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CONDOR HOSPITALITY TRUST, INC.

(CDOR)
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Condor Hospitality Trust to Sell All Hotels to Blackstone for $305 Million in Liquidation Move

09/23/2021 | 06:00am EDT

By Dave Sebastian

Condor Hospitality Trust Inc. said it has agreed to sell its entire hotel portfolio for $305 million in cash to Blackstone Inc.'s real-estate business.

The real-estate investment trust, which owns 15 hotels in eight states, on Thursday said its board has adopted a plan of liquidation and dissolution to wind down its business affairs. After the hotel portfolio's sale and the payment of outstanding liabilities, the company said it plans to distribute certain net proceeds from the sale to shareholders in one or more liquidating distribution installments.

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

"The 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," said Scott Trebilco, managing director of Blackstone Real Estate Partners.

The companies expect the deal to close in the fourth quarter.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

09-23-21 0800ET

Stocks mentioned in the article
ChangeLast1st jan.
BLACKSTONE INC. -0.15% 122.85 Delayed Quote.89.83%
CONDOR HOSPITALITY TRUST, INC. 1.66% 7.36 Delayed Quote.83.75%
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More news
Analyst Recommendations on CONDOR HOSPITALITY TRUST, INC.
More recommendations
Financials (USD)
Sales 2021 51,9 M - -
Net income 2021 -16,2 M - -
Net Debt 2021 - - -
P/E ratio 2021 -7,78x
Yield 2021 -
Capitalization 107 M 107 M -
Capi. / Sales 2021 2,06x
Capi. / Sales 2022 1,74x
Nbr of Employees 6
Free-Float 33,6%
Chart CONDOR HOSPITALITY TRUST, INC.
Duration : Period :
Condor Hospitality Trust, Inc. Technical Analysis Chart | CDOR | US20676Y4035 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Last Close Price 7,24 $
Average target price 5,25 $
Spread / Average Target -27,5%
EPS Revisions
Managers and Directors
J. William Blackham President, Chief Executive Officer & Director
Jill Burger Chief Financial & Accounting Officer
Daphne J. Dufresne Chairman
Daniel Ricardo Elsztain Independent Director
Donald J. Landry Independent Director