MATCH Act Targets ASML and Chinese Chipmakers in New U.S. Export Crackdown 
Private Credit Under Pressure: Is a Slow-Motion Crisis Unfolding? 
UAE's Largest Natural Gas Facility Suspended After Attack-Triggered Fire 
Trump Administration Plans 100% Tariffs on Pharmaceutical Imports 
Pershing Square Bids €30.40 Per Share to Acquire Universal Music Group in $9.4B Deal 
SoftwareONE Posts 22.5% Revenue Surge in 2025 on Crayon Acquisition 
Microsoft Eyes $7B Texas Energy Deal to Power AI Data Centers 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
Norma Group Posts Revenue Decline in 2025, Eyes Modest Recovery in 2026 
Ford Issues Major Recall on Over 422,000 Vehicles Due to Windshield Wiper Defect 
Britain Courts Anthropic Amid US Defense Department Dispute 
Fonterra Admits Anchor Butter "Grass-Fed" Label Misled Consumers After Greenpeace Lawsuit 
Samsung Electronics Posts Eightfold Profit Surge Driven by AI Chip Demand 
UPS and Teamsters Reach Agreement to Limit Driver Severance Program 
Paramount Skydance Secures $24B from Gulf Sovereign Wealth Funds for Warner Bros. Discovery Takeover 
Apple Turns 50: From Garage Startup to AI Crossroads 
TSMC Japan's Second Fab to Produce 3nm Chips by 2028 
BETHESDA, Md., Nov. 28, 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 62-room Comfort Suites located at 1345 North Baldwin Avenue, Marion, IN 46952 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 now sold 21 legacy hotels, generating $50.9 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We currently have signed contracts to sell 3 additional legacy hotels although there can be no guarantee that all of these transactions will actually close. We anticipate selling at least 23 legacy hotels in 2016 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 Aloft Leawood in Kansas City, KS that we expect to acquire before the end of 2016,” 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 22 hotels in 12 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
