Condor Hospitality terminates the $318m merger with NexPoint Hospitality.

Condor Hospitality, a hotel-focused real estate investment trust, terminated the $318m merger with NexPoint Hospitality, a publicly traded real estate investment trust. Condor Hospitality terminated the merger agreement due to failure of NHT's operating partnership to consummate the acquisition of Condor and for material breaches of the merger agreement by NHT's operating partnership and its affiliates. Pursuant to the merger agreement, Condor is entitled to receive a termination fee of $11m within five business days of its termination of the merger agreement. On October 15, 2020, Condor Hospitality and NHT Parties signed a settlement agreement. Under the settlement agreement, NHT Parties will make three payments to Condor totalling at $7m. Both companies have been released from all claims or liabilities relating to the merger agreement.