SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Instagram Outage Disrupts Thousands of U.S. Users 
BETHESDA, Md., Sept. 26, 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 81-room Super 8 located at 1622 North Broadway, Menomonie, WI for $3.0 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.
“Year to date, Condor has sold 15 legacy hotels generating $34.6 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 downtown Atlanta Aloft and the recently announced purchase contract to acquire the Leawood, KS, Aloft. The Company currently has signed contracts to sell 6 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 28 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
