Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (3/28/17)
BETHESDA, Md., March 28, 2017 (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 hotel asset, the 79-room Comfort Inn located at 1740 New Butler Road, New Castle, PA 16101 for $2.5 million. The net proceeds from the sale will be used to repay outstanding debt on the Company’s new $90 million secured credit facility.
“With this closing, we have sold our first legacy hotel asset of 2017 after disposing of 25 non-core hotels in 2016,” said Bill Blackham, Condor’s Chief Executive Officer. “We will continue our capital recycling initiative throughout 2017 and anticipate selling six additional legacy hotels in the first half of the year. We currently have signed contracts to sell three additional legacy hotels though there can be no guarantee that these transactions will close. Proceeds from these expected dispositions will likely be used to repay existing debt, thus increasing flexibility on our balance sheet to pursue the acquisition of additional high-quality, premium-branded select-service hotels,” 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. http://globenewswire.com/news-release/2017/03/28/945852/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html