Blackstone has agreed to buy a portfolio of hotels from Condor Hospitality Trust in a $305 million deal.
The deal will see Blackstone acquire Condor’s 15 hotels, which are spread across eight states. The properties are franchised by the likes of Hilton, Marriott, and IHG Hotels and Resorts.
Once the deal is completed, likely in the fourth quarter of this year, Condor will wind down its business activities.
“We are pleased to have reached agreements with Condor and a majority of its shareholders. The portfolio is complementary to our existing select service hotels and is demonstrating strong performance, which we look forward to building on as travel continues to recover,” Scott Trebilco, managing director of Blackstone Real Estate Partners, said.