Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel (4/19/17)
BETHESDA, Md., April 19, 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 62-room Comfort Suites located at 31 Frontage Road, Lafayette, IN 47905 for $3.9 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $90 million secured credit facility.
“We continue to execute our capital recycling initiative with the fourth legacy hotel sale in 2017. These four hotel closings have generated gross proceeds of approximately $12.5 million,” said Bill Blackham, Condor’s Chief Executive Officer. “In the second quarter of 2017, we anticipate selling or placing under contract to sell an additional three legacy hotels in our portfolio thereby completing our plan of retaining six through 2017. Proceeds from these expected dispositions will likely be applied to existing debt, which should allow for the acquisition of additional high-quality select-service hotels. We currently have a signed contract to sell one additional legacy hotel, subject to the satisfaction of customary conditions and there can be no guarantee that this transaction will 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 19 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://www.globenewswire.com/news-release/2017/04/19/962139/0/en/Condor-Hospitality-Trust-Announces-Sale-of-Non-Core-Legacy-Hotel.html