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