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