NORFOLK, Neb.–(BUSINESS WIRE)–Condor Hospitality Belief, Inc. (NYSE American: CDOR) (the “Firm”) introduced at this time that it has entered into an settlement with associates of Blackstone Actual Property Companions to promote its complete portfolio of resorts in a $305 million transaction. That is an all money transaction with out the belief of any present debt. Completion of the transaction, which is predicted to happen within the fourth quarter of 2021, is topic to customary closing circumstances, together with the approval of the Firm’s shareholders.
Invoice Blackham C.E.O. said ” We consider that that is an especially engaging transaction for Firm’s shareholders with a extremely credible and really skilled purchaser. Each Blackstone Actual Property Companions and the Firm have groups which have been working and can proceed to work in direction of a well timed and profitable consummation of the transaction. The Firm portfolio is extremely engaging as evidenced by the robust purchaser curiosity that surfaced throughout the advertising course of and seems to suit very effectively into the funding profile of our purchaser.”
The client has entered into voting agreements with sure shareholders of the Firm that maintain roughly 60% of the excellent frequent shares pursuant to which such holders have agreed to vote their shares in favor of the transaction.
Scott Trebilco, Managing Director of Blackstone Actual Property Companions, mentioned, “We’re happy to have reached agreements with Condor and a majority of its shareholders. The portfolio is complementary to our present choose service resorts and is demonstrating robust efficiency, which we sit up for constructing on as journey continues to get better.”
The Firm additionally introduced at this time that the Firm’s Board of Administrators has unanimously adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation”). The Plan of Liquidation contemplates an orderly wind down of the Firm’s enterprise affairs. Following the closing of the sale of the resort portfolio and the fee of excellent liabilities, together with the taking of different actions specified within the Plan of Liquidation, together with reserving for sure contingent liabilities and claims, the Firm intends to distribute sure web proceeds from the sale of the resort portfolio to the Firm’s shareholders in a number of liquidating distribution installments. The implementation of the Plan of Liquidation is conditioned on acquiring approval of the Firm’s shareholders.
Further info relating to the transaction and the Plan of Liquidation can be included in a Kind 8-Ok that the Firm will file shortly with the Securities and Trade Fee (“SEC”) and in a proxy assertion the Firm intends to file with the SEC and distribute to its shareholders. The Firm’s proxy assertion will embrace info relating to the timing of the particular assembly of the Firm’s shareholders to approve the transaction and the Plan of Liquidation.
About Condor Hospitality Belief, Inc.
Condor Hospitality Belief, Inc. (NYSE American: CDOR) is a self-administered actual property funding belief that focuses on the funding and possession of higher midscale and upscale, premium-branded, select-service, extended-stay, and limited-service resorts within the prime 100 Metropolitan Statistical Areas (“MSAs”) with a specific deal with the highest 20 to 60 MSAs. The Firm presently owns 15 resorts in 8 states. Condor’s resorts are franchised by plenty of the trade’s most well-regarded model households together with Hilton, Marriott, and InterContinental Lodges.
About Blackstone Actual Property
Blackstone is a world chief in actual property investing. Blackstone’s actual property enterprise was based in 1991 and has $208 billion of investor capital underneath administration. Blackstone is likely one of the largest property house owners on the planet, proudly owning and working property throughout each main geography and sector, together with logistics, multifamily and single household housing, workplace, hospitality and retail. Our opportunistic funds search to amass undermanaged, well-located property internationally. Blackstone’s Core+ technique invests in considerably stabilized actual property globally by means of regional open-ended funds targeted on high-quality property and Blackstone Actual Property Revenue Belief, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating property. Blackstone Actual Property additionally operates one of many main world actual property debt companies, offering complete financing options throughout the capital construction and threat spectrum, together with administration of Blackstone Mortgage Belief (NYSE: BXMT).
Cautionary Assertion Concerning Ahead-Trying Statements
This information launch (together with statements in regards to the anticipated timing, completion and results of the transaction and the opposite transactions contemplated by the settlement for the sale of the resorts and the Plan of Liquidation) accommodates forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements, that are based mostly on present expectations, estimates and projections in regards to the trade and markets during which Condor Hospitality Belief, Inc. (the “Firm”), operates and beliefs of and assumptions made by the Firm’s administration, contain uncertainties that might considerably have an effect on the monetary or working outcomes of the Firm. Phrases comparable to “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “ought to,” “might,” “tasks,” “might,” “estimates” or variations of such phrases and different related expressions are supposed to establish such forward-looking statements, which usually should not historic in nature, however not all forward-looking statements embrace such figuring out phrases. All statements that deal with working efficiency, occasions or developments that we count on or anticipate will happen sooner or later — together with statements regarding creating worth for shareholders, advantages of the proposed transaction to shareholders and staff — are forward-looking statements. These statements should not ensures of future efficiency and contain sure dangers, uncertainties and assumptions which might be tough to foretell. Though we consider the expectations mirrored in any forward-looking statements are based mostly on affordable assumptions, we may give no assurance that our expectations can be attained and subsequently, precise outcomes and outcomes might differ materially from what’s expressed or forecasted in such forward-looking statements. For instance, these forward-looking statements could possibly be affected by components together with, with out limitation, dangers related to (i) nationwide, worldwide, regional and native financial climates; (ii) the potential legal responsibility for a failure to satisfy regulatory necessities, together with the upkeep of actual property funding belief standing; (iii) dangers related to the power to consummate the transaction; (iv) potential modifications to tax laws; (v) the potential impression of announcement of the proposed transaction or consummation of the proposed transaction and Plan of Liquidation on relationships, together with with staff; (vi) the unfavorable consequence of any authorized proceedings which may be instituted towards the Firm; (vii) impacts regarding COVID-19 or different pandemics or catastrophic occasions; and (viii) these extra dangers and components mentioned in experiences filed with the SEC by the Firm every so often, together with these mentioned underneath the heading “Threat Elements” in its filed experiences on Kind 10-Ok and 10-Q. Besides to the extent required by relevant legislation or regulation, the Firm disclaims any obligation to replace any forward-looking statements contained on this communication or to in any other case replace any of the above-referenced components.
Further Info and The place to Discover It
The proposed transaction and the Plan of Liquidation can be submitted to the Firm’s shareholders for his or her consideration. In reference to the proposed transaction and the Plan of Liquidation, the Firm will file related supplies with the SEC, together with a proxy assertion on Schedule 14A. The definitive proxy assertion can be mailed to the Firm’s shareholders. This communication just isn’t an alternative choice to the proxy assertion or for another doc that the Firm might file with the SEC and ship to the Firm’s shareholders in reference to the proposed transaction and Plan of Liquidation. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION OR PLAN OF LIQUIDATION INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND PLAN OF LIQUIDATION. Buyers and safety holders will be capable to acquire free copies of the proxy assertion (if and when it turns into obtainable), any amendments or dietary supplements thereto and different related supplies, and another paperwork filed by the Firm with the SEC by means of the web site maintained by the SEC at http://www.sec.gov. As well as, copies of the paperwork filed by the Firm with the SEC can be obtainable freed from cost on the Firm’s web site at www.condorhospitality.com, or by contacting the Firm at Investor Relations by telephone at 301-861-3305 or by e mail at firstname.lastname@example.org. or by requesting them in writing to Condor Hospitality Belief, Inc., 1800 West Pasewalk Avenue, Suite 120, Norfolk, Nebraska 68701, or by phone at (301) 861-3305.
Contributors within the Solicitation
The Firm and sure of its respective administrators and government officers and different members of administration and staff could also be deemed to be individuals within the solicitation of proxies from the Firm shareholders in respect of the proposed transaction and Plan of Liquidation underneath the principles of the SEC. Details about the Firm’s administrators and government officers is obtainable within the Firm’s proxy statements dated November 16, 2020, for its 2020 annual assembly, and December 14, 2020, for a 2021 particular assembly, and its Annual Report on Kind 10-Ok for the 12 months ended December 31, 2020 and modification thereto on Kind 10-Ok/A filed with the SEC and subsequent experiences which can be filed with the SEC. Different info relating to the individuals within the proxy solicitation and an outline of their direct and oblique pursuits, by safety holdings or in any other case, can be contained within the proxy assertion and different related supplies to be filed with the SEC relating to the transaction and Plan of Liquidation once they change into obtainable. Buyers ought to learn the proxy assertion fastidiously when it turns into obtainable earlier than making any voting or funding choices. It’s possible you’ll acquire free copies of those paperwork from the Firm utilizing the sources indicated above.