Condor Hospitality Trust Inc. and NexPoint Hospitality Trust agreed to close their merger Jan. 31, 2020, subject to the satisfaction or waiver of certain remaining closing conditions.

Condor's board also declared a cash dividend of 19.5 cents per share, payable Dec. 31 to shareholders of record Dec. 30.

Canada-based NexPoint will pay roughly US$318 million for its Bethesda, Md.-based hotel real estate investment trust peer.