Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
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
