Condor Hospitality Trust Inc., a hotel-focused real estate investment trust headquartered and incorporated in the state of Maryland, has completed the sale of the company’s 15 hotels to a B9 Cowboy Mezz A LLC, a Delaware limited liability company and an affiliate of Blackstone Inc., for $305 million.
The sale of the hotels was completed pursuant to the previously announced hotel purchase and sale agreement. At the time of the agreement, it was announced that the company’s board of directors unanimously adopted a plan of liquidation and dissolution. The plan of liquidation contemplates an orderly wind down of the company’s business affairs.
Following the closing of the sale of the hotel portfolio and the payment of outstanding liabilities, along with the taking of other actions specified in the plan of liquidation, including reserving for certain contingent liabilities and claims, Condor intends to distribute certain net proceeds from the sale of the hotel portfolio to its shareholders in one or more liquidating distribution installments. The implementation of the plan of liquidation is conditioned on obtaining approval of the company’s shareholders.