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Condor’s shareholders approve sale to Canadian firm

Representatives of Condor Hospitality Trust Inc. of Bethesda rang the NYSE's ceremonial bell in July 2017 to celebrate the company's new listing on NYSE MKT. (Screenshot from NYSE video)

Representatives of Condor Hospitality Trust Inc. of Bethesda rang the NYSE’s ceremonial bell in July 2017 to celebrate the company’s new listing on NYSE MKT. (Screenshot from NYSE video)

Shareholders for a Maryland real estate investment trust focused on premium and extended-stay hotels have approved the company’s proposed acquisition by a Canadian REIT.

Holders of more than 81.8% of the shares of Condor Hospitality Trust Inc. of Bethesda’s common stock entitled to be cast voted in favor of approving the merger agreement with NexPoint Hospitality Trust of Toronto, Condor announced. Also, holders of 100% of the shares of series E cumulative convertible preferred stock approved the deal.

The merger is currently expected to close during the fourth quarter of 2019.

Under the deal, Condor Hospitality Trust Inc. will be acquired by NexPoint Hospitality Trust of Toronto for roughly $318 million, paid in cash and in debt, including by assuming some of Condor’s debt.

NexPoint will pay $11.10 per common share to stockholders.

Condor owns 15 hotels in the United States. In Maryland, it owns the Hilton Garden Inn in Solomons.


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