- Nexpoint Hospitality Trust (NHT) has moved the closing date of its merger with Condor Hospitality Trust, Inc. (NYSE:CDOR)
- This is the third time the merger date has been moved
- Both companies handle real estate assets throughout U.S. related to hospitality
- The companies have cited failure to satisfy or remove of “certain remaining closing conditions” as the reason for delay
- Nexpoint Hospitality Trust (TSXV: NHT) was unmoved, with shares currently trading at C$4.00
Nexpoint Hospitality Trust is again extending the closing date of its acquisition of Condor Hospitality Trust, Inc.
An announcement today stated that the closing of the merger will be pushed February 28, 2020. The company has also said that, failing this date, March 16 will be used as later potential closing date.
This is the third time the company has pushed the merger date. It continues to cite “satisfaction or waiver of certain remaining closing conditions” as the reason for finalisation stalling.
Both companies manage funds which invest in real estate used for hospitality purposes. Nexpoint Hospitality Trust states that it is “focused on acquiring, owning and operating well located hospitality properties in the United States”. Condor Hospitality Trust owns 15 properties throughout U.S.
Nexpoint Hospitality stated last year “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”.
Since announcing the acquisition last year, Condor’s NYSE traded stock has risen by 30 per cent and remained steady. That is, until today when the stock dropped by almost 6 per cent to C$13.70.
Nexpoint Hospitality Trust (TSXV: NHT) was unmoved, with shares currently trading at C$4.00