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BETHESDA, Md., Nov. 08, 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 closing on the sale of two legacy assets, the 86-room Days Inn located at 5001 North Cliff Avenue, Sioux Falls, SD 57104 for $2.1 million and the 76-room Comfort Inn located at 2012 East Marion Street, Shelby, NC 28152 for $4.1 million. The net proceeds from these sales will be used for general corporate purposes and for future acquisitions of hotels that meet the Company’s new investment strategy.
“Including these two sales, Condor has now sold 18 legacy hotels year-to-date, generating $43.4 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “Currently, the Company has signed contracts to sell 6 additional legacy hotels although there can be no guarantee that all of these transactions will actually close. We anticipate selling at least 4 additional legacy hotels in the remainder of 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 25 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
