Email page PDF view Print view Email Alert Social media sharing

Press Release


Condor Hospitality Trust Announces Contract to Sell Non-Core Legacy Hotel

Company Release - 11/20/2017 9:00 AM ET

BETHESDA, Md.--(BUSINESS WIRE)-- Condor Hospitality Trust, Inc. (NYSE American:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that one of its legacy hotels, the 127-room Comfort Suites in Fort Wayne, IN, is now under contract to sell for $7.8 million and is expected to close in early 2018. Net proceeds from the anticipated sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.

“Upon completing the sale of the seven planned dispositions for 2017, we announced that we would accelerate the sale of four additional legacy hotel dispositions. With the signing of this contract, we now have three of these four under contract for sale, representing $14.5 million of potential gross sales proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “Our objective is to have the fourth asset that is currently being marketed for sale under contract by year-end 2017. With the completion of these four additional asset sales, only two of the legacy assets will remain and Condor will essentially be complete with its portfolio transformation as the remaining two legacy hotels are being held in order to fully capture the intrinsic value of the assets. Please note there can be no guarantee that any of these planned dispositions will actually close,” Mr. Blackham continued.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NYSE American: 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 9 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.

Forward-Looking Information

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, including the use of “anticipated” and “planned”, may involve known and unknown risks, uncertainties and other factors that may cause the actual events, results or performance to differ from those presented in the forward-looking statement. These forward-looking statements are based on assumptions that management has made in light of experience in the business in which the Company operates, as well as other factors management believes to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of events, performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect events, performance or results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in the Company’s filings with the Securities and Exchange Commission. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.

Condor Hospitality Trust, Inc.
Jonathan J. Gantt, 301-861-3305
Chief Financial Officer & Senior Vice President
jgantt@trustcondor.com

Source: Condor Hospitality Trust, Inc.


}