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BETHESDA, MD. — Condor Hospitality Trust Inc. (NYSE: CDOR) has agreed to sell its entire hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million. The all-cash transaction does not include the assumption of any existing debt. Completion of the deal, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the company’s shareholders.
The Bethesda-based real estate investment trust’s hotel portfolio includes 15 properties in eight states. Blackstone entered into voting agreements with Condor’s certain shareholders that hold approximately 60 percent of the common shares. Those shareholders voted in favor of the transaction.