Bendigo and Adelaide Bank Posts Strong Q3 Earnings, Announces AI-Driven Job Cuts 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
Chalco Stock Surges as Q1 2025 Profit Forecast Jumps Up to 58% 
U.S. Automakers Push Back Against EU Rules Blocking American Trucks from European Market 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
Disney Plans to Cut 1,000 Jobs Amid Ongoing Restructuring Efforts 
China Vanke Seeks Bond Extension Amid Mounting Debt Crisis 
China's AI Stocks Surge as Zhipu and MiniMax Hit Record Highs 
Elon Musk Ties SpaceX IPO Access to Mandatory Grok AI Subscriptions 
Britain Courts Anthropic Amid US Defense Department Dispute 
Samsung Electronics Eyes Record Q1 Profit Amid AI-Driven Chip Boom 
Alibaba Shares Slide as Jefferies Slashes Price Target Over AI Spending and Business Losses 
OpenAI Executive Shake-Up Ahead of Anticipated 2026 IPO 
Kia Cuts EV Sales Target for 2030 Amid Slowing Demand and U.S. Policy Shifts 
Pershing Square Bids €30.40 Per Share to Acquire Universal Music Group in $9.4B Deal 
Deere & Company Agrees to $99 Million Settlement Over Right-to-Repair Dispute 
BETHESDA, Md., Oct. 17, 2016 -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closing on the sale of a legacy asset, the 60-room Comfort Inn located at 210 Cavalry Drive, Glasgow, KY 42141 for $2.4 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the Company’s new investment strategy.
“With the closing of the sale of this hotel, Condor has now sold year-to-date 16 legacy hotels generating $37.0 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We expect to sell at least 21 legacy hotels this year with the net sales proceeds expected to be reinvested into higher quality, select-service lodging assets such as the downtown Atlanta Aloft acquired in August and the recently announced purchase contract to acquire the Leawood, KS Aloft. The Company currently has signed contracts to sell 7 additional legacy hotels although there can be no guarantee that all of these transactions will actually close,” Mr. Blackham continued.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ:CDOR), is a self-administered real estate investment trust incorporated in the state of Maryland that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels. The company currently owns 27 hotels in 14 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, Starwood, InterContinental Hotels Group, Choice, and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the company’s filings with the Securities and Exchange Commission.
Contact: Jonathan J. Gantt Chief Financial Officer & Senior Vice President [email protected] (301) 861-3305
