The merger between Condor Hospitality Trust Inc., a Bethesda-based, hotel-focused real estate investment trust, and Canadian REIT NexPoint Hospitality Trust has been pushed back again, this time by a week.
The close of the merger is also subject to the satisfaction or waiver of certain remaining closing conditions.
At the time the deal was announced, the companies expected to close it in the fourth quarter of 2019. In mid-December, Condor said it would close the deal on Jan. 31, which was later extended to Feb. 28, and again to March 16.
Under the deal announced in July 2019, Condor will be acquired 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, a premium of about 34% over its closing price before the deal. The stock has traded for as high as $11.20 in December. Condor’s stock price fell more than 11% in trading on Monday morning to $6.83.
Condor owns 15 hotels in the United States. In Maryland, it owns the Hilton Garden Inn in Solomons.