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 As of August 31, no shares of preferred stock have been tendered and not withdrawn and the last reported trading price on August 28, 2015 of the 8% Series A Cumulative Preferred Stock (NASDAQ: CDORP) was $7.00 and the 10% Series B Cumulative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