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BETHESDA, Md., Dec. 12, 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 50-room Quality Inn located at 136 Ambrose Lane, Princeton, WV 24739 for $2.2 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the current investment strategy of the company implemented in the third quarter of 2015.
“Year-to-date, Condor has sold 23 legacy hotels, generating $55.6 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We anticipate selling at least 24 legacy hotels in 2016 with net sales proceeds expected to be reinvested into high quality, select-service lodging assets such as the downtown Atlanta Aloft acquired in August and the Aloft Leawood in Kansas City, KS which is expected to close before year-end. Moreover, we expect to end 2016 with no more than 13 of the 59 Legacy hotels that the Company owned at the beginning of 2015 prior to accelerating our capital recycling initiative. We currently have signed contracts to sell 3 additional legacy hotels though there can be no guarantee that these transactions will 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 20 hotels in 11 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
