DALLAS and TORONTO — NexPoint Hospitality Trust (NHT) provided an update today on the previously announced acquisition of Condor Hospitality Trust, Inc. by NHT Operating Partnership, LLC, the Operating Partnership of NHT. NHT has requested and Condor has accommodated an extension of the closing of the merger to March 23, 2020 from the former closing date of March 16, 2020.
NexPoint Hospitality Trust first announced the $318 million merger in July 2019. NHT will acquire 15 select-service and extended-stay hospitality properties, representing 1,908 guestrooms across eight U.S. states. The transaction will expand NHT’s geographic footprint into Georgia, Kansas, Kentucky, Maryland, Mississippi, and South Carolina and increase its presence in Florida and Texas. Following the closing of the transaction, NHT’s gross asset value is expected to increase to approximately $700 million.