Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Condor Agrees to Sell Entire Hotel Portfolio to Blackstone
Condor Hospitality Trust, headquartered in Bethesda, MD, has entered into an agreement with affiliates of Blackstone Real Estate Partners to sell its entire portfolio of hotels for $305 million. This is an all-cash transaction without the assumption of any existing debt and is expected to close in the fourth quarter.
Scott Trebilco, managing director of Blackstone Real Estate Partners, said, “We are pleased to have reached agreements with Condor and a majority of its shareholders. 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.”
Condor also said its board has unanimously adopted a plan of liquidation and dissolution. Following the closing of the hotel portfolio sale and the payment of outstanding liabilities, the company intends to distribute certain net proceeds from the sale to shareholders.
- ◦Sale/Acquisition
