Item 2.01. Completion of Acquisition or Disposition of Assets.
On November 19, 2021, Condor Hospitality Trust, Inc. (the "Company") completed
the sale of all the equity interests of the Company's 15 indirectly owned
subsidiaries (the "Portfolio Sale"), which each in turn owns one of the
Company's 15 hotels (the "Portfolio"), plus additional assets and other items
related to the Portfolio, to B9 Cowboy Mezz A LLC, a Delaware limited liability
company and an affiliate of Blackstone Inc. (the "Buyer").
The Portfolio Sale was completed pursuant to the previously announced Hotel
Purchase and Sale Agreement, dated September 22, 2021 (as amended from time to
time, the "Purchase Agreement"), with the Buyer, pursuant to which the Company
agreed to sell the Portfolio to Buyer and Buyer agreed to purchase the Portfolio
for a purchase price of $305,000,000. Subject to certain credits and deductions
and pursuant to the Purchase Agreement, the aggregate purchase price was paid in
two parts: (i) in the form of a cash deposit of $15,000,000 paid by Buyer one
day following the execution of the Purchase Agreement and (ii) in a cash amount
paid at closing equal to the difference between the purchase price of
$305,000,000, after certain credits and deductions, and the amount of the above
deposit.
Item 9.01. Financial Statements and Exhibits.
(b) Pro Forma Financial Information.
Unaudited pro forma consolidated financial information of the Company that gives
effect to the Portfolio Sale as described in Item 2.01 of this Form 8-K will be
filed by amendment.
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