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Monday, 22 July 2019

NexPoint to Buy Condor Hospitality in Deal Valued at $318Mln

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NexPoint Hospitality Trust has agreed to buy Condor Hospitality Trust Inc., which would give it 15 select-service and extended-stay hotels with 1,908 rooms, more than doubling the size of its portfolio.

NexPoint is one of two REITs managed by Highland Capital Management, a Dallas investment manager, and owns 11 hotels with 1,607 rooms in Texas, Florida, Tennessee, Oregon and Washington.

It will pay $11.10 for every outstanding Condor common stock, giving its acquisition a value of $318 million, including the assumption of debt. Condor, the former Supertel Hospitality Inc., owns properties in markets including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina, broadening NexPoint's reach to 11 states, with a 33 percent concentration in Texas, 17 percent in Florida and 11 percent in Georgia. The combined company's portfolio will have properties that operate under Marriott, Hilton and Hyatt brands.

NexPoint already has reached an agreement with Condor shareholders who own 53 percent of that company's outstanding common shares and holders of all Condor's preferred shares.

KeyBanc Capital Markets Inc. is financial adviser to Condor, while McGrath North Mullin & Kratz PC LLO is legal counsel. NexPoint's legal counsel are Winston & Strawn LLP and Goodmans LLP.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mergers & Acquisitions (M&A)
  • Private: No
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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