Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (12/01/16)
BETHESDA, Md., Dec. 01, 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 50-room Comfort Inn located at 2108 South Main Street, Farmville, VA 23901 for $2.6 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the current investment strategy of the company implemented in the third quarter of 2015.
“Year-to-date, Condor has now sold 22 legacy hotels, generating $53.5 million in gross proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “We currently have signed contracts to sell 2 additional legacy hotels although there can be no guarantee that either of these transactions will close. We anticipate selling at least 23 legacy hotels 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 we expect to acquire before the end of 2016,” 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 21 hotels in 11 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/2016/12/01/894362/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html