  We derive and discuss black-hole solutions to the gravitating O(3) $\sigma$
model in (2+1) dimensions. Three different kinds of static black holes are
found. One of these resembles the static BTZ black hole, another is completely
free of singularities, and the last type has the same Penrose diagram as the
(3+1)-dimensional Schwarzschild black hole. We also construct static and
dynamical multi-black hole systems.
