospitality Limited Partnership, will be entitled to receive $0.21346 per Condor OP partnership interest.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a self-administered real estate investment trust that specializes in the investment and ownership of upper midscale and upscale, premium-branded, select-service, extended-stay, and limited-service hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60 MSAs. Condor currently owns 15 hotels in eight states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels Group.

About NexPoint Hospitality Trust

NexPoint Hospitality Trust (TSXV: NHT.U) is a publicly-traded real estate investment trust focused on acquiring, owning and operating well-located hospitality properties in the United States that offer a high current yield and in many cases, that are underperforming assets with the potential to increase in value through investments in capital improvements, a market-based recovery, brand repositioning, revenue enhancements, operational improvements, reducing expense inefficiencies, and exploiting excess land or underutilized space. NHT owns 11 branded properties sponsored by Marriott, Hilton and InterContinental Hotels Group, located across the U.S., specifically in the Seattle, Portland, Dallas, Nashville and St. Petersburg markets. NHT is externally advised by NexPoint Real Estate Advisors VI, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser. For more information, visit www.nexpointhospitality.com.

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