NexPoint Hospitality Trust Announces Update On Acquisition Of Condor Hospitality Trust
DALLAS and TORONTO, Dec. 18, 2019 /CNW/ -- NexPoint Hospitality Trust (TSXV: NHT.U, "NHT") provided an update today on the previously announced acquisition of Condor Hospitality Trust, Inc. ("Condor") by NHT Operating Partnership, LLC, the Operating Partnership of NHT (the "Merger"). NHT and Condor have agreed to close the Merger on January 31, 2020, subject to the satisfaction or waiver of certain remaining closing conditions. Separately, NHT does not expect to close its previously announced public offering of subscription receipts.
About NexPoint Hospitality Trust
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. 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, that 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, reducing 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., specifically in the Seattle, Portland, Dallas, Nashville and St. Petersburg markets. NHT is externally advised by NexPoint Real Estate Advisors VI, L.P. For more information, visit www.nexpointhospitality.com.
Cautionary Statement Regarding Forward-Looking Information
Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. In particular, the expected funding and closing of the Merger constitutes forward-looking information.
Forward-looking information contained in this press release is based on certain key expectations and assumptions by NHT. Although the forward-looking information contained in this press release is based upon what NHT's management believes to be reasonable assumptions, NHT cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in NHT's final prospectus dated March 27, 2019, Management's Discussion and Analysis dated November 25, 2019, and base shelf prospectus dated November 15, 2019, which are available on SEDAR (www.sedar.com).
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.
Contact:
Jackie Graham
Investor Relations
972-419-6213
SOURCE NexPoint Hospitality Trust
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