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NexPoint Hospitality Trust To Acquire Condor Hospitality Trust for $318 Million

NexPoint Hospitality Trust (NHT) and Condor Hospitality Trust announced the execution of a definitive agreement under which NHT’s operating partnership, NHT Operating Partnership, will acquire all of the outstanding equity interests of Condor and its operating partnership by merger for a total of approximately $318 million.

NHT will acquire 15 select-service and extended-stay hospitality properties, representing 1,908 guestrooms across eight U.S. states. The transaction will expand NHT’s geographic footprint into Georgia, Kansas, Kentucky, Maryland, Mississippi, and South Carolina and increase its presence in Florida and Texas. Following the closing of the transaction, NHT’s gross asset value is expected to increase to approximately $700 million.

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I’ve always found him to be the consummate professional. He works very hard to understand the client’s need and has an expansive network which allows him to execute against the strategy.  Larry is ethical beyond reproach and understands how to gently nudge the process forward and across the finish line.
Bill Upshaw, President Lodging and Residential, TPI Hospitality
In early 2013, we engaged Larry Mendez at Bannerot Partners to conduct a search for a chief operating officer for our company, Supertel Hospitality – a publicly traded REIT located in Omaha, Nebraska. I was familiar with Larry through his work in the hotel industry, and our Board of Directors endorsed the assignment. Larry was incredibly thorough, communicative, and effective throughout the process. In the end, we hired a very qualified candidate that fit our culture perfectly.
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