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