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