An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
JMBM Is Hotel Counsel for Condor Hospitality in $305 Million Hotel Portfolio Sale
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP announced its representation of Condor Hospitality Trust in a $305 million sale of its entire portfolio to Blackstone Real Estate Partners. The transaction, anticipated to close by year-end 2021, includes nearly 2,000 hotel rooms across eight states, enhancing shareholder value as part of a liquidation and dissolution plan. JMBM has supported Condor since 2015, guiding them through the bidding and due diligence processes, ultimately negotiating the sale. The deal represents a significant strategic move for Condor's future.
Positive
Sale of portfolio valued at $305 million strengthens financial position.
Transaction expected to provide substantial returns to shareholders.
Negative
Company's liquidation and dissolution plan may indicate operational challenges.
Potential market perception of instability due to the sale.
LOS ANGELES--(BUSINESS WIRE)--
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce its representation of Condor Hospitality Trust in the sale of the company's entire portfolio to Blackstone Real Estate Partners. The $305 million deal was announced September 23, 2021 and is expected to close by the end of the year.
Condor Hospitality Trust (NYSE American:CDOR) is a publicly-traded real estate investment trust specializing in the ownership of premium-branded select-service, extended stay, and limited-service hotels franchised under brands including Hilton, Marriott, and IHG. JMBM represented the company as hotel counsel in connection with the initial bidding process and also provided guidance on the due diligence process and disclosure requirements, coordinated shareholder approvals and voting agreements, and negotiated the definitive purchase contract for the sale.
The Firm has represented Condor as hotel counsel since J. William Blackham became President and CEO in 2015. Known then as Supertel Hospitality Inc., owner of the Super 8 franchise and related economy hotels, JMBM assisted in the disposal of nearly all of the company's $100 million in economy hotels and the subsequent purchase of the 15 upscale, select-service hotels sold in the current Blackstone deal. The hotels sold represent nearly 2,000 rooms and are located across eight states, including Georgia, Texas, and Florida.
"We have worked with Condor to implement its business plan for six years, and are pleased to have successfully counseled them through this next step," said Jim Butler, Chair of the JMBM Global Hospitality Group®. The JMBM Condor team was led by Jim Butler, Guy Maisnik, Jeff Myers, and Caleb Gilbert.
The all-cash deal is part of a liquidation and dissolution plan, concluding with the eventual distribution of proceeds to the company's shareholders. "We believe that this is an extremely attractive transaction for the company’s shareholders with a highly credible and very experienced buyer,” said Blackham in Hotel Business.
McGrath North Mullin & Kratz acted as Condor's corporate counsel. Simpson Thatcher & Bartlett represented Blackstone.
About the Global Hospitality Group®
We have helped clients with more than 4,300 hospitality properties worth more than $104.7 billion, providing one of the most extensive virtual databases of market terms for deals and financings in the hospitality industry. For more information, visit www.HotelLawyer.com