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Washington DC  + DC Metro  + Hospitality  | 

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition