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BETHESDA, Md., Sept. 19, 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 63-room Quality Inn located at 96 Daniel Drive, Danville, KY for approximately $2.3 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.
“We continue to have success in the disposition of our legacy assets at attractive valuations. Year to date, Condor has now sold 14 legacy hotels, generating a total of $31.6 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We expect to sell at least 20 legacy hotels before the end of the year with the net sales proceeds reinvested into higher quality, select-service lodging assets such as the recently acquired downtown Atlanta Aloft 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 29 hotels in 15 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
