DALLAS and TORONTO, Aug. 30, 2019 /CNW/ -- NexPoint Hospitality Trust ("NHT") (TSX-V: NHT.U) is pleased to announce that, at a special meeting of unitholders held this morning, disinterested holders of trust units (the "Disinterested Unitholders") approved an ordinary resolution (the "Resolution") approving a private placement to be made pursuant to an equity commitment letter entered into by NHT's operating partnership, NHT Operating Partnership, LLC, and NexPoint Advisors, L.P. ("NexPoint"), as more particularly described in NHT's management information circular dated July 31, 2019.
Pursuant to the equity commitment letter, NexPoint has committed to provide, or to cause one or more of its affiliates or its or their advised accounts to provide, directly or indirectly through one or more affiliated funds, equity financing for an aggregate amount of up to US$308,200,000, in exchange for securities of NHT or its affiliates. The Resolution was passed with 99.94% of the Disinterested Unitholders present in person or represented by proxy at the special meeting voting in favour.
NexPoint Hospitality Trust is a publicly traded real estate investment trust, with its Units listed on the TSX Venture Exchange under the ticker NHT.U. and NHT is focused on acquiring, owning and operating well-located hospitality properties in the United States that offer a high current yield and in many cases are underperforming assets with the potential to increase in value through investments in capital improvements, a market-based recovery, brand repositioning, revenue enhancements, operational improvements, expense inefficiencies, and exploiting excess land or underutilized space. NHT owns 11 branded properties sponsored by Marriott, Hilton and Intercontinental Hotels Group, located across the U.S. NHT is externally advised by NexPoint Real Estate Advisors VI, L.P., an affiliate of Highland Capital Management, L.P., a leading global alternative asset manager and an SEC-registered investment adviser.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NexPoint Hospitality Trust, Inc.