Blackstone Real Estate Advisors entered into an agreement to acquire Entire Hotel Portfolio of Condor Hospitality Trust, Inc. for $310 million on September 22, 2021. As part of consideration, Blackstone Real Estate Advisors will pay cash for this transaction. Condor will be required to pay a termination fee to the Buyer of $5 million. The transaction has been approved by the Board of Directors of Condor Hospitality Trust. The transaction is subject to customary closing conditions, including the approval of the Condor Hospitality?s shareholders. The 60% of the Condor Hospitality shareholder agreed to vote in the favor of the transaction. The transaction is expected to occur in the fourth quarter of 2021. The Condor Hospitality intends to distribute certain net proceeds from the sale of the hotel portfolio to its shareholders. Krista Miniutti of Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone. Jeffrey Penne & Guy Lawson of McGrath North Mullin & Kratz, PC LLO and Jim Butler, Jeff Myers and Guy Maisnik of Jeffer Mangels Butler & Mitchell LLP acted as legal advisors to Condor. KeyBanc Capital Markets Inc. (Kevin Kreshover) acted as fairness opinion provider to Condor Hospitality Trust. Daniel C. Peek, Clint Hodges, John Bourret, Mike Tormey and Carolina Bernal of Hodges Ward Elliott acted as real estate advisor to Condor Hospitality Trust. Blackstone Real Estate Advisors completed the acquisition of Entire Hotel Portfolio of Condor Hospitality Trust, Inc. on November 19, 2021.