Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
BETHESDA, Md., April 19, 2017 -- 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 hotel asset, the 62-room Comfort Suites located at 31 Frontage Road, Lafayette, IN 47905 for $3.9 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $90 million secured credit facility.
“We continue to execute our capital recycling initiative with the fourth legacy hotel sale in 2017. These four hotel closings have generated gross proceeds of approximately $12.5 million,” said Bill Blackham, Condor’s Chief Executive Officer. “In the second quarter of 2017, we anticipate selling or placing under contract to sell an additional three legacy hotels in our portfolio thereby completing our plan of retaining six through 2017. Proceeds from these expected dispositions will likely be applied to existing debt, which should allow for the acquisition of additional high-quality select-service hotels. We currently have a signed contract to sell one additional legacy hotel, subject to the satisfaction of customary conditions and there can be no guarantee that this transaction 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 19 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
