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Breaking News: $CDOR Condor Hospitality Releases October 2020 Investor Presentation
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the "Company") today announced that it has filed an 8K providing an investor presentation that will be available on the Condor Hospitality Trust website. J.William Blackham, President and CEO stated “We wanted to provide o...
In case you are interested CDOR - Condor Hospitality Releases October 2020 Investor Presentation
News: $CDOR ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Condor Hospitality Trust, Inc.
NEW YORK , July 22, 2019 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against Condor Hospitality Trust, Inc. (NYSE: CDOR) and its board of directors for breach of fiduciary duty concerning the proposed acquisition of the company by NexPoint Hospitality Trust. Sto...
In case you are interested ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Condor Hospitality Trust, Inc.
News: $CDOR NexPoint Hospitality Trust Announces Agreement To Acquire Condor Hospitality Trust, Inc.
NexPoint Hospitality Trust Announces Agreement To Acquire Condor Hospitality Trust, Inc. Canada NewsWire TORONTO and BETHESDA, Md., July 22, 2019 TORONTO and BETHESDA, Md. , July 22, 2019 /CNW/ -- NexPoint Hospitality Trust (TSXV: NHT.U) ("NHT") and Condor Ho...
Find out more NexPoint Hospitality Trust Announces Agreement To Acquire Condor Hospitality Trust, Inc.
News: $CDOR NexPoint Hospitality Trust Announces Agreement to Acquire Condor Hospitality Trust, Inc.
NexPoint Hospitality Trust (TSXV: NHT.U) (“NHT”) and Condor Hospitality Trust, Inc. (NYSE American: CDOR) (“Condor”) today announced the execution of a definitive agreement (the “Merger Agreement”), under which NHT’s operating partnership, NHT ...
In case you are interested NexPoint Hospitality Trust Announces Agreement to Acquire Condor Hospitality Trust, Inc.
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (5/18/17)
BETHESDA, Md., May 18, 2017 (GLOBE NEWSWIRE) -- 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 40-room Key West Inn located at 201 Ocean Drive, Key Largo, FL 33037 for $7.6 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility. The Company was represented in the transaction exclusively by Hospitality Real Estate Counselors.
“We are pleased to execute our fifth legacy hotel sale of 2017 as part of our ongoing capital recycling initiative. The Key Largo disposition is an example of the Company’s ability to capture the intrinsic value of certain legacy hotels, in this case the value of the redevelopment opportunity of the land and marina in Key Largo. The revenue multiple for the Key Largo disposition was 5.0x, as compared to the attractive 2.5x – 3.0x multiples achieved with previous legacy dispositions,” said Bill Blackham, Condor’s Chief Executive Officer. “The five year-to-date hotel closings have generated gross proceeds of approximately $20.1 million. This week, we have also placed under contract the two remaining legacy hotels of the seven we committed to dispose of in 2017; however, there can be no guarantee these transactions will close. 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 fully anticipate ending 2017 with only six of the legacy hotels remaining, down from 55 at the beginning of 2015,” 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 18 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.
https://globenewswire.com/news-release/2017/05/18/987822/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Reports 2017 First Quarter Results (5/1/17)
4 Premium-Branded Hotels Acquired | Public Offering of 4,772,500 Shares | Closed $90 Million Facility
BETHESDA, Md., May 15, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”) today announced results for the first quarter ended March 31, 2017.
“The first quarter of 2017 was a watershed quarter for Condor as we completed multiple significant accomplishments that were the result of a transition plan initiated two years ago to execute a new strategy for the Company involving the repositioning of the portfolio as part of a new investment strategy, improving the Company’s equity structure, and enhancing the Company’s debt profile. We continued the dramatic transformation of our portfolio with the additional disposition of two legacy hotels and the acquisition of three Home2 Suites by Hilton. Additionally, post the close of the first quarter, we disposed of two additional legacy hotels, closed the fourth Home2 Suites, and announced the execution of a purchase contract to acquire the Hampton Inn and Suites Lake Mary. In the last five quarters, Condor has closed on or announced contracts on over $200 million of acquisitions representing ten high-quality premium-branded select-service hotels comprising 1,349 rooms and flagged under six leading hotel brands. In March 2017, we successfully raised over $50 million of gross proceeds through a common offering of our stock. The net proceeds from this capital raise were used to pay down outstanding debt on our secured credit facility which now can be redrawn to fund future acquisitions. Prior to this successful raise, the holders of the Company’s Series D Preferred Stock voluntarily converted to common stock, which we feel is a strong indication of their belief in the long-term value of the common stock of the Company and their confidence in the management team. Both of these equity capitalization events were significant milestones as the Company’s common market capitalization is now approximately $120 million as compared to just $10 million at the start of 2015. Finally, the Company closed a $90 million secured revolving credit facility and subsequently announced post the close of the first quarter that the Company had closed on an increase to the facility to $150 million. We believe all of these achievements have and will continue to create shareholder value, as evidenced by the declaration and payment of our fourth consecutive quarterly common dividend in the first quarter of 2017,” said Bill Blackham, Condor’s Chief Executive Officer.
First Quarter 2017 Key Accomplishments
Closed Public Offering of 4,772,500 Shares of Common Stock: On March 29, 2017, the Company announced the closing of its underwritten public offering of 4,772,500 shares of its common stock, including 622,500 shares issued pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, at a public offering price per share of $10.50. The Company used the net proceeds of the offering to repay amounts borrowed under its secured revolving credit facility, which amounts will then become available to fund future acquisitions.
Closed New $90 Million Secured Revolving Credit Facility and Announced Increase to $150 Million Subsequent to the Close of the First Quarter: On March 1, 2017, the Company announced the closing of its new $90 million secured revolving credit facility. On April 24, 2017, the Company announced that it had secured commitments from three lenders to increase the $90 million senior secured revolving credit facility to $150 million. On May 12, 2017, the Company announced that it had successfully closed on the increase to its credit facility to $150 million. KeyBanc Capital Markets, BMO Capital Markets, and The Huntington National Bank are Joint Lead Arrangers for the $150 million revolving credit facility with KeyBank National Association serving as Administrative Agent and The Huntington National Bank and BMO Capital Markets serving as Co-Syndication Agents. The revolving credit facility now provides for up to a $150 million of committed borrowing capacity and continues to include an accordion feature that would allow the Company to increase the size of the facility up to $400 million with additional lender commitments. The facility matures in 2020 and has two one-year extension options following additional capital achievements. Borrowings will continue to bear interest at a rate determined by a leverage-based pricing grid.
Closed Acquisition of Four Home2 Suites by Hilton [Including One Closed Subsequent to the Close of the First Quarter]: On March 27, 2017, the Company announced that it had closed on the acquisition of three Home2 Suites for $54.75 million. The three hotels include the Home2 Suites Austin/Round Rock [Texas], the Home2 Suites Lexington University/Medical Center [Kentucky], and the Home2 Suites Tallahassee State Capitol [Florida]. Following the close of the first quarter on April 17, 2017, the Company announced that it had closed on the acquisition of the Home2 Suites Memphis/Southaven [Mississippi] for $19.0 million. All four of the hotels will continue to be managed by the seller, Vista Host Inc. With an average age of less than two years, these four Home2 Suites fit squarely within the Company’s stated investment strategy of acquiring newer, premium-branded select-service assets in secondary markets.
Four Non-Core Assets Sold [Including Two Closed Subsequent to the Close of the First Quarter]: In the first quarter of 2017, the Company continued to successfully dispose of legacy assets at what the Company’s considers to be attractive valuations. The Company sold two assets in the first quarter resulting in $6.8 million of gross proceeds. Subsequent to the close of the first quarter, the Company closed on two additional assets resulting in $5.7 million of gross proceeds. Thus, year-to-date as of the time of this document, the Company has sold four legacy assets totaling $12.5 million in gross proceeds. The Company plans to dispose of a total of seven legacy hotels, including the four closed dispositions aforementioned, in the first half of 2017 and will continue to utilize the net proceeds to strategically reposition the portfolio.
Converted All Outstanding Series D Preferred Stock to Common Stock: On March 1, 2017, the Company announced that the holders of $62.5 million of outstanding Series D Preferred Stock, which represented all of Condor’s outstanding Series D Preferred Stock, voluntarily converted their preferred shared into an aggregate of 6,004,957 shares of the Company’s common stock (adjusted on a post-reverse split basis) and 925,000 shares of newly issued Series E Preferred Stock, face value of $10 per share, in the aggregate amount of $9.25 million. The common stock conversion price was previously established in the Series D Issuance Agreement in March 2016 and was $10.40 per share (adjusted on a post-reverse split basis). The new Series E Preferred Stock issued as part of the conversion transaction pays dividends at an annual rate of 6.25% of the aggregate face value of $9.25 million. Commencing February 28, 2019, the Series E Preferred Stock is convertible into common stock at a conversion price of $13.85 per share of common stock (adjusted on a post-reverse split basis).
Executed 1-for-6.5 Reverse Stock Split: On March 15, 2017, the Company announced a 1-for-6.5 reverse stock split of its common stock. The reverse stock split became effective at 4:01 p.m. EST on March 15, 2017.
Common Dividend Payment: On March 21, 2017, the Board of Directors declared a common stock dividend of $0.195 per share related to the first quarter of 2017. This represents $0.78 per share on an annualized basis. The first quarter dividend was paid on April 7, 2017 to shareholders of record on March 31, 2017. The first quarter dividend represents the fourth consecutive quarterly dividend for the Company since declaring a dividend in July of 2016 for the first time since 2009.
Subsequent Events
Announced Executed Agreement to Acquire the Hampton Inn and Suites Lake Mary: On May 1, 2017, the Company announced that it had executed an agreement to purchase the 130-room Hampton Inn and Suites located in Lake Mary, a suburb approximately 18 miles northeast of Orlando, at 850 Village Oak Lane, Lake Mary, Florida 32746. The minimum purchase price of the hotel is $19.25 million with the potential to increase to $19.5 million under certain circumstances. The hotel is expected to managed by Peachtree Hospitality Management, LLC. The closing of the acquisition of the hotel is expected to occur late second quarter or early third quarter of 2017, but is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations.
Summary Financial Results
Revenue: Condor’s first quarter 2017 revenue from continuing operations was $10.4 million compared to $12.5 million in the same 2016 period. Revenue from wholly owned properties new investment platform properties acquired in and since 2012 totaled $6.0 million in the three months ended March 31, 2017. Revenue from legacy properties totaled $4.4 million in this same period.
Net Earnings: First quarter net earnings attributable to common shareholders was ($14.0) million, or ($4.75) per basic share and ($4.75) per diluted share, compared to ($10.4) million, or ($13.72) per basic share and ($13.72) per diluted share for the same 2016 period. The 2016 and 2017 periods included substantial dividends declared and undeclared and in kind dividends on preferred stock. Decreased gains on the sale of assets and decreased net gain on derivatives and convertible debt also drove the differences in net income between the two years.
RevPAR: For the first quarter, Revenue per Available Room (“RevPAR”) for the nine hotels considered the new investment platform hotels (includes the three Home2 Suites acquired in the first quarter of 2017, two Alofts acquired in 2016, the three hotels acquired in 2016 and the Hilton Garden Inn acquired in 2012) increased by 7.7% to $96.65 from $89.78 for the same period in 2016 (comparable operating results given for these hotels include results prior to the Company’s ownership based on information obtained from the prior owners). The increase is attributable to a 1.6% increase in Average Daily Rate (“ADR”) over the same period 2016 and a 5.9% increase in occupancy. ADR rose to $123.46 for the first quarter 2017 as compared to $121.48 for the same period in 2016. Occupancy increased to 78.28% for the first quarter 2017 as compared to 73.91% for the same period in 2016.
For the first quarter, RevPAR for the six same-store hotels not considered held for sale at March 31, 2017 increased 17.2% from the same period in 2016 to $46.85. The increase is attributable to a 23.0% increase in occupancy to 66.20%, while ADR decreased by 4.8% to $70.77.
Funds From Operations (FFO) and Adjusted Funds from Operations (AFFO): FFO for the three months ended March 31, 2017 decreased to ($0.7) million as compared to $5.8 million for the same period prior year. The decrease in FFO was primarily driven by a decrease in net gains on derivatives and convertible debt which decreased by $5.9 million between the first quarter periods. AFFO for the first quarter 2017 was ($11.6) million as compared to ($17.9) million for the same period in 2016. The increase in AFFO, which excludes net gains on derivatives and convertible debt, was primarily driven by lower preferred dividend expense. Preferred dividends were driven in the first quarter of 2017 by the value of the Series E Preferred Stock offered as an inducement to voluntarily convert the Series D Preferred Stock and were driven in the first quarter of 2016 by the redemption of the Series A and B Preferred Stock and the exchange of the Series C Preferred Stock.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Adjusted EBITDA: EBITDA for the three months ended March 31, 2017 decreased to $1.4 million as compared to $10.6 million for the same period prior year, a decrease of 86.4%. The decrease in EBITDA for the three months ended March 31, 2017 was primarily driven by a decrease in net gains on the disposition of assets, which decreased by $4.0 million between the first quarter periods, and by a decrease in net gains on derivatives and convertible debt, which decreased by $5.9 million between the first quarter periods. Adjusted EBITDA for the three months ended March 31, 2017 increased to $2.4 million as compared to $1.3 million for the same period prior year, an increase of 79.8%. The increase in Adjusted EBITDA was primarily driven by strong performance in the new investment platform assets.
Capital Reinvestment: The Company invested $0.9 million in capital improvements throughout the portfolio in the three ended March 31, 2017, to upgrade its properties and maintain brand standards.
Balance Sheet: The Company had cash and cash equivalents (including restricted cash) and available revolver of $19.2 million and $20.9 million, respectively, at March 31, 2017. As of March 31, 2017, the Company had total outstanding long-term debt, net of deferred financing costs, of $73.2 million, with $70.0 million associated with assets held for use with a weighted average maturity of 3.4 years and a weighted average interest rate of 4.60%.
Common Dividends: On March 21, 2017, the Board of Directors declared a common stock dividend of $0.195 per share related to the first quarter of 2017. This represents $0.78 per share on an annualized basis. The first quarter dividend was paid on April 7, 2017 to shareholders of record on March 31, 2017. The first quarter dividend represents the fourth consecutive quarterly dividend for the Company since declaring a dividend in July of 2016 for the first time since 2009. Although the Board of Directors will evaluate the Company’s dividend policy on a quarterly basis, it believes that the common dividend level is sustainable.
Outlook
“The start of 2017 marked multiple significant moments in Condor’s strategic repositioning. We continued to dramatically enhance the quality of the portfolio with the acquisition of four Home2 Suites, the disposition of four legacy hotels assets, and the announcement of one purchase contract. Additionally, we closed on a $90 million senior secured credit facility and subsequent to quarter-end closed on the expansion of the facility to $150 million. Finally, we successfully closed a public issuance of our common stock providing the Company the necessary capital to continue to acquire high-quality, premium-branded select-service assets in secondary markets,” said Jonathan Gantt, Condor’s Chief Financial Officer. “The entire Condor organization is proud of our accomplishments to-date and highly focused on continuing to faithfully execute our strategy throughout 2017 to deliver shareholder value.”
First Quarter 2017 Earnings Call
The Company will conduct its quarterly conference call on Monday, May 15, 2017, at 9:00 AM ET. To participate in the conference call, dial 1-877-425-9470 [International: 1-201-389-0878] approximately ten minutes before the call begins (9:00 AM ET).
Additionally, a live webcast of the conference call will be available through the Company’s website. To access, log on to http://condorhospitality.com ten minutes prior to the call. A replay of the conference call webcast will be archived and available online through the Investor Relations section of http://condorhospitality.com.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ:CDOR) is a self-administered real estate investment trust 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, Choice, and Wyndham.
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https://globenewswire.com/news-release/2017/05/15/984720/0/en/Condor-Hospitality-Trust-Reports-2017-First-Quarter-Results.html
Condor Hospitality Trust Executes Agreement to Purchase Hampton Inn and Suites Lake Mary (5/01/17)
BETHESDA, Md., May 01, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that it has executed an agreement to purchase the 130-room Hampton Inn and Suites located in Lake Mary, a suburb of Orlando, at 850 Village Oak Lane, Lake Mary, Florida 32746. The purchase price for the hotel is $19,250,000. The hotel will be managed by Peachtree Hospitality Management, LLC.
“The Hampton Inn and Suites in Lake Mary fits squarely within Condor’s investment strategy. The hotel is attractively located in Lake Mary, a suburb of Orlando, which is ranked the 23rd largest MSA in the United States. Further, the hotel has a premier location contiguous to the Colonial Town Park lifestyle center which features Class A office space, high-end loft apartments, upscale restaurants and shops, and a 12-screen theater,” stated Bill Blackham, Condor’s Chief Executive Officer. “The hotel is in excellent condition having recently completed a substantial guestroom and public spaces renovation to all current brand standards. Its premier location and high-quality condition are very well-received by guests, as evidenced by the fact that it is currently ranked #1 within the Lake Mary submarket by TripAdvisor. This acquisition opportunity arose as a result of our strategy of forming mutually beneficial alliances with management companies and developers, in this instance, an expansion of the Peachtree Hotel Group relationship. We are excited to add this hotel, along with the four Home2 Suites by Hilton closed earlier this year, to our growing portfolio of high-quality, select-service hotels primarily located within the top 100 MSAs,” added Mr. Blackham.
Refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission for a further description of the terms of the transaction. The closing of the acquisition of the hotel is expected to occur late second quarter or early third quarter, but is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations.
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.
https://globenewswire.com/news-release/2017/05/01/975029/0/en/Condor-Hospitality-Trust-Executes-Agreement-to-Purchase-Hampton-Inn-and-Suites-Lake-Mary.html
Condor Hospitality Trust Announces $150 Million Senior Secured Credit Facility Commitment (4/24/17)
BETHESDA, Md., April 24, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that it has secured commitments from three lenders to increase its current $90 million senior secured revolving credit facility to $150 million. KeyBanc Capital Markets, BMO Capital Markets, and The Huntington National Bank are Joint Lead Arrangers for the revolving credit facility with KeyBank National Association serving as Administrative Agent and The Huntington National Bank and BMO Capital Markets serving as Co-Syndication Agents.
The commitments provide for up to a $150 million revolving credit facility which includes an accordion feature that would allow the Company to increase the size of the facility to up to $400 million. The facility matures in 2020 and has two one-year extension options following additional capital achievements. Borrowings will continue to bear interest at a rate determined by a leverage-based pricing grid.
“We are very pleased with the commitments provided by KeyBank, The Huntington National Bank and BMO Harris Bank, N.A. This is another example of Condor’s ability to execute on its stated strategic plan and we look forward to closing the increase to our credit facility in the second quarter. The increase to our credit facility will enable us to accelerate the closing of acquisitions, as illustrated by the three Home2 Suites we acquired late in the first quarter with financing under the facility,” said Jonathan J. Gantt, Condor’s Chief Financial Officer. “We continue to believe this new facility is a strong indicator of Condor’s credit-worthiness and our standing within the industry as a leading hotel REIT focused exclusively on premium-branded, select-service hotels in the top 100 MSAs,” Mr. Gantt continued.
The closing of the increase to the facility is expected to occur in the second quarter of 2017 upon successful completion of certain diligence items and closing conditions including executed loan modification documents, compliance with financial covenants, and other customary conditions.
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.
http://www.globenewswire.com/news-release/2017/04/24/970267/0/en/Condor-Hospitality-Trust-Announces-150-Million-Senior-Secured-Credit-Facility-Commitment.html
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (4/19/17)
BETHESDA, Md., April 19, 2017 (GLOBE NEWSWIRE) -- 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.
http://www.globenewswire.com/news-release/2017/04/19/962139/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Closes Acquisition of Home2 Suites by Hilton Memphis - Southaven (4/17/17)
BETHESDA, Md., April 17, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that it has closed on the acquisition of the Home2 Suites Memphis – Southaven for $19,000,000. This purchase completes the Company’s acquisition of the four Home2 Suites hotels announced in January of 2017. As with the three previously acquired Home2 Suites hotels, the Home2 Suites Memphis - Southaven will continue to be managed by the seller, Vista Host Inc., which was represented in the transaction by Hodges Ward Elliott. The acquisition of this hotel included the assumption of an existing securitized loan on the property totaling approximately $9,100,000.
“The closing of the final Home2 Suites hotel previously under contract marks a defining moment for Condor Hospitality Trust, as we have now acquired nine high-quality hotels since the fourth quarter of 2015 and the majority of our earnings prospectively are generated by high-quality, select service assets. As a portfolio, the Home2 Suites purchase represents our largest acquisition to date at $73,750,000, and each hotel is consistent with our investment strategy to acquire newer, premium-branded select-service assets in secondary markets,” stated Bill Blackham, Condor’s Chief Executive Officer. “In the last five quarters, Condor has closed on approximately $185 million of acquisitions representing nine high-quality premium-branded select-service hotels comprising 1,219 rooms and flagged under five of the leading hotel brands, including four Home2 Suites by Hilton, one Hotel Indigo by Intercontinental, and two Aloft Hotels, one Courtyard, and one Springhill Suites by Marriott. We will continue to be an active but highly disciplined buyer as we execute on our strategy of assembling a differentiated, high-quality portfolio of premium-branded select-service assets primarily located in the top 100 MSAs,” added Mr. Blackham.
Refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission for a further description of the terms of the transaction.
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 20 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.
http://www.globenewswire.com/news-release/2017/04/17/961288/0/en/Condor-Hospitality-Trust-Closes-Acquisition-of-Home2-Suites-by-Hilton-Memphis-Southaven.html
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (3/30/17)
BETHESDA, Md., March 30, 2017 (GLOBE NEWSWIRE) -- 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 106-room Super 8 located at 5400 Southgate Drive, Billings, MT 59101 for $4.3 million. The net proceeds from the sale will be used to repay outstanding debt on the Company’s $90 million secured credit facility.
“With this closing, we have sold two legacy hotel assets in 2017 after disposing of 25 non-core hotels in 2016,” said Bill Blackham, Condor’s Chief Executive Officer. “We will continue our capital recycling initiative throughout 2017 and anticipate selling five additional legacy hotels in the first half of the year. We currently have signed contracts to sell two additional legacy hotels though there can be no guarantee that these transactions will close. Proceeds from these expected dispositions will be used to repay existing debt, thus increasing flexibility on our balance sheet to pursue the acquisition of additional high-quality, premium-branded select-service hotels,” 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 20 hotels in 10 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.
http://globenewswire.com/news-release/2017/03/30/947109/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Announces Closing of a Public Offering of 4,772,500 Shares of Common Stock (3/29/17)
BETHESDA, Md., March 29, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”), announced today the closing of its underwritten public offering of 4,772,500 shares of its common stock, including 622,500 shares issued pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, at a public offering price per share of $10.50. The Company’s common stock trades on the Nasdaq Stock Market under the symbol “CDOR.”
The Company intends to use the net proceeds of the offering to repay amounts borrowed under its secured revolving credit facility that were used to fund a portion of the purchase price for three Home2 Suites hotels on March 24, 2017 which amounts will then become available for future borrowings, including to fund the acquisition of a fourth Home2 Suites hotel expected to close in the second quarter subject to customary closing conditions.
The offering was made through an underwriting group led by KeyBanc Capital Markets, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co. and Wunderlich, who served as joint book-runners for the offering.
Copies of the final prospectus may be obtained from: KeyBanc Capital Markets Inc., 127 Public Square, 4th Floor, Cleveland, Ohio 44114, Attention: Equity Syndicate, or by telephone at (800) 859-1783; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, or by telephone at (800) 792-2473, or by email at syndicate@rwbaird.com; Janney Montgomery Scott LLC, 60 State Street, Boston, Massachusetts 02109, Attention: Equity Capital Markets Group, or by email at prospectus@janney.com; Compass Point Research & Trading, LLC, 1055 Thomas Jefferson Street, NW, Suite 303, Washington, DC 20007, or by email at syndicate@compasspointllc.com; D.A. Davidson & Co., 8 Third Street North, Great Falls, Montana 59401, Attention: Equity Syndicate, or by telephone at (800) 332-5915, or by email at prospectusrequest@dadco.com; and Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119, or by email at syndicate@wundernet.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
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 21 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.
http://globenewswire.com/news-release/2017/03/29/946481/0/en/Condor-Hospitality-Trust-Announces-Closing-of-a-Public-Offering-of-4-772-500-Shares-of-Common-Stock.html
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (3/28/17)
BETHESDA, Md., March 28, 2017 (GLOBE NEWSWIRE) -- 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 79-room Comfort Inn located at 1740 New Butler Road, New Castle, PA 16101 for $2.5 million. The net proceeds from the sale will be used to repay outstanding debt on the Company’s new $90 million secured credit facility.
“With this closing, we have sold our first legacy hotel asset of 2017 after disposing of 25 non-core hotels in 2016,” said Bill Blackham, Condor’s Chief Executive Officer. “We will continue our capital recycling initiative throughout 2017 and anticipate selling six additional legacy hotels in the first half of the year. We currently have signed contracts to sell three additional legacy hotels though there can be no guarantee that these transactions will close. Proceeds from these expected dispositions will likely be used to repay existing debt, thus increasing flexibility on our balance sheet to pursue the acquisition of additional high-quality, premium-branded select-service hotels,” 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 21 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.
http://globenewswire.com/news-release/2017/03/28/945852/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Closes Acquisition of Three Home2 Suites by Hilton (3/27/17)
BETHESDA, Md., March 27, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that it has closed on the acquisition of three Home2 Suites for $54,750,000. The three hotels include the Home2 Suites Austin/Round Rock [Texas], the Home2 Suites Lexington University/Medical Center [Kentucky], and the Home2 Suites Tallahassee State Capitol [Florida]. The hotels will continue to be managed by the seller, Vista Host Inc., which was represented in the transaction by Hodges Ward Elliott. The Company announced that it had placed four Home2 Suites under contract in January 2017. The fourth hotel in the portfolio, the Home2 Suites Memphis/Southaven, remains under contract and is expected to close in the second quarter, subject to customary closing conditions including the completion of the assumption process for the existing securitized loan on the property.
“The acquisition of these three Home2 Suites represents a significant milestone for Condor as we have now closed on eight high-quality hotels since the fourth quarter of 2015. With an average age of less than two years, these three Home2 Suites fit squarely within our investment strategy of acquiring newer, premium-branded select-service assets in secondary markets; moreover, the Home2 Suites brand by Hilton is one of the most successful and fastest growing brands in the upper midscale segment,” stated Bill Blackham, Condor’s Chief Executive Officer. “In the last five quarters, Condor has acquired or placed under contract for approximately $185 million nine high-quality premium-branded select-service hotels flagged under five of the leading hotel brands, Aloft, Courtyard, and Springhill Suites by Marriott, Home2 Suites by Hilton, and Hotel Indigo by Intercontinental. We will continue to be an active buyer as we execute on our strategy of assembling a differentiated, high-quality portfolio of premium-branded select-service assets primarily in the top 100 MSAs,” added Mr. Blackham.
Refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission for a further description of the terms of the transaction.
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.
http://globenewswire.com/news-release/2017/03/27/945416/0/en/Condor-Hospitality-Trust-Closes-Acquisition-of-Three-Home2-Suites-by-Hilton.html
Condor Hospitality Trust Announces Pricing of a Public Offering of 4,150,000 Shares of Common Stock (3/23/17)
BETHESDA, Md., March 23, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”), announced today the pricing of a public offering of 4,150,000 shares of its common stock at a public offering price per share of $10.50, for net proceeds of approximately $39.6 million after deducting the underwriting discount and commissions and estimated offering expenses payable by the Company. The Company has granted the underwriters a 30-day option to purchase up to an additional 622,500 shares of its common stock to cover any over-allotments. The offering is expected to close on March 29, 2017, subject to customary closing conditions. The Company’s common stock trades on the Nasdaq Stock Market under the symbol “CDOR.”
The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of the four Home2 Suites hotels currently under contract to purchase and the balance, if any, for general corporate purposes, which may include the repayment of outstanding indebtedness and the funding of capital expenditures at its hotels.
The offering is being made through an underwriting group led by KeyBanc Capital Markets, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co. and Wunderlich, who are serving as joint book-runners for the offering.
Copies of the final prospectus, when available, may be obtained from: KeyBanc Capital Markets Inc., 127 Public Square, 4th Floor, Cleveland, Ohio 44114, Attention: Equity Syndicate, or by telephone at (800) 859-1783; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, or by telephone at (800) 792-2473, or by email at syndicate@rwbaird.com; Janney Montgomery Scott LLC, 60 State Street, Boston, Massachusetts 02109, Attention: Equity Capital Markets Group, or by email at prospectus@janney.com; Compass Point Research & Trading, LLC, 1055 Thomas Jefferson Street, NW, Suite 303, Washington, DC 20007, or by email at syndicate@compasspointllc.com; D.A. Davidson & Co., 8 Third Street North, Great Falls, Montana 59401, Attention: Equity Syndicate, or by telephone at (800) 332-5915, or by email at prospectusrequest@dadco.com; and Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119, or by email at syndicate@wundernet.com.
A registration statement on Form S-11 relating to the offering of the Company’s common stock discussed above was declared effective by the Securities and Exchange Commission on March 23, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
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 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.
http://globenewswire.com/news-release/2017/03/24/943799/0/en/Condor-Hospitality-Trust-Announces-Pricing-of-a-Public-Offering-of-4-150-000-Shares-of-Common-Stock.html
Condor Hospitality Trust Declares First Quarter Common Dividend of $0.195 Per Share (3/31/17)
BETHESDA, Md., March 21, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that its Board of Directors has declared a common stock dividend of $0.195 per share for the first quarter of 2017. This represents $0.78 per share on an annualized basis. The dividend will be payable on April 7, 2017 to shareholders of record as of March 31, 2017.
“We are pleased to declare and pay a first quarter dividend to the holders of our common stock of $0.195 per share, which represents our fourth consecutive quarterly dividend since reinstating common distributions in July of 2016,” said Bill Blackham, Condor’s Chief Executive Officer. “The Board of Directors intends to continue to review all circumstances in the future and consider the payment of common stock dividends, if permitted and in amounts it deems appropriate,” 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 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.
https://globenewswire.com/news-release/2017/03/21/942708/0/en/Condor-Hospitality-Trust-Declares-First-Quarter-Common-Dividend-of-0-195-Per-Share.html?parent=942113
Condor Hospitality Trust Announces Public Offering of 4,000,000 Shares of Common Stock (3/20/17)
BETHESDA, Md., March 20, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”), announced today that it has commenced a public offering of 4,000,000 shares of its common stock pursuant to a registration statement on Form S-11 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of its common stock to cover any over-allotments. The Company’s common stock trades on the Nasdaq Stock Market under the symbol “CDOR.”
The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of the four Home2 Suites hotels currently under contract to purchase and the balance, if any, for general corporate purposes, which may include the repayment of outstanding indebtedness and the funding of capital expenditures at its hotels.
The offering is being made through an underwriting group led by KeyBanc Capital Markets, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co. and Wunderlich, who are serving as joint book-runners for the offering.
Copies of the preliminary prospectus may be obtained from: KeyBanc Capital Markets Inc., 127 Public Square, 4th Floor, Cleveland, Ohio 44114, Attention: Equity Syndicate, or by telephone at (800) 859-1783; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, or by telephone at (800) 792-2473, or by email at syndicate@rwbaird.com; Janney Montgomery Scott LLC, 60 State Street, Boston, Massachusetts 02109, Attention: Equity Capital Markets Group, or by email at prospectus@janney.com; Compass Point Research & Trading, LLC, 1055 Thomas Jefferson Street, NW, Suite 303, Washington, DC 20007, or by email at syndicate@compasspointllc.com; D.A. Davidson & Co., 8 Third Street North, Great Falls, Montana 59401, Attention: Equity Syndicate, or by telephone at (800) 332-5915, or by email at prospectusrequest@dadco.com; and Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119, or by email at syndicate@wundernet.com.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
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 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.
https://globenewswire.com/news-release/2017/03/20/942113/0/en/Condor-Hospitality-Trust-Announces-Public-Offering-of-4-000-000-Shares-of-Common-Stock.html
Condor Hospitality Trust Announces 1-for-6.5 Reverse Stock Split (3/15/17)
BETHESDA, Md., March 15, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), announced today a 1-for-6.5 reverse split of its common stock. The reverse stock split will become effective at 4:01 p.m. (Eastern Time) on March 15, 2017. The Company's common stock will be traded on a split-adjusted basis when the market opens on March 16, 2017. Following the reverse stock split, the common stock will continue to be reported on the Nasdaq Stock Market under the symbol "CDOR," and the new CUSIP number for the common stock will be 20676Y403.
The reverse stock split was approved by the Company's board of directors at the Company's meeting of directors held on February 24, 2017.
At the effective time of the reverse stock split, the Company’s currently outstanding common stock will be combined on the basis of one (1) share for every six and one-half (6.5) shares of the Company's common stock issued and outstanding immediately prior to the effective time of the reverse stock split. No fractional shares will be issued in connection with the reverse stock split, and shareholders who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment based on the volume weighted average price of the Company's common stock during the five trading days prior to, and excluding, March 15, 2017, as reported by the Nasdaq Stock Market.
The Company's authorized shares of common stock under its articles of incorporation remain unchanged at 200 million shares. The par value of the Company's common stock remains unchanged at $0.01 per share. Immediately following the effective time of the reverse stock split, the Company’s currently outstanding 43,993,705 shares of common stock will be combined into a total of approximately 6,768,263 shares of common stock outstanding.
Proportional adjustments will be made at the effective time of the reverse stock split to the Company's outstanding stock options and other equity awards, equity compensation plans, the exercise price and number of outstanding company warrants exercisable for the purchase of common stock, conversion prices of convertible securities and any other contractual adjustments, as necessary.
Shareholders who hold shares of the Company's common stock in "street name" will not be required to take any action in connection with the reverse stock split. Shareholders who hold shares of the Company's common stock in certificated form will receive instructions from the Company's transfer agent, American Stock Transfer & Trust Company LLC, regarding the exchange of outstanding pre-reverse stock split stock certificates.
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 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.
https://www.globenewswire.com/news-release/2017/03/15/938302/0/en/Condor-Hospitality-Trust-Announces-1-for-6-5-Reverse-Stock-Split.html
Condor Hospitality Trust Reports 2016 Results (3/01/17)
25 Non-Core Hotels Sold | 2 Premium-Branded Hotels Acquired | Reinstated Common Dividend
BETHESDA, Md., March 01, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”) today announced results for the fourth quarter and year-ended December 31, 2016.
“In early 2015, Condor embarked on implementing a new vision for the Company involving the repositioning of the portfolio as part of a new investment strategy, improving the Company’s equity structure, and enhancing the Company’s debt profile. We are pleased to report that we substantially achieved all of these objectives in 2016. The portfolio is dramatically repositioned as the result of 25 legacy asset sales in 2016, bringing the total number of legacy hotel asset sales to approximately $116.1 million comprising 42 hotels with 3,537 rooms since January 2015. Additionally, we acquired two premium-branded hotels in 2016, the Aloft Atlanta Downtown and the Aloft Leawood/Kansas City increasing our new investment platform acquisitions to approximately $109 million in five hotels with 788 rooms during the 15 months ending December 31, 2016. Additionally, subsequent to year end we announced the acquisition of four Home2 Suites hotels for $73.8 million that we expect to close in the first quarter. The majority of the Company’s earnings are now generated by high-quality, premium-branded, select-service assets. Additionally, we raised $30 million in a private placement in early 2016 by issuing newly created Series D Preferred Stock, which enhanced and simplified the equity capitalization of the Company by redeeming the Series A and B Preferred shares and converting all existing Series C Preferred Stock to Series D, resulting in a single class of remaining preferred stock. Subsequent to year-end 2016, the holders of the Series D Preferred converted to common stock, which we feel is a strong indication of their belief in the long-term value of the common stock of the Company. Finally, subsequent to year end, we announced that the Company closed a new $90 million secured credit facility. We believe all of these successes have and will continue to create shareholder value, as evidenced by the reinstatement of common dividends in 2016 for the first time since 2009,” said Bill Blackham, Condor’s Chief Executive Officer.
2016 Key Accomplishments
Revenue and Net Earnings: Condor’s 2016 revenue from continuing operations was $50.6 million compared to $58.7 million in 2015. Full year net earnings attributable to common shareholders was $2.0 million, or $0.41 per basic and $0.14 per diluted share, compared to $9.5 million, or $1.94 per basic and $0.00 per diluted share in 2015.
25 Non-Core Assets Sold: The Company disposed of 25 legacy non-core hotels in 2016 at what we believe were attractive valuations. In addition to the 15 hotels sold in the first three quarters of 2016 with gross proceeds totaling $34.8 million, the Company sold ten hotels in the fourth quarter resulting in $26.6 million of gross proceeds and an aggregate of $61.4 million of gross proceeds for the year. The Company plans to dispose of an additional seven legacy hotels in 2017.
Two Premium-Branded, Select-Service Hotels Acquired: On August 23, 2016, the Company announced the closing of the joint venture acquisition of the 254-room Aloft Atlanta located in downtown Atlanta. Condor entered into a joint venture agreement with Three Wall Capital to acquire the hotel (the Atlanta JV). Through its operating partnership subsidiary, Condor owns 80% of the joint venture with Three Wall Capital owning the remaining 20%. The purchase price for the hotel was $43.6 million. On December 14, 2016, the Company closed on the purchase of the 156-room Aloft Leawood located within Park Place Village in Kansas City. The purchase price for the hotel was $22.5 million. The Aloft Atlanta Downtown and Aloft Leawood represent the fifth and sixth, respectively, new investment platform hotels in Condor’s portfolio.
Preferred Capital Raise: On March 16, 2016, Condor announced that it had raised $30.0 million in a private placement transaction with an affiliate of the StepStone Group. The investment, structured as Series D Preferred Stock, includes a 6.25% coupon, payable quarterly, and may be converted under certain circumstances into shares of the Company’s common stock at a conversion price of $1.60 per share. Simultaneously, all existing Series C Preferred Stock, held by Real Estate Strategies L.P. (RES) was converted into Series D Preferred Stock. In the second quarter of 2016, the Company used a portion of the proceeds from the $30.0 million Series D raise to redeem for cash all outstanding Series A and Series B Preferred Stock, including all unpaid accrued dividends.
Reinstated Common Dividend for First Time Since 2009: On July 11, 2016, the Board of Directors declared a common stock dividend of $0.01 per share, representing the first common stock dividend declared and paid by the Company since 2009. On December 8, 2016, the Board of Directors declared a $0.03 per share quarterly common stock dividend for the fourth quarter, which represented the Company’s third consecutive quarterly common stock dividend. The fourth quarter dividend was paid on January 5, 2017 to shareholders of record on December 20, 2016. Although the Board of Directors will evaluate the Company’s dividend policy on a quarterly basis, it believes that the common dividend level is sustainable.
Subsequent Events
Closed on $90 Million Senior Secured Credit Facility: On February 8, 2017, Condor announced the execution of a commitment letter with two lenders on a $90.0 million senior secured credit facility. KeyBank and The Huntington National Bank are the joint lead arrangers for the revolving credit facility with KeyBank serving as administrative agent and The Huntington National Bank serving as syndication agent. The commitment letter provides for a revolving credit facility with an initial size of $90.0 million and includes an accordion feature that would allow the Company to increase the size of the facility to $400.0 million subject to certain conditions. On March 1, 2017, Condor closed on the credit facility.
Executed Agreement to Acquire Four Home2 Suites: On January 23, 2017, Condor announced the execution of an agreement to purchase a portfolio of four Home2 Suites hotels for $73.8 million. The portfolio includes the following hotels: Home2 Suites Memphis/Southaven, Home2 Suites Austin/Round Rock, Home2 Suites Lexington University/Medical Center (Kentucky), and Home2 Suites Tallahassee State Capitol. It is expected that the hotels will continue to be managed by Vista Host, Inc. Upon an expected closing in the first quarter of 2017, the four Home2 Suites would increase the number of hotels under our new investment platform to ten.
Series D Preferred Stock Converted to Common: On February 28, 2017, shares of Condor’s Series D Preferred Stock, totaling approximately $62.5 million in face value, were converted into common equity per an agreement between Condor and the two holders, RES and StepStone. The Series D Preferred shares converted at $1.60 per share thus creating an additional 39,032,225 shares of common stock. As part of the agreement, a new series of preferred shares, Series E, was created to address the make whole payment provision of the Series D arrangement. Series E Preferred Stock of $9.25 million was issued and is also convertible into common equity given certain stock price thresholds.
Summary Financial Results
Revenue: Condor’s fourth quarter 2016 revenue from continuing operations was $10.5 million compared to $13.4 million in the same 2015 period. Condor’s full year 2016 revenue from continuing operations was $50.6 million compared to $58.7 million in 2015. Revenue from wholly owned properties acquired in and since 2012 in the three months and twelve months ended December 31, 2016 totaled $4.1 million and $16.3 million, respectively, which was offset by revenue declines from properties considered held for sale or sold of $4.3 million and $18.1 million, respectively, in 2015.
Net Earnings: Fourth quarter net earnings attributable to common shareholders was $3.6 million, or $0.72 per basic and $0.10 per diluted share, compared to $3.4 million, or $0.69 per basic and $0.01 per diluted share for the same 2015 period. The 2015 period included a substantial $3.6 million noncash derivative gain. Year-ended 2016 net income attributable to common shareholders was $2.0 million, or $0.41 per basic and $0.14 per diluted share compared to $9.5 million, or $1.94 per basic and $0.00 per diluted share for the year-ended 2015. The year-ended 2016 results include dividends declared and undeclared and in kind distributions to preferred shareholders of $20.7 million which increased considerably over $3.6 million in the same period in 2015 as a result of the preferred stock redemptions and transactions in 2016. Increased gains on the sale of assets, decreased net gain on derivatives and convertible debt, and decreases in impairment charges also drove the differences in net income between the two years.
RevPAR: For the fourth quarter, Revenue per Available Room (“RevPAR”) for the six hotels considered the new investment platform hotels (includes the two Alofts acquired in 2016, the three hotels acquired in 2015 and the Hilton Garden Inn acquired in 2012) increased by 9.7% to $84.81 from $77.33 for the same period in 2015 (comparable operating results given for these hotels include results prior to the Company’s ownership based on information obtained from the prior owners). The increase is attributable to a 1.7% increase in Average Daily Rate (“ADR”) over the same period 2015 and a 7.9% increase in occupancy. ADR rose to $119.81 for the fourth quarter 2016 as compared to $117.86 for the same period in 2015. Occupancy increased to 70.79% for the fourth quarter 2016 as compared to 65.61% for the same period in 2015.
For the year-ended December 31, 2016, RevPAR increased 7.63% to $90.78 as compared to $84.34 for the same period in 2015 for these new investment platform hotels. The Company owned only one of the new investment platform hotels for the full respective same periods in 2015 and believes the increase in RevPAR across the new investment platform hotels is indicative of the Company’s ability to effectively monitor its third party operators and identify intensive asset management strategies to achieve enhanced performance.
For the fourth quarter, RevPAR for the six same-store hotels not considered held for sale at December 31, 2016 increased 13.0% from the same period in 2015 to $51.51. The increase is attributable to a 15.4% increase in occupancy to 69.32%, while ADR decreased by 2.1% to $74.31. For the year-ended December 31, 2016, RevPAR for the six same-store hotels not considered held for sale at December 31, 2016 declined 1.9% to $49.52. The decrease is attributable to a 3.4% reduction in occupancy to 64.42%, which was partially offset by a 1.6% increase in ADR to $76.88. In our legacy hotel portfolio, the decreases in occupancy between the periods were driven by market challenges facing these hotels as a result of declines in the oil and gas, rail, and fracking industries. Despite these occupancy challenges, the Company has focused on increasing ADR to improve profitability as is evident in the year-ended 2016 ADR increase.
Funds From Operations (FFO) and Adjusted Funds from Operations (AFFO): FFO for the three months ended December 31, 2016 decreased to ($1.1) million as compared to $3.4 million for the same period prior year. FFO for the year-ended December 31, 2016 decreased to $6.8 million as compared to $15.6 million for the prior year. These decreases in FFO were primarily driven by a decrease in net gains on derivatives and convertible debt which decreased by $3.5 million between the fourth quarter periods and $5.2 million between the two year-ended periods. AFFO for the fourth quarter 2016 was ($1.9) million as compared to ($0.6) million for the same period in 2015. The decline in AFFO, which excludes net gains on derivatives and convertible debt, was primarily driven by lower revenues as a result of asset sales throughout 2016 and higher general and administrative expenses.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Adjusted EBITDA: EBITDA for the three months ended December 31, 2016 increased to $8.2 million as compared to $7.8 million for the same period prior year, an increase of 4.7%. EBITDA for the year-ended December 31, 2016 increased to $36.7 million as compared to $25.7 million for the same period prior year, an increase of 43.0%. The increase in EBITDA for the three months ended December 31, 2016 was primarily driven by an increase in net gains on the disposition of assets which increased by $4.0 million between the fourth quarter periods. The increase in EBITDA between the year-ended periods was primarily driven by a $16.0 million increase in net gains on the disposition of assets. Adjusted EBITDA for the three months ended December 31, 2016 decreased to $1.2 million as compared to $1.8 million for the same period prior year, a decrease of 31.5%. The decline in Adjusted EBITDA was primarily driven by higher general and administrative expenses and lower revenues as a result of asset sales throughout 2016.
Capital Reinvestment: The Company invested $0.6 million and $3.4 million in capital improvements throughout the portfolio in the three and twelve months ended December 31, 2016, respectively, to upgrade its properties and maintain brand standards.
Balance Sheet: The Company had cash and cash equivalents (including restricted cash) and available revolver of $13.7 million and $1.2 million, respectively, at December 31, 2016. As of December 31, 2016, the Company had total outstanding long-term debt of $63.4 million, with $57.4 million associated with assets held for use with a weighted average maturity of 2.9 years and a weighted average interest rate of 4.89%.
Dividends: The Board of Directors declared a common stock dividend of $0.03 per share for the fourth quarter that was paid on January 5, 2017 to shareholders of record on December 20, 2016. The fourth quarter dividend represents the third consecutive quarterly common dividend paid by Condor following the restoration of common dividend payments in July of 2016. Although the Board of Directors will evaluate the Company’s dividend policy on a quarterly basis, it believes that the new common dividend level is sustainable. Additionally, the Company declared the fourth quarter regular dividend of $0.15625 per share payable on January 3, 2017 to its 6.25% Series D Preferred Stock shareholders.
Outlook
“In 2016, Condor Hospitality continued its dramatic transformation with the achievement of several significant milestones, including the closing of two key acquisitions, the Aloft Atlanta Downtown and Aloft Leawood, the disposition of 25 legacy assets at what we believe to be attractive valuations, and three consecutive quarterly common dividend payments after an absence of seven years. Additionally, subsequent to year end, we closed on a $90 million senior secured credit facility,” said Jonathan Gantt, Condor’s Chief Financial Officer. “We believe this new facility is a strong indicator of Condor’s credit-worthiness and our standing within the industry as a leading hotel REIT. We look forward to a successful 2017 in which we use our past successes as a foundation for continued shareholder value creation.”
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ:CDOR) is a self-administered real estate investment trust 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 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, Choice, and Wyndham.
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https://globenewswire.com/news-release/2017/03/01/929831/0/en/Condor-Hospitality-Trust-Reports-2016-Results.html?parent=929760
Condor Hospitality Trust Announces Closing of New $90 Million Secured Revolving Credit Facility (3/01/17)
BETHESDA, Md., March 01, 2017 (GLOBE NEWSWIRE) -- 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 of a new $90 million secured revolving credit facility. KeyBank and The Huntington National Bank are the joint lead arrangers for the revolving credit facility with KeyBank serving as administrative agent and The Huntington National Bank serving as syndication agent.
The revolving credit facility has an initial size of $90 million and includes an accordion feature that would allow the Company to increase the size of the facility to $400 million, subject to certain conditions. The facility matures in two years and has an automatic one-year extension upon the completion of specific capital achievements. The facility has two additional one-year extension options following additional capital achievements. Borrowings will bear interest at LIBOR plus a margin determined by a leverage-based pricing grid.
“We are pleased to partner with KeyBank and The Huntington National Bank, and appreciate their support of Condor’s strategy that is focused on building a high-quality portfolio of premium-branded, select-service hotels mostly located in the top 100 MSAs. The closing of the credit facility is another significant milestone for Condor as the new credit facility further solidifies the Company’s balance sheet by reducing the Company’s weighted average cost of debt from approximately 5.4% to 4.8%, translating to approximately $0.6 million in annual interest cost savings. Additionally, it lengthens the Company’s weighted average debt maturity to 2.9 years and enables the accelerated closing of acquisitions, including the recently announced acquisition of four Home2 Suites hotels,” said Jonathan J. Gantt, Condor’s Chief Financial Officer. “We believe this new facility is a strong indicator of Condor’s credit-worthiness and our standing within the industry as a leading hotel REIT,” Mr. Gantt 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 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.
https://globenewswire.com/news-release/2017/03/01/929760/0/en/Condor-Hospitality-Trust-Announces-Closing-of-New-90-Million-Secured-Revolving-Credit-Facility.html?parent=929584
Condor Hospitality Trust Announces Conversion of All Outstanding Series D Preferred Stock to Common Stock (3/01/17)
BETHESDA, Md., March 01, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that the holders of $62.5 million of outstanding Series D Preferred Stock, representing all of Condor’s outstanding Series D Preferred Stock, voluntarily converted their preferred shares into an aggregate of 39,032,225 shares of the Company’s common stock and 925,000 shares of a new Series E Preferred Stock, face value $10 per share, in the aggregate face amount of $9.25 million. The common stock conversion price previously established in the Series D issuance agreement in March 2016 was $1.60 per share.
“The conversion of the Series D Preferred Stock to common stock is transformational in building the Company’s common equity capitalization, while concurrently eliminating the potential for a required cash make whole payment to the holders of the Series D Preferred Stock. Importantly, the conversion also reduces the amount of outstanding preferred stock to a significantly lower percentage of the equity market capitalization of the Company. Approximately two years ago, Condor had an upside-down and complicated equity structure with three classes of outstanding preferred stock accruing dividends which were not being currently paid. Using the proceeds from the $30 million private placement of Series D Preferred Stock completed in early 2016, we redeemed all of the outstanding Series A and B preferred stock at face value plus all accrued dividends and converted the then-outstanding Series C preferred stock into a newly established Series D Preferred Stock that was convertible into our common stock at a conversion price of $1.60 per common share. The holders of the Series D Preferred Stock have now converted all of the outstanding Series D Preferred Stock into common stock resulting in a pro forma common market capitalization in excess of $90 million, as compared to $9 million at the time this process began,” said Bill Blackham, Condor’s Chief Executive Officer.
The new Series E Preferred Stock issued as part of the conversion transaction pays dividends at an annual rate of 6.25% of the aggregate face value of $9.25 million. Commencing February 28, 2019, the Series E Preferred Stock is convertible into common stock at a conversion price of $2.13 per share of common stock.
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 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.
https://globenewswire.com/news-release/2017/03/01/929584/0/en/Condor-Hospitality-Trust-Announces-Conversion-of-All-Outstanding-Series-D-Preferred-Stock-to-Common-Stock.html
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (12/01/16)
BETHESDA, Md., Dec. 01, 2016 (GLOBE NEWSWIRE) -- 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 50-room Comfort Inn located at 2108 South Main Street, Farmville, VA 23901 for $2.6 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the current investment strategy of the company implemented in the third quarter of 2015.
“Year-to-date, Condor has now sold 22 legacy hotels, generating $53.5 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We currently have signed contracts to sell 2 additional legacy hotels although there can be no guarantee that either of these transactions will 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 21 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.
https://globenewswire.com/news-release/2016/12/01/894362/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (11/28/16)
BETHESDA, Md., Nov. 28, 2016 (GLOBE NEWSWIRE) -- 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.
https://globenewswire.com/news-release/2016/11/28/893108/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Announces Sale of Two Non-Core Legacy Hotels (11/18/16)
BETHESDA, Md., Nov. 18, 2016 (GLOBE NEWSWIRE) -- 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 59-room Days Inn located at 2015 South Main Street, Farmville, VA 23901 for $2.4 million and the 61-room Comfort Inn located at 1730 North Main Street, Rocky Mount, VA 24151 for $2.2 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.
"We continue to execute the strategy of disposing the legacy assets at what we believe to be attractive valuations and recycling the net sales proceeds into high-quality, select-service hotels primarily in secondary markets. Condor has now sold 20 legacy hotels in 2016, generating $47.9 million in gross proceeds," said Bill Blackham, Condor's Chief Executive Officer. "Currently, the Company has signed contracts to sell 4 additional legacy hotels although there can be no guarantee that all of these transactions will actually close. We anticipate closing on a total of 22 asset sales 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 is expected to close before year-end," 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 23 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.
http://www.nasdaq.com/press-release/condor-hospitality-trust-announces-sale-of-two-noncore-legacy-hotels-20161118-00355
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (10/17/16)
BETHESDA, Md., Oct. 17, 2016 (GLOBE NEWSWIRE) -- 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 60-room Comfort Inn located at 210 Cavalry Drive, Glasgow, KY 42141 for $2.4 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.
“With the closing of the sale of this hotel, Condor has now sold year-to-date 16 legacy hotels generating $37.0 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We expect to sell at least 21 legacy hotels this year 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 recently announced purchase contract to acquire the Leawood, KS Aloft. The Company currently has signed contracts to sell 7 additional legacy hotels although there can be no guarantee that all of these transactions will actually 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 27 hotels in 14 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.
https://globenewswire.com/news-release/2016/10/17/880000/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (9/26/16)
BETHESDA, Md., Sept. 26, 2016 (GLOBE NEWSWIRE) -- 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 81-room Super 8 located at 1622 North Broadway, Menomonie, WI 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 sold 15 legacy hotels generating $34.6 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We expect to sell at least 20 legacy hotels before the end of the year with the net sales proceeds reinvested into higher quality, select-service lodging assets such as the downtown Atlanta Aloft and the recently announced purchase contract to acquire the Leawood, KS, Aloft. The Company currently has signed contracts to sell 6 additional legacy hotels although there can be no guarantee that all of these transactions will actually 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 28 hotels in 14 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.
https://globenewswire.com/news-release/2016/09/26/874569/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html
Condor Hospitality Trust Announces Joint Venture to Acquire Aloft Atlanta Downtown (8/01/16)
BETHESDA, MD--(Marketwired - August 01, 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 that it has entered into a joint venture agreement with Three Wall Capital to acquire the 254 room Aloft Atlanta located in downtown Atlanta at 300 Spring St NW, Atlanta, GA 30308. Through its operating partnership subsidiary, Condor will own 80% of the joint venture with Three Wall Capital owning the remaining 20% of the joint venture. The purchase price for the hotel is $43,550,000. Subsequent to the transaction's closing in the third quarter, the hotel will be managed by Boast Hotel Management Company, LLC, an affiliate of Three Wall Capital.
"This transaction represents another premium quality, select service hotel acquisition meeting the investment strategy of the company," Bill Blackham, Condor's Chief Executive Officer stated. "As we continue to expand our new investment platform, we have once again utilized industry contacts to source an off-market hotel acquisition that will be managed by an affiliate of the party that introduced the investment opportunity. Combining the fact that this hotel was completely renovated and converted to the very popular Aloft brand less than two years ago with the hotel's attractive location in the downtown CBD market, makes this acquisition very compelling and we expect positive returns for our shareholders," Blackham continued.
Refer to the Company's Form 8-K to be filed with the Securities and Exchange Commission for a further description of the terms of the transaction. The closing of the acquisition of the hotel is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations.
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 31 hotels in 16 states. Condor's hotels are franchises of a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental, Starwood, and Choice. For more information or to make a hotel reservation visit www.condorhospitality.com.
http://www.marketwired.com/press-release/condor-hospitality-trust-announces-joint-venture-to-acquire-aloft-atlanta-downtown-nasdaq-cdor-2146889.htm
Condor Hospitality Trust Announces Common Stock Dividend (7/11/16)
BETHESDA, MD--(Marketwired - July 11, 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 that its board of directors has declared a common stock dividend of $0.01 per share for the second quarter. The dividend will be payable on August 3, 2016, to shareholders of record as of July 22, 2016.
"We are pleased to declare and pay a dividend to the holders of our common stock for the first time since 2009," said Bill Blackham, Condor's Chief Executive Officer. "The recent redemption of the Company's Series A & B Preferred Stock combined with the declaration and payment of dividends through June 30, 2016 on the Company's Series D Preferred Sock enables the board of directors to approve the resumption of common stock dividends at this time. The board of directors intends to continue to review all circumstances in the future and consider the payment of common stock dividends, if permitted and in amounts it deems appropriate," 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 31 hotels in 16 states. Condor's hotels are franchises of a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice, and Wyndham. For more information or to make a hotel reservation visit www.condorhospitality.com.
http://www.marketwired.com/press-release/condor-hospitality-trust-announces-common-stock-dividend-nasdaq-cdor-2141232.htm
Condor Hospitality Trust Reports 2015 Results (3/24/16)
20 Non-Core Hotels Sold
3 Premium-Branded Hotels Acquired
$30.0 Million Capital Raise [1]
NORFOLK, NE--(Marketwired - March 24, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR) (the "Company") today announced results for the fourth quarter and year ended December 31, 2015.
"The Company continued to accelerate the disposition of legacy hotels in 2015 to recycle capital into higher margin, increased quality lodging assets," said Bill Blackham, Condor's Chief Executive Officer. "As this transition evolves, the operating margins have increased from 24.3 percent in 2014 to 26.5 percent in 2015 and we expect further improvement in 2016 as we seek to sell over 20 additional legacy hotels and fully invest the proceeds into hotels that meet our new investment strategy."
2015 Key Accomplishments
Acquisitions: In October 2015, the Company acquired three premium-branded hotels in an off-market transaction for $42.5 million. The properties are representative of the new strategic direction of the Company's portfolio into higher quality, premium-branded select-service properties. The properties include the 116-room SpringHill Suites San Antonio Downtown/Riverwalk, the 142-room Hotel Indigo Hartsfield-Jackson Atlanta International Airport, and the 120-room Courtyard Jacksonville Flagler Center. The assets are performing consistently with the Company's underwriting at the time of acquisition.
Dispositions: In 2015, the Company sold 17 non-core hotels for gross proceeds of $54.7 million. Following the close of the fourth quarter 2015, the Company sold three non-core hotels with an aggregate of 364 rooms for combined gross proceeds of $7.0 million. The Company is currently marketing 14 hotels for sale and expects to generate approximately $11.0 million in cash after associated debt repayments and related expenses. These excess proceeds are expected to be recycled into properties that fit the Company's new investment criteria.
Balance Sheet: Significant progress has been made in reducing future debt maturities and improving the Company's liquidity position since December 31, 2014. On October 26, 2015, the Company successfully closed a $10.0 million mortgage loan with Huntington National Bank which was used to refinance an existing loan with Citigroup Global Markets Realty Corp. that was set to mature in November 2015. The loan was the last remaining significant loan maturity in 2015 and positions the Company with no significant 2016 loan maturities. Based on the improvements in its liquidity and debt maturity schedule, management has concluded that there is no longer substantial doubt regarding the Company's ability to continue as a going concern.
Capital Raise: Subsequent to the close of the year, Condor announced that it had raised $30.0 million in a private placement transaction with an affiliate of the StepStone Group. A portion of the proceeds will be used to redeem in cash all outstanding Series A and Series B preferred stock on April 15, 2016, including all unpaid accrued dividends. Excess proceeds will be utilized by the Company to accelerate the strategic repositioning of its portfolio to high quality select-service, limited service, extended stay, and compact full service hotels. Simultaneously with StepStone's investment in Series D preferred stock, the Company's outstanding Series C preferred stock was also exchanged for the newly created Series D preferred stock, resulting in one class of preferred stock for which the Company can require conversion entirely to common stock upon the occurrence of defined capital events. Refer to the Company's Form 8-K filed March 16, 2016 for further details.
Management: On March 3, 2015, the Company hired industry veteran Bill Blackham as Chief Executive Officer. Mr. Blackham, previously the president and CEO of Eagle Hospitality, has an accomplished record of establishing and growing public and private companies. On September 21, 2015, the Company hired Arinn A. Cavey, formerly with KPMG LLP, as Chief Accounting Officer. Arinn will oversee the Company's financial plans, SEC compliance matters, and banking relationships. On October 27, 2015, the Company hired Jonathan J. Gantt, formerly with Starwood Hotels & Resorts, as Senior Vice President and Chief Financial Officer. Jonathan will lead the Company's capital raising efforts as well as provide overall direction for the Company's accounting, financial reporting, tax, and budget activities.
Rebranding: On July 15, 2015, the Company changed its name to Condor Hospitality Trust, Inc. from Supertel Hospitality, Inc. The name change marks the beginning of a new strategic direction for the Company, including a repositioning of its portfolio into higher quality, significantly newer, premium-branded hotels. The Company's common stock trading symbol changed from SPPR to CDOR. In addition, the Company launched a new website: www.condorhospitality.com.
[1] Three hotels sold subsequent to year-end 2015; $30 million capital raise closed March 16, 2016
Summary Financial Results
RevPAR: For the fourth quarter, revenue per available room (RevPAR) for the 39 same-store hotels declined 3.5 percent to $35.87. The decrease was attributed to an 11.1 percent reduction in occupancy to 56.0 percent, partially offset by an 8.5 percent increase in average daily rate (ADR) to $64.05. In 2015, RevPAR for the same-store hotels increased 2.6 percent to $40.91. The increase was driven by a 7.3 percent increase in ADR to $64.34, offset by a 4.4 percent decline in occupancy to 63.6 percent.
Revenue: Condor's fourth quarter 2015 revenue from continuing operations was $13.1 million compared to $13.2 million in the same 2014 period. In 2015, revenue from continuing operations was $57.3 million, compared to $57.4 million in the prior year. The slight decrease in annual revenue in 2015 was primarily due to the loss of $4.2 million of revenue attributable to 10 hotels in continuing operations sold during the year, which was effectively offset by increased revenue from our October 2015 acquisitions of $2.6 million and increased revenue from legacy held for use ($1.1 million) and held for sale ($0.4 million) properties in continuing operations between the periods.
Net Earnings: Fourth quarter net earnings attributable to common shareholders was $3.4 million, or $0.69 per basic share and $0.01 per diluted share, respectively, compared to a net loss of $(3.8) million, or $(0.80) per basic and diluted share for the same 2014 period. For the year, net earnings attributable to common shareholders was $9.5 million, or $1.94 per basic share and $(0.00) per diluted share, compared to a net loss of $(19.7) million or $(5.05) per basic and diluted share for the same 2014 period.
The results, excluding 2015 earnings per diluted share, include a non-cash derivative gain of $3.6 million for the three months ended December 31, 2015, compared to a derivative loss of $(0.2) million in the same quarter of 2014, and a non-cash derivative gain of $11.6 million for 2015, compared to a derivative loss of $(14.4) million for the same 2014 period. When the value of the derivative liability increases, a loss is recorded and when it decreases, a gain is recorded. One of the key drivers of the value of the derivatives is the market value of the common stock.
Capital Reinvestment: The Company invested $2.2 million in capital improvements throughout the portfolio in the fourth quarter 2015 to upgrade its properties and maintain brand standards, bringing the year to date investment to $5.3 million. Notable capital improvements in 2015 included renovations at the Rocky Mount, Virginia, Comfort Inn and rebranding upgrades at three hotels: Princeton, West Virginia, Quality Inn; Morgantown, West Virginia, Quality Inn; and Culpeper, Virginia, Quality Inn.
Balance Sheet: The Company had cash and available revolver of $4.9 million and $2.5 million, respectively, at December 31, 2015. As of December 31, 2015, the Company had total outstanding debt of $87.5 million, with $70.3 million associated with assets held for use with a weighted average maturity of 3.0 years and a weighted average interest rate of 5.13%.
Dividends: The Company did not declare a dividend on common stock in the fourth quarter 2015. The Company's board of directors elected to suspend the payment of monthly dividends commencing December 31, 2013 on the outstanding shares of its 8.00% Series A Cumulative Convertible Preferred Stock (NASDAQ: CDORP), quarterly dividends on the outstanding shares of its 10.00% Series B Preferred Cumulative Stock (NASDAQ: CDORO), and quarterly dividends on the outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock to preserve capital and improve liquidity. Upon the execution of the StepStone transaction and Preferred Series A and B redemption discussed above, all accumulated dividends will be paid in full. The board of directors will continue to monitor the dividend policy.
Outlook
"Condor has achieved significant progress in 2015 with key staffing additions, reduced interest costs on debt with staggered maturities, completed attractive acquisitions we expect to have attractive yields in 2016, and improved management contracts having better alignment to reward improved results," said Blackham. "The most important accomplishment started in 2015 and completed in the first quarter of 2016 is the convertible preferred stock setting the stage for significantly larger market capitalization needed to raise additional capital to implement our growth strategy. At this writing, we are evaluating many attractive properties for possible acquisition by the Company."
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) is a self-administered real estate investment trust 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 39 hotels in 18 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
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http://www.marketwired.com/press-release/condor-hospitality-trust-reports-2015-results-nasdaq-cdor-2109124.htm
Preferred Stock Redemption Values:
Series A $12.084940
Series B $31.354167
Condor Hospitality Trust, Inc. entered into a series of agreements providing for:
• the issuance and sale of Condor’s Series D Cumulative Convertible Preferred Stock (the “Series D Stock”) under a private transaction to SREP III Flight-Investco, L.P. (“SREP”), an affiliate of StepStone Group LP;
• the cash redemption of all of Condor’s outstanding Series A Cumulative Preferred Stock (the “Series A Stock”) and Series B Cumulative Preferred Stock (the “Series B Stock”); and
• the exchange of all of Condor’s outstanding Series C Cumulative Convertible Preferred Stock (the “Series C Stock”) for Series D Stock.
The agreements, related transactions and terms of the Series D Stock are discussed below.
Stock Purchase Agreement
On March 16, 2016, Condor and SREP entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which Condor issued and sold 3,000,000 shares of Series D Stock to SREP on the same date for an aggregate purchase price of $30,000,000. The Stock Purchase Agreement required that $20,147,000 of the purchase price be deposited into an escrow account for purposes of effecting the redemption of the Series A Stock and Series B Stock and that the remaining amount of the purchase price be delivered to Condor.
Redemption
The Stock Purchase Agreement requires Condor to redeem all outstanding shares of the Series A Stock and Series B Stock. On March 16, 2016, Condor issued notices to redeem the Series A Stock and Series B Stock on April 15, 2016 as follows:
• all 803,270 outstanding shares of the Series A Stock (NASDAQ: CDORP; CUSIP No. 20676Y205) will be redeemed at the redemption price of $10.00 per share plus $2.084940 per share in accrued and unpaid dividends (plus compounded interest) through the redemption date; and
• all 332,500 outstanding shares of the Series B Stock (NASDAQ: CDORO; CUSIP No. 20676Y304) will be redeemed at the redemption price of $25.00 per share plus $6.354167 per share in accrued and unpaid dividends through the redemption date.
With notice given, and the redemption funds deposited in escrow, all rights of the holders of the holders of the Series A Stock and Series B Stock terminated, except the right to receive the redemption price.
Exchange Agreement
The Company entered into an Agreement (the “Exchange Agreement”) dated March 16, 2016 with Real Estate Strategies L.P. (“RES”) and IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”) pursuant to which all 3,000,000 outstanding shares of Series C Stock were exchanged for 3,000,000 shares of Series D Stock. Pursuant to the Exchange Agreement, in lieu of payment of accrued and unpaid dividends in the amount of $4,947,370 on the Series C Stock, Condor (a) paid to RES an amount of cash equal to $1,484,211, (b) issued to RES 245,156 shares of Series D Stock (such that RES, IRSA and their affiliates do not beneficially own in excess of 49% of the voting stock of Condor) and (c) issued to RES a promissory note, bearing interest at 6.25% per annum, in the principal amount of $1,011,599 and convertible into a number of shares of Series D Stock that would have otherwise been issued on account of the remaining accrued and unpaid dividends but for the foregoing 49% limitation (the “Note”).
If Series D Stock is outstanding, RES at its option may at any time elect to convert the Note, in whole or part, by notice delivered to the Company, into a number of shares of Series D Stock, determined by dividing the principal amount of the Note to be converted by $10.00, provided that, any such conversion shall be reduced such that RES, together with its affiliates, does not beneficially own more than 49% of the voting stock of the Company. Any such conversion shall reduce the principal amount of the Note proportionally.
Any time the Series D Stock is required by its terms to be converted into common stock, par value $0.01 per share, of the Company (the “Common Stock”), the Note will be automatically converted into the number of shares of Common Stock that RES would have received had RES converted this Note into Series D Stock immediately prior to the conversion of the Series D Stock, provided that, any such conversion shall be reduced such that RES, together with its affiliates, does not beneficially own more than 49% of the voting stock of the Company, and the Note shall be thereafter converted from time to time when any such conversion will not result in RES, together with its affiliates, beneficially owning more than 49% of the voting stock of the Company. Any such partial conversion will reduce the principal amount of the Note proportionally.
Series D Stock
The principal terms of the Series D Stock are set forth below:
Dividends. A holder will receive preferential cumulative cash dividends at the rate of 6.25% per annum of the $10.00 face value per share (equivalent to a fixed annual amount of $0.625 per year) as an annual cumulative dividend, payable quarterly, commencing June 30, 2016, for each share of Series D Stock, when authorized by the Board or a duly authorized committee thereof. Dividends are cumulative and accrue, whether or not declared, and unpaid dividends will earn 6.25% interest, compounded quarterly.
Whenever the dividends on any share of Series D Stock are in arrears for four consecutive quarters, then upon written notice delivered by one or more holders that hold in the aggregate not less than 40% of the outstanding Series D Stock (a “Dividend Event Notice”), the Company shall (i) take all appropriate action reasonably within its means to maximize the assets legally available for paying such dividends and to monetize such assets (for example, but without limiting the generality of the foregoing, by selling or liquidating all of some of the Company’s assets or by selling the Company as a going concern), (ii) pay out of all such assets legally available (including any proceeds from any sale or liquidation of such assets) the maximum possible amount of such unpaid dividends, and (iii) thereafter, at any time and from time to time when additional assets of the Company (including any proceeds from any sale or liquidation of such assets) become legally available to pay such unpaid dividends, pay such remaining unpaid dividends until all dividends accumulated on the Series D Stock have been fully paid.
Rank. With respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up, the Series D Stock will rank (a) prior or senior to the Common Stock, (b) prior or senior to all classes or series of preferred stock issued by the Company (the “Preferred Stock”), the terms of which specifically provide that such shares rank junior to the Series D Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company (together with the Common Stock, collectively, “Junior Shares”), (c) on a parity with the Series A Stock, the Series B Stock and the Series C Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company and with all classes or series of shares of Preferred Stock issued by the Company, the terms of which specifically provide that such shares rank on a parity with the Series D Preferred Stock (collectively, “Parity Shares”) and (d) junior to all existing and future indebtedness of the Company.
Liquidation Preference. Upon Condor’s liquidation, dissolution or winding up, before any distribution is made to the holders of Common Stock or any other capital stock that ranks junior, the holders of the Series D Stock are entitled to a liquidation preference of $10.00 per share (the “Liquidation Preference”), plus the sum of (i) an amount equal to any accrued and unpaid dividends to the date of payment and (ii) (A) $2.00 per share in cash, if the liquidation, dissolution or winding up occurs on or before March 16, 2019, (B) $3.00 per share in cash, if the liquidation, dissolution or winding up occurs from March 16, 2019 and on or before March 16, 2020, or (C) $4.00 per share in cash, if the liquidation, dissolution or winding up occurs after March 16, 2020.
Special Liquidation Distribution. If a qualified stock offering (a “Qualified Offering” described below) has not occurred on or before March 31, 2021, holders that hold in the aggregate not less than 40% of the outstanding shares of the Series D Stock have the right to elect by written notice to the Company (a “Special Liquidation Event Notice”) to have the Company fully liquidate in a commercially reasonable manner as determined by the Board of Directors of the Company (the “Board”) to provide for liquidation distributions to the holders of the Series D Stock in an amount per share of Series D Preferred Stock equal to $14.00 in cash (the “Liquidation Special Distribution”), plus accrued and unpaid dividends (whether or not declared) on the Series D Preferred Stock through the date on which such liquidation distributions are made to the holders of the Series D Preferred Stock. If the Special Liquidation Event Notice has been delivered to the Company, then the dividend rate on the Series D Stock after March 31, 2021 will increase from 6.25% per annum to 12.5% per annum.
Redemption. The Company may redeem each outstanding share of Series D Stock, at any time but subject to the requirements for the share price of the Common Stock and the approvals set forth below, in all cases for cash at a redemption price equal to the redemption amount per share set forth below (the “Redemption Amount”), plus all accrued and unpaid dividends thereon to the date of redemption (i) in whole, or (ii) in part, provided that (x) any partial redemptions are made pro rata (as nearly as practicable without creating factional shares) to all holders of Series D Preferred Stock, (y) any partial redemptions do not in the aggregate exceed $30,000,000 in Liquidation Preference, and (z) the Company may not borrow funds, or delay making any capital expenditures or paying any operating expenses, for the purpose of making any such partial redemptions.
The “Redemption Amount” with respect to a share of Series D Stock means:
(i) 120% of the Liquidation Preference for redemption on or before March 16, 2019;
(ii) 130% of the Liquidation Preference for redemption from March 16, 2019 and prior to March 16, 2020; and
(iii) 140% of the Liquidation Preference for redemption on or after March 16, 2020.
Prior to receiving a Special Event Liquidation Notice, the Company may not call shares of Series D Preferred Stock for redemption unless the closing sales price of the Common Stock equals or exceeds $1.60 per share on the trading day immediately preceding the date the notice of redemption is given. The closing sales price of the Common Stock shall be as reported by the Nasdaq Stock Market or any other national securities exchange on which the shares of Common Stock are then listed for trading, or if none, the most recently reported “over the counter” trade price or if none, as determined in good faith by the Board and set forth in a resolution adopted by no less than seven of the nine members of the Board. Further, a call for redemption may only be made with the approval of no less than seven of the nine members of the Board if the closing sale price of the Common Stock is between and including $1.60 and $1.99 per share, and with the approval of no less than a majority of the members of the Board if the closing sale price of the Common Stock is $2.00 or higher per share. A call for redemption made after the Company has received a Special Event Liquidation Notice requires the approval of no less than a majority of the members of the Board. A holder of Series D Stock may exercise conversion rights with respect to any shares of the holder’s Series D Preferred Stock called for redemption up to the date of the payment of the redemption price of such shares.
Conversion. The Series D Stock is convertible, at the option of the holder, at any time into common stock at a conversion price of $1.60 for each share of common stock, which is equal to the rate of 6.25 shares of Common Stock for each share of Series D Preferred Stock.
Conversion Price. The initial conversion price will be $1.60, but the conversion price will be subject to anti-dilution adjustments upon the occurrence of stock splits and stock dividends.
Required Conversion. All outstanding shares of Series D Stock shall be converted into the number of shares of Common Stock automatically upon closing of a Qualified Offering without any further action by the holders of such shares or the Company. As promptly as practicable following such Qualified Offering, the Company shall send each holder of shares of Series D Stock written notice of such event, along with the payment of any accrued and unpaid dividends with respect to such shares of Series D Stock through the Conversion Date.
“Qualified Offering” means (i) the sale of Common Stock in a single offering of at least $50,000,000 or (ii) the sale of Common Stock in up to three separate offerings totaling at least $75,000,000 in the aggregate, in each case at an offering price per share of Common Stock equal to at least the lesser of:
(i) $2.00 per share (appropriately adjusted for anti-dilution events described above) if the closing of the applicable Qualified Offering occurs on or before September 16, 2017;
(ii) the greater of (x) $2.00 per share (appropriately adjusted in the same manner as the Conversion Price pursuant to Section 10 below) or (y) 90% of “NAV” per share of Common Stock if the closing of the applicable Qualified Offering occurs after September 16, 2017; or
(iii) $1.60 (appropriately adjusted for anti-dilution events described above) or more upon any closing of any Qualified Offering, provided the Company immediately following the receipt of the net proceeds from the closing of such Qualified Offering makes a cash “Make Whole Payment” to each of the holders of Series D Stock, provided that, the Make Whole Payment shall not exceed the Issuance Market Value Difference.
“Issuance Market Value Difference” means an amount equal to (i) the Conversion Price, minus (ii) the closing consolidated bid price on March 15, 2016 as reported by Nasdaq, adjusted if the Conversion Price is adjusted, in the same manner. The closing consolidated bid price on March 15, 2016 was $0.80 per share of Common Stock.
“NAV” means the net asset value of the Company per share of Common Stock, as net asset value is commonly determined by exchange listed funds and research analysts, immediately prior to the closing of the applicable Qualified Offering.
“Make Whole Payment” means, with respect to each share of Common Stock into which an outstanding share of Series D Stock is converted as a result of a Qualified Offering, an amount per share of such Common Stock determined by the following formula:
1.3*(A – B) = Make Whole Payment
where
A = $2.00, if 90%NAV - $2.00 is a negative number
A = 90%NAV, if 90%NAV- $2.00 is a positive number
B = Adjusted NAV
If A-B is a negative number then the Make Whole Payment is $0.
“Adjusted NAV” means NAV adjusted for the effects of the applicable Qualified Offering, determined by the following formula: the quotient of (i) the sum of (A) NAV, multiplied by the number of shares of outstanding Common Stock assuming full conversion of Series D Stock, plus (B) the net offering proceeds from the Qualified Offering, divided by (ii) the number of shares of Common Stock outstanding after the Qualified Offering.
Voting Rights with Common Stock. The holders of Series D Preferred Stock vote their Series D Stock as a single class with the holders of the Common Stock on all matters submitted to such holders for vote or consent. For each such vote or consent, each share of Series D Stock entitles the holder to cast one vote for each whole vote (rounded to the nearest whole number) that such holder would be entitled to cast had such holder converted its Series D Stock into shares of Common Stock as of the date immediately prior to the record date for determining the shareholders of the Company eligible to vote on any such matter.
Voting Rights as a Class. So long as any shares of Series D Stock remain outstanding, the Company will not, without the affirmative vote or consent of the holders of not less than 75% of the Series D Stock, voting separately as a class:
(i) amend, alter, repeal or make other changes to any provision of the terms of the Series D Stock of any provision elsewhere in the Articles so as to adversely affect any right, preference, privilege or voting power of the Series D Stock or the holders thereof, including without limitation any amendment, alteration, repeal or other change effected in connection with a merger, consolidation or similar transaction (any such transaction, which for the avoidance of doubt does not include any liquidation, dissolution or winding up of the Company, an “Event”);
(ii) authorize, create or issue, or increase the authorized or issued amount of, any class or series of capital stock or rights to subscribe to or acquire any class or series of capital stock or any class or series of capital stock convertible into any class or series of capital stock, in each case ranking on a parity with, or senior to, the Series D Stock with respect to payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the Company or otherwise, or reclassify any shares of capital stock into any such shares;
(iii) except for dividends or distributions of cash from the Company’s funds from operations and except as required to preserve the Company’s qualification as a real estate investment trust under the Internal Revenue Code of 1986 (the “Code”), declare or pay any dividends or other distributions on shares of Common Stock or any other Junior Shares;
(iv) except with respect to a Dividend Event Notice or a Special Liquidation Event Notice, (A) merge, consolidate, liquidate, dissolve or wind up the Company or (B) sell, lease or convey all or substantially all of the assets of the Company;
(v) except for a Qualified Offering, sell, issue or potentially issue in an offering by the Company of Common Stock (or securities convertible into or exercisable Common Stock) equal to 20% or more of the Common Stock or 20% or more of the voting stock of the Company outstanding before the issuance;
(vi) engage in any transaction in which the Company is to be a participant and the amount involved exceeds $120,000, other than employment compensation, and in which any of the Company’s directors or executive officers or any member of their immediate families will have a material interest, exclusive of interests arising solely from the ownership of a class of equity securities of the Company provided that all holders of such class of equity securities receive the same benefit on a pro rata basis;
(vii) redeem, or otherwise buy back (including in the open market, but excluding shares exchanged or withheld for the exercise price and/or taxes with respect to employee awards) any shares of common stock until all the shares of the Series D Stock converted, exchanged or redeemed; or
(viii) agree or commit to do any of the foregoing.
However, any Event in which the Series D Stock (or any equivalent class or series of stock or shares issued by the surviving corporation, trust or other entity in connection with such Event) remains outstanding after such Event with the same ranking, preferences, rights, voting powers and other terms of the Series D unchanged shall not be deemed to adversely affect the rights, preferences, privileges or voting power of holders of the Series D Stock for purposes of subclause (i) above and also will not be subject to subclause (iv) above; and provided, further, that any Event and any liquidation, dissolution or winding up of the Company in which the holders of Series D Stock receive cash in the amount of the Redemption Amount plus accrued and unpaid dividends in exchange for each of their shares of Series D Stock will not be subject to subclause (i) or subclause (iv) above.
With respect solely to the exercise of the above described voting rights as a class, each share of Series D Stock has one vote per share.
The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required shall be effected, all outstanding Series D Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption.
Investor Rights Agreement
The Company entered into an Investor Rights Agreement (the “Investor Rights Agreement”) dated March 16, 2016 with SREP and StepStone Group Real Estate LP (“StepStone”) pursuant to which (a) John M. Dinkel, Kelly A. Walters and George R. Whittemore resigned as members of the Condor board of directors and (b) the Company appointed three director nominees selected by StepStone to the Condor Board of Directors (Jeff Giller, Brendan MacDonald and Mark Lineham). The Company also agreed to maintain the Condor Board of Directors at no more than nine members.
StepStone may nominate the following number of directors if it beneficially owns the indicated percentage of voting power of Condor: (a) three directors if it owns 22% or more of the outstanding voting power, (b) two directors if it owns 14% or more but less than 22% of the outstanding voting power, and (c) one director if it owns 7% or more but less than 14% of the outstanding voting power.
As long as StepStone has the right to nominate at least two directors, not less than one of those directors must be appointed to the investment, nominating and compensation committees (subject to the independence requirements of the NASDAQ Stock Market listing standards).
Pursuant to the Investor Rights Agreement, the StepStone nominees will be nominated and recommended for election at each annual meeting of Condor shareholders. Subject to the terms of the Investor Rights Agreement, StepStone also agreed to vote for the election of the current Condor Board of Directors who remain on the Condor Board of Directors and their successors as nominated by the nominating committee of the Condor Board of Directors.
The Investor Rights Agreement also requires the Company to register the resale of the common stock issued to StepStone or specified affiliates upon conversion of the Series D Stock.
The Company granted StepStone and its affiliates, among other rights, the right to purchase equity shares or securities convertible into equity shares in future Company offerings on a pro rata basis based on their combined ownership of voting power on a fully diluted basis, until the fifth anniversary of the Investor Rights Agreement (or third anniversary if StepStone and its affiliates beneficially own less than 10,000,000 shares of Common Stock).
The terms of the foregoing agreements and the terms of Series D Stock are qualified in their entirety by reference to the agreements and instruments attached as exhibits to this Current Report on Form 8-K and incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
The information contained in Item 1.01 is hereby incorporated by reference. The securities sold were offered and sold in a transaction exempt from registration under the Securities Act of 1933, in reliance on Section 4(a)(2) thereof.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) John M. Dinkel, Kelly A. Walters and George R. Whittemore resigned as members of the Board of Directors effective March 16, 2016.
(d) Pursuant to the Investor Rights Agreement, the Board appointed Jeff Giller, Brendan MacDonald and Mark Lineham as members of the Condor board of directors on March 16, 2016. Messrs. Giller and MacDonald are affiliated with StepStone, and the information set forth in Item 1.01 above is incorporated herein by this reference. Directors receive an annual retainer of $20,000. Additionally, directors receive $10,000 per meeting attended in person and $500 per telephonic meeting. At least one of each of Messrs. Giller, MacDonald and Lineham will be appointed a member of the Audit Committee, Compensation Committee, Nominating Committee and Investment Committee. The directors when appointed to committees, pursuant to the Investor Rights Agreement, will receive certain fees in connection with committee service. Committee chairmen receive compensation as follows: Audit Committee chairman annual retainer of $3,000 and Compensation Committee chairman annual retainer of $1,500. Each Audit Committee member, other than the chairman, receives a fee of $375 per quarter. The Investment Committee chairman receives a monthly fee of $750. Each member of the Investment Committee who is an independent director, other than the chairman, receives a monthly fee of $500. From time to time, directors, as authorized representatives of the Board, engage in Board duties outside of meetings, and receive fees for the performance of such additional Board duties in an hourly or daily amount previously set by the Board.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On March 16, 2016, the Company supplemented its Amended and Restated Articles of Incorporation, as amended, by filing Articles Supplementary thereto, which classifies and establishes the Series D Stock.
http://www.sec.gov/Archives/edgar/data/929545/000119312516508760/d155598d8k.htm
Condor Hospitality Trust Raises $30 Million in Private Placement With StepStone Real Estate (3/17/16)
Portion of Proceeds From $30 Million of New Series D Preferred to Be Used to Redeem Series A and B Preferred -- Series C Preferred to Be Exchanged for New Series D Preferred
NORFOLK, NE--(Marketwired - March 16, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR) (the "Company") today announced that it had raised $30.0 million in a private placement transaction with StepStone Real Estate, an affiliate of the StepStone Group. The investment will initially be in a new Series D preferred stock that includes a 6.25% coupon, payable quarterly, and may be converted under certain circumstances into shares of the Company's common stock at a conversion price of $1.60 per share. The process was jointly-led by Baird and CS Capital Advisors.
"We are extremely pleased to have such a well-respected global real estate firm investing in Condor and supporting the new direction of the Company underway for approximately one year," said Bill Blackham, Condor's Chief Executive Officer. "With the successful refinancing in 2015 of all near-term maturities, the disposition of 17 legacy assets at attractive valuations in 2015, and the acquisition of three new high quality select-service hotels late last year, Condor is executing its strategic plan toward its future. We are thrilled to have the opportunity to partner with StepStone to continue to maximize value for all of Condor's shareholders," noted Blackham."Our business plan is to continue to acquire high quality hotels meeting our investment criteria over time, including our objective to acquire $100 million of such hotels in the near term, and we believe we are better positioned to do so now with our combined common and preferred shareholder equity of approximately $70 million with the closing of this transaction," Blackham added.
A portion of the proceeds from the $30.0 million Series D raise will be used to redeem for cash all outstanding Series A and Series B preferred stock, including all unpaid accrued dividends. Excess proceeds will be utilized by the Company to accelerate the strategic repositioning of its portfolio to high quality select-service, limited service, extended stay, and compact full service hotels. This investment capacity is in addition to the proceeds expected to be recycled from the planned disposition of another 24 legacy hotels in 2016. Simultaneous with StepStone's Series D investment, the Company's outstanding Series C preferred stock, all of which was held by Real Estate Strategies LP, was also exchanged for the newly created Series D preferred stock, resulting in one class of preferred stock that the Company can require conversion entirely into common stock upon the occurrence of defined capital events. For further details on the terms of the capital raise and exchange, refer to the Company's Form 8-K to be filed with the Securities and Exchange Commission describing the terms of the transactions.
"We're delighted to be investing with a proven management team at what we believe is a turning point for the company and its shareholders," stated Brendan MacDonald, Partner with StepStone Real Estate, who has joined Condor's board of directors together with two additional StepStone designated members.
"The new capital, which enables the redemption of the Series A and B shares, coupled with the exchange of the Series C shares for Series D shares, greatly simplifies Condor's balance sheet and provides the Company with capital flexibility to continue to execute its strategic vision," commented Jonathan Gantt, Condor's Chief Financial Officer.
For more information on Condor Hospitality, visit www.condorhospitality.com.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) is a self-administered real estate investment trust 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 39 hotels in 18 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice, and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
About StepStone Real Estate
StepStone Real Estate is an affiliate of the StepStone Group ("StepStone"), focused on principal investments and advisory in real estate private equity. StepStone oversees over $75 billion of private capital allocations, including approximately $14 billion of assets under management, across real estate, private equity, infrastructure, real assets and credit. StepStone is a global firm with offices in Beijing, Hong Kong, La Jolla, London, New York, Perth, San Francisco, São Paulo, Seoul, Sydney and Tokyo.
http://www.marketwired.com/press-release/condor-hospitality-trust-raises-30-million-private-placement-with-stepstone-real-estate-2106709.htm
Condor Hospitality sells $30 million of preferred stock to affiliate of Stepstone Group (3/17/16)
By Steve Jordon
Norfolk, Nebraska, lodging company Condor Hospitality Trust said Wednesday it sold $30 million worth of preferred stock to StepStone Real Estate, an affiliate of StepStone Group, with a payment rate of 6.25 percent a year.
Condor said the preferred shares may be converted into common stock at $1.60 per share. Condor’s stock price closed Wednesday at 95 cents per share.
Brendan MacDonald, a StepStone partner, and two other people designated by StepStone have joined Condor’s board of directors.
MacDonald said the investment comes “at what we believe is a turning point for the company and its shareholders.” Condor, previously called Supertel Hospitality Trust, has recorded losses in recent years and struggled to compete with other hotel and motel operators.
Bill Blackham, Condor’s chief executive, said the transaction will support the company’s strategic plan for the future. Part of the $30 million will go to redeem other preferred stock and part toward the company’s plan to acquire higher-level hotels and sell lower-quality properties.
The company also exchanged all its preferred stock into a single class, simplifying Condor’s finances, said Jonathan Gantt, chief financial officer.
StepStone is a private equity firm that manages $14 billion in real estate and other assets, with offices in China, England, Australia, Brazil, South Korea and the United States.
http://www.omaha.com/money/condor-hospitality-sells-million-of-preferred-stock-to-affiliate-of/article_aec8d95d-41d0-56da-a998-8b58d61c098e.html
Condor Hospitality Trust, Inc. Changes Special Meeting of Shareholders to October 8, 2015 and Extends Exchange Offer to October 12, 2015 (8/31/15)
NORFOLK, NE--(Marketwired - August 31, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly Supertel Hospitality, Inc. (NASDAQ: SPPR), a hotel focused real estate investment trust (REIT), announced that due to turbulence in the stock markets, it will postpone its special meeting of shareholders from September 3, 2015 to October 8, 2015, at 10:00 a.m., central time, at the Hilton Omaha, 1001 Cass Street, Omaha, Nebraska. Only holders of common stock, 10% Series B Cumulative Preferred Stock and 6.25% Series C Cumulative Convertible Preferred Stock of the company of record as of the close of business on July 31, 2015 will be entitled to notice of and to vote at the special meeting and any postponements or adjournments thereof.
The company today also announced that due to turbulence in the stock markets, it is extending its previously announced offer to exchange 5.38 shares of the company's common stock for each validly tendered and accepted share of 8% Series A Cumulative Preferred Stock and 13.71 shares of the company's common stock for each validly tendered and accepted share of 10% Series B Cumulative Preferred Stock, in each case, on the terms and subject to the conditions described in the Offer to Exchange dated August 6, 2015 and the related Letter of Transmittal, until 5:00 p.m., New York City time, on October 12, 2015, unless further extended or earlier terminated by the company.
The exchange offer was previously scheduled to expire at 5:00 p.m., New York City time, on September 9, 2015. As of August 31, no shares of preferred stock have been tendered and not withdrawn and the last reported trading price on August 28, 2015 of the 8% Series A Cumulative Preferred Stock (NASDAQ: CDORP) was $7.00 and the 10% Series B Cumulative Preferred Stock (NASDAQ: CDORO) was $18.95.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) is a self-administered real estate investment trust 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 45 hotels in 19 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
http://www.marketwired.com/press-release/condor-hospitality-trust-inc-changes-special-meeting-shareholders-october-8-2015-extends-nasdaq-cdor-2051314.htm
Condor Hospitality Trust, Inc. Announces $10.0 Million Loan Refinancing (8/26/15)
NORFOLK, NE--(Marketwired - August 26, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly Supertel Hospitality, Inc. (NASDAQ: SPPR), a hotel focused real estate investment trust (REIT), today announced that on August 14, 2015, Condor Hospitality Trust, Inc. (the "company") signed a term sheet with a regional banking institution with a national lending platform for public real estate investment trusts for a $10 million mortgage loan to refinance the existing mortgage loan with Citigroup Global Markets Realty Corp. maturing in November 2015. The term sheet provides for the new non-recourse loan to have a five year term, a 25 year amortization and an interest rate of 30-day LIBOR plus 2.25%. The company intends to fix the interest rate with a swap executed at the time of closing. The new loan will be secured by four hotel properties located in Indiana. The term sheet is non-binding and any formal transaction between the company and the regional banking institution is subject to the parties executing a definitive loan agreement and other security documentation which the company expects to complete as early as September 2015.
"This loan represents the conclusion of our initiative to improve our existing loans and spread out loan maturities," stated Bill Blackham, Condor's Chief Executive Officer.
ABOUT CONDOR HOSPITALITY
Condor Hospitality Trust is a self-administered real estate investment trust 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 46 hotels comprising 19 states. Condor Hospitality's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
http://www.marketwired.com/press-release/condor-hospitality-trust-inc-announces-100-million-loan-refinancing-nasdaq-cdor-2050335.htm
Condor Hospitality Trust, Inc. Commences Exchange Offer for Series A Preferred Stock and Series B Preferred Stock (8/06/15)
NORFOLK, NE, Aug 06, 2015 (Marketwired via COMTEX) -- Condor Hospitality Trust, Inc. CDOR, formerly Supertel Hospitality, Inc. , a real estate investment trust (REIT), announced today that it has commenced an offer to exchange shares of its common stock for each outstanding share of 8% Series A Cumulative Preferred Stock (CUSIP No. 20676Y205) and 10% Series B Cumulative Preferred Stock (CUSIP No. 20676Y304).
In the exchange offer, the company is offering to exchange 5.38 shares of its common stock for each share of Series A preferred stock and 13.71 shares of its common stock for each share of Series B preferred stock, in each case, validly tendered and not withdrawn before the expiration date. The exchange offer will remain open until September 9, 2015, unless extended or earlier terminated by the company. The exchange offer is subject to the satisfaction of certain conditions.
Record holders of the preferred stock have been sent written materials explaining the precise terms and timing of the exchange offer. Holders of shares of the preferred stock are urged to read these written materials carefully because they contain important information about the exchange offer. The company has filed the written materials relating to the exchange offer with the Securities and Exchange Commission (the "SEC") as part of a tender offer statement on Schedule TO. Holders of shares of the preferred stock, as well as shareholders of the company and the public, can obtain these written tender offer materials and other documents filed by the company with the SEC free of charge from the SEC's website at www.sec.gov. Holders of shares of the preferred stock may also obtain a written copy of the tender offer materials by calling the Information Agent for the exchange offer (800) 821-8780.
The securities to be offered have not been and will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state securities laws. The company is relying on Section 3(a)(9) of the Securities Act of 1933 to exempt the exchange offer from the registration requirements of the Securities Act of 1933, and because the preferred stock was registered, the company believes that the common stock issued in the exchange offer will be freely tradeable by the recipients of such shares. This press release is not an offer to purchase or an offer to exchange or a solicitation of acceptance of the offer to exchange, which may be made only pursuant to the terms of the offer to exchange and related letter of transmittal.
ABOUT CONDOR HOSPITALITY
Condor Hospitality Trust is a self-administered real estate investment trust 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 46 hotels comprising 19 states. Condor Hospitality's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
http://www.marketwatch.com/story/condor-hospitality-trust-inc-commences-exchange-offer-for-series-a-preferred-stock-and-series-b-preferred-stock-2015-08-06
Classic restructuring plan. Convert the debt to equity.
IRSA comes out whole. Common diluted. Preferred, has an added risk.
Good for a laugh.
"Remain highly focused" should read "become highly focused"
Acquisitions Aligned With New Business Strategy - Report on Condor Hospitality Trust (7/22/15)
ACI Association has initiated research coverage on Condor Hospitality Trust, Inc. (NASDAQ: CDOR). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=CDOR
Highlights from our SPPR Report include:
Acquisition of Premium-Branded Hotels - On July 15, 2015, Condor Hospitality Trust, Inc. announced that it has signed agreements to acquire three, premium-branded hotels in an off-market transaction for $42.5 million. The property acquired includes the 142-room Hotel Indigo adjacent to the Hartsfield-Jackson Atlanta International Airport in Atlanta, Georgia, the 116-room SpringHill Suites by Marriott, San Antonio, Texas and the 120-room Courtyard by Marriott in Jacksonville, Florida. The transactions, which are anticipated to be completed by the third quarter of 2015, are expected to be accretive to fourth quarter 2015 results.
New Corporate Identity - The Company also reported the change of its name from Supertel Hospitality, Inc. to Condor Hospitality Trust, Inc. The Company's common stock trading symbol has changed from SPPR to CDOR. For the Company's series A preferred stock, the trading symbol has changed from SPPRP to CDORP. Further, for its series B preferred stock, the trading symbol has changed from SPPRO to CDORO.
Announcements in Line with New Strategy - Commenting on the acquisition, Bill Blackham, Condor Hospitality's CEO said, "The acquisition of these three hotels aligns perfectly with the new strategy underway at the company and creates a great opportunity for us to announce the renaming of the company to Condor Hospitality." Providing the rationale behind the change of name, Blackham said, "The name Supertel connotes economy and midscale hotels, segments that are no longer part of our future plans, which was an important part of the consideration behind renaming the company. The recently announced prospective acquisitions and the new name are consistent with the dynamic new direction for the company."
The Road Ahead - Blackham stated that the Company is in a state of transition. It is divesting older properties in the economy segment and investing in newer, contemporary hotels to create a significantly larger hospitality REIT comprised of a higher quality portfolio with greater margins and located in markets with better fundamentals. He added that the Company will remain highly disciplined in its acquisition investment strategy, and will continuously review its portfolio and upgrade into properties that it believes will generate more attractive returns.
JCP Investment Management Supports Addition Of Preferred Directors On Supertel Board (5/06/15)
Board Additions an Important First Step but More Remains To Be Done
Board Should Continue Asset Sales and Restructure Balance Sheet
JCP Investment Management is Encouraged but Will Continue to Monitor Progress
HOUSTON, May 6, 2015 /PRNewswire/ -- JCP Investment Management, LLC (together with its affiliates, "JCP Investment Management"), a common and preferred stockholder of Supertel Hospitality, Inc. ("Supertel" or the "Company") (NASDAQ: SPPR), owning approximately 5.5% of the Company's common stock, as well as shares of the Company's Series A Cumulative Preferred Stock, today announced it is pleased the Board of Directors (the "Board") has taken the appropriate steps to fill the Preferred Stock directorships on the Board. JCP Investment Management believes this is an important first step towards addressing the issues the Company faces but it leaves a lot more to be done and JCP Investment Management will continue to monitor the Board to help ensure the future success of the Company.
We believe that with continued asset sales, such as the recent sale in Alexandria, VA, Supertel should be able to deleverage its balance sheet and return to profitability. Specifically, we estimate the Key West Inn, Key Largo, FL, and Comfort Inn, Solomons, MD could have higher land or redevelopment values than going concern hotel properties.
In addition, in our view, the Company should conduct a global restructuring of its balance sheet, including making all loans non-recourse to the parent similar to most hotel companies. We believe with the right financial advisor such a restructuring can be accomplished in a manner advantageous to all shareholders. We would be open to participating in a restructuring along these lines.
While we recognize the Company's financial troubles may be rooted in decisions and actions that predate the current management, we expect to see from this management and the Board a more proactive approach to managing the looming maturities and exceptionally high interest rate of the Company's loans. Twice in the past 6 months the Company has been forced to extend the maturities on its loans due to the Board and management's inability to execute on a sale of assets. This places an undue risk on all stakeholders as the lenders have no obligation to extend or renegotiate any terms.
While the addition of representatives of the Company's preferred stock on the Board is an important and positive development, the Board must continue on a course that enhances shareholder value. We look forward to increasing our ownership in the future depending on market conditions and working with the Board to create value for all shareholders.
About JCP Investment Management:
JCP Investment Management, LLC is an investment firm headquartered in Houston, TX that engages in value-based investing across the capital structure. JCP follows an opportunistic approach to investing across different equity, credit and distressed securities largely in North America.
Investor Contact:
James C. Pappas
JCP Investment Management, LLC
(713) 333-5540
SOURCE JCP Investment Management, LLC
http://www.prnewswire.com/news-releases/jcp-investment-management-supports-addition-of-preferred-directors-on-supertel-board-300078273.html
Can anyone tell me why the price went up it seems like bad news?
Supertel Hospitality Announces Sale of Two Non-Core Hotels and Enters Agreement to Sell Two Hotels (4/17/15)
NORFOLK, NE -- (Marketwired) -- 04/17/15 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT), today Augusta, Georgia, sold for $3.4 million, and the 120-room Savannah Suites in Chamblee, Georgia, sold for $4.4 million. The company applied $4.1 million of the proceeds to the GE Capital mortgage note that matures in December 2015.
Bill Blackham, Supertel's Chief Executive Officer, stated, "Supertel has monetized six hotels in 2015 to date and is announced that it closed on the sale of two Savannah Suites hotels on April 1, 2015. The 172-room Savannah Suites located in expected to accelerate hotel sales in the future in order to recycle capital and acquire relatively new upper midscale and upscale limited service, select service and extended stay hotels that are consistent with our revised investment strategy. As the economy continues to improve, we anticipate this repositioning will yield higher returns for our shareholders."
On April 13, 2015, Supertel entered into an agreement to sell two hotels located in Alexandria, Virginia, for a purchase price of $19.0 million. The sale is subject to the completion of the inspection period and customary closing conditions. Provided the closing conditions are met, the company expects to complete the sale in late spring or early summer.
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The company currently owns 50 hotels comprising 4,210 rooms in 20 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Choice and Wyndham. For more information visit the company website Supertelinc.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:
Krista Arkfeld
Director of Corporate Communications
karkfeld@supertelinc.com
(402) 371-2520
http://www.snl.com/irweblinkx/file.aspx?IID=103226&FID=29012857
$SPPR recent news/filings
bullish
## source: finance.yahoo.com
Fri, 17 Apr 2015 12:40:25 GMT ~ Supertel Hospitality Announces Sale of Two Non-Core Hotels and Enters Agreement to Sell Two Hotels
[at noodls] - NORFOLK, NE -- (Marketwired) -- 04/17/15 -- Supertel Hospitality, Inc. (NASDAQ: SPPR) , a real estate investment trust (REIT), today announced that it closed on the sale of two Savannah Suites hotels on ...
read full: http://www.noodls.com/view/1C45F19D66DE12E4D08FBB57AD1F0DBF8CE27C60
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Fri, 17 Apr 2015 12:31:37 GMT ~ SUPERTEL HOSPITALITY INC Files SEC form 8-K, Entry into a Material Definitive Agreement
read full: http://biz.yahoo.com/e/150417/sppr8-k.html
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Fri, 17 Apr 2015 12:30:00 GMT ~ Supertel Hospitality Announces Sale of Two Non-Core Hotels and Enters Agreement to Sell Two Hotels
[Marketwired] - Supertel Hospitality, Inc. , a real estate investment trust , today announced that it closed on the sale of two Savannah Suites hotels on April 1, 2015. The 172-room Savannah Suites located in Augusta, ...
read full: http://finance.yahoo.com/news/supertel-hospitality-announces-sale-two-123000532.html
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Fri, 27 Mar 2015 20:11:56 GMT ~ SUPERTEL HOSPITALITY INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhi
read full: http://biz.yahoo.com/e/150327/sppr8-k.html
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Fri, 27 Mar 2015 17:04:12 GMT ~ SUPERTEL HOSPITALITY INC Financials
read full: http://finance.yahoo.com/q/is?s=sppr
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$SPPR charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$SPPR company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/SPPR/company-info
Ticker: $SPPR
OTC Market Place: Not Available
CIK code: not found
Company name: Supertel Hospitality, Inc.
Incorporated In: MD, USA
$SPPR share structure
## source: otcmarkets.com
Market Value: Not Available
Shares Outstanding: Not Available
Float: Not Available
Authorized Shares: Not Available
Par Value: Not Available
$SPPR extra dd links
Company name: Supertel Hospitality, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=SPPR+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=SPPR+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=SPPR+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/SPPR/news - http://finance.yahoo.com/q/h?s=SPPR+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/SPPR/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/SPPR/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=SPPR+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/SPPR
DTCC (dtcc.com): http://search2.dtcc.com/?q=Supertel+Hospitality%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Supertel+Hospitality%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Supertel+Hospitality%2C+Inc.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/SPPR
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/sec-filings
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/SPPR/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/SPPR/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=SPPR&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=SPPR
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/SPPR/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=SPPR+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=SPPR+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=SPPR
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=SPPR
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=SPPR+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/SPPR/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=SPPR+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/SPPR.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=SPPR
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/SPPR/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/SPPR/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/SPPR
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/SPPR
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/SPPR:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=SPPR
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=SPPR
$SPPR DD Notes ~ http://www.ddnotesmaker.com/SPPR
Supertel Hospitality Inc. May Be A Speculative Trade, Not An Investment Right Now (3/31/15)
http://seekingalpha.com/article/3040526-supertel-hospitality-inc-may-be-a-speculative-trade-not-an-investment-right-now
JCP Investment Management Nominates Two Candidates For Preferred Stock Directors Of Supertel Hospitality (3/09/15)
HOUSTON, March 9, 2015 /PRNewswire/ -- JCP Investment Management, LLC (together with its affiliates, "JCP Investment Management"), a preferred stockholder of Supertel Hospitality, Inc. ("Supertel" or the "Company") (NASDAQ: SPPR), owning shares of the Company's Series A Cumulative Preferred Stock (the "Series A Preferred Stock"), today announced its nomination of two highly-qualified director candidates for election as representatives of the Company's preferred stockholders on the Board of Directors (the "Board").
Supertel's organizational documents provide that if the Company fails to pay dividends to the holders of the Series A Preferred Stock for six consecutive months or nine months, whether or not consecutive, in any twelve month period, then the Board must be increased by two and the holders of the Series A Preferred Stock can vote separately as a class to elect directors to fill the two resulting vacancies and serve as their representatives on the Board. The Series A Preferred Stock is currently in arrears for longer than such default period. Accordingly, JCP has formally notified Supertel of its nomination of two highly-qualified director candidates to be elected by the Series A Preferred Stockholders at the upcoming 2015 Annual Meeting of Supertel's stockholders.
JCP Investment Management is dedicated to maximizing shareholder value and improving corporate governance at Supertel for all shareholders. In our view, Supertel is in need of a global restructuring of the Company's capital structure. JCP would look forward to capital participation in a restructuring conducted by a financial advisor and approved by the Board.
We look forward to working with the Board to add fresh perspective in the boardroom and help restructure the Company in the best interests of all common and preferred shareholders.
JCP Investment Management's Preferred Stock Director Nominees are:
Edward M. (Ted) Collie - Director of Investments of Cortland Partners, LLC ("Cortland Partners"), one of the fastest growing apartment companies in the United States. Prior to joining Cortland Partners, Mr. Collie worked in the Investment Group of H/2 Capital Partners, an institutional real estate fund manager, where he focused on both distressed and performing real estate loans across asset classes and geographies, from August 2010 until January 2014. Prior to that, Mr. Collie served as Director of Acquisitions and Dispositions for Archstone, formerly one of the largest investors, developers and operators of apartment communities. Mr. Collie received an MBA from Columbia Business School and a BS in Commerce from University of Virginia. JCP Investment Management believes that Mr. Collie's over 10 years of real estate investment experience, which includes the repositioning of select service and extended stay hotel brands, well qualifies him to serve on the Board.
Michael Sutton - Member of JCP Investment Management, an investment manager that follows an opportunistic approach to investing across different equity, credit and distressed securities, since January 2014. Prior to JCP Investment Management, Mr. Sutton worked for a family office, Grupo de Bullet, where he focused on private real asset investments including real estate and infrastructure in addition to developing complimentary operating businesses, from November 2011 until September 2013. Mr. Sutton worked at BTG Pactual Colombia, a leading pan-Latin American investment bank, from December 2010 until January 2012. From January 2005 until May 2008, Mr. Sutton worked at Banc of America Securities, the investment banking arm of Bank of America, a multinational banking and financial services corporation, as part of a team in the Real Estate Securities Group that financed and managed a portfolio of subordinate mortgage notes backed by real estate, including for the acquisition of multiple hospitality companies and properties. Mr. Sutton earned an MBA from the Darden School of Business, University of Virginia and a BBA in Finance from Texas A&M University. JCP Investment Management believes that Mr. Sutton's financial expertise would be a valuable addition to the Board.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
JCP Investment Management, together with the participants named herein, intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of their slate of two highly-qualified preferred stock director nominees at the 2015 annual meeting of shareholders of Supertel Hospitality, Inc., a Maryland corporation (the "Company").
JCP INVESTMENT MANAGEMENT STRONGLY ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are JCP Investment Partnership, LP ("JCP Partnership"), JCP Investment Partners, LP ("JCP Partners"), JCP Investment Holdings, LLC ("JCP Holdings"), JCP Investment Management, LLC ("JCP Management"), James C. Pappas, Edward M. Collie and Michael Sutton (collectively, the "Participants").
As of the date hereof, JCP Partnership directly owned 1,000 shares of Series A Cumulative Preferred Stock, $0.01 par value per share ("Series A Preferred Stock"), and 1,000 shares of common stock, $0.01 par value per share ("Common Stock"). JCP Partners, as the general partner of JCP Partnership, may be deemed the beneficial owner of 1,000 shares of Series A Preferred Stock and 1,000 shares of Common Stock beneficially owned by JCP Partnership. JCP Holdings, as the general partner of JCP Partners, may be deemed the beneficial owner of 1,000 shares of Series A Preferred Stock and 1,000 shares of Common Stock beneficially owned by JCP Partnership. JCP Management, as the investment manager of JCP Partnership, may be deemed the beneficial owner of 1,000 shares of Series A Preferred Stock and 1,000 shares of Common Stock beneficially owned by JCP Partnership. Mr. Pappas, as the managing member of JCP Management and sole member of JCP Holdings, may be deemed the beneficial owner of 1,000 shares of Series A Preferred Stock and 1,000 shares of Common Stock beneficially owned by JCP Partnership. As of the date hereof, Messrs. Collie and Sutton did not beneficially own any shares of Series A Preferred Stock or Common Stock.
About JCP Investment Management:
JCP Investment Management, LLC is an investment firm headquartered in Houston, TX that engages in value-based investing across the capital structure. JCP follows an opportunistic approach to investing across different equity, credit and distressed securities largely in North America.
Investor Contact:
John Glenn Grau
InvestorCom, Inc.
(203) 972-9300 ext. 11
SOURCE JCP Investment Management, LLC
http://www.prnewswire.com/news-releases/jcp-investment-management-nominates-two-candidates-for-preferred-stock-directors-of-supertel-hospitality-300047147.html
CFO Connie Scarpello informed the company on 11/22/14 of her plan to leave her position effective 3/31/15.
However, she will be required to remain on until the Form 10-K for the fiscal year ended 12/31/14 is completed and remain on the company payroll through 8/15/15 with present base salary and employee benefits, paid in accordance with customary payroll practice once her role as CFO ends.
http://www.sec.gov/Archives/edgar/data/929545/000090044014000127/sppr8k_dec22.htm
Walthers role as President and CEO was extended to 1/31/15.
http://www.sec.gov/Archives/edgar/data/929545/000090044014000125/sppr8k_dec19ltr.htm
No new CEO has been named.
Supertel Begins Search for New CEO (9/12/14)
NORFOLK, NE -- (Marketwired) -- 09/12/14 -- Supertel Hospitality, Inc. (NASDAQ: SPPR) (the "Company"), a real estate investment trust (REIT), today announced that Kelly Walters, chief executive officer, has informed the Supertel Board of Directors of his plan to leave his position as chief executive officer upon the earlier of the Company hiring a replacement or at the end of the year, December 31, 2014. Mr. Walters will remain on the board of directors.
The Board of Directors has established a search committee to identify a new CEO.
Walters said, "I have enjoyed my years as the executive leader of Supertel immensely. I will always treasure the experience of meeting the challenges in the hotel industry with the dedicated and fine people of my team. I am excited about the company's future but it is time for me to seek new challenges. I look forward to meeting the company's new executive leader and assisting in the transition."
Jim Friend, chairman of Supertel, said, "Kelly Walters became the company's key leader in April 2009 during a very challenging environment for the hotel industry. He has overseen the strengthening of the company balance sheet, the reduction of debt and the divestment of a number of older legacy hotels, positioning the company for the next level of growth. We greatly appreciate his dedication and leadership and wish him well as he seeks new challenges."
About Supertel Hospitality, Inc.
Supertel Hospitality, Inc. (NASDAQ: SPPR) is a self-administered real estate investment trust that specializes in the ownership of select-service hotels. The Company owns 61 hotels comprising 5,319 rooms in 20 states. Supertel's hotels are franchised by a number of the industry's most well-regarded brand families, including Hilton, Choice and Wyndham. For more information or to make a hotel reservation, visit www.supertelinc.com.
http://www.snl.com/irweblinkx/file.aspx?IID=103226&FID=25259638
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0
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398
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05/19/11
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Free
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Condor Hospitality Trust (NASDAQ: CDOR) is a publicly traded real estate investment trust that specializes in the ownership of premium-branded upper midscale and upscale select service extended stay and limited service hotels that are located within the top 100 MSAs in the United States. The Company’s hotels are franchised under premium brands such as Hilton, Marriott, IHG, Choice and Wyndham, and operated by third party management companies..
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