Condor Hospitality Trust Announces Sale of Final Non-Core Legacy Hotel
BETHESDA, Md.--(BUSINESS WIRE)--Mar 25, 2019--Condor Hospitality Trust, Inc. (NYSE American: 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 59-room Quality Inn & Marina in Solomons, Maryland for $4.3 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“We are delighted with the closing of the sale of our last remaining legacy hotel, the Quality Inn & Marina in Solomons, Maryland. This concludes our initiative that began 4 years ago and has resulted in the sale of 55 hotels generating $170 million in gross proceeds during that time. Our portfolio is now solely comprised of high-quality select-service hotels that continue to outperform both the broad upscale and upper midscale sectors and our publicly-traded select-service peers,” said Bill Blackham, Condor’s Chief Executive Officer.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: 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 15 hotels in 8 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual events, results or performance to differ from those presented in the forward-looking statement. These forward-looking statements are based on assumptions that management has made in light of experience in the business in which the Company operates, as well as other factors management believes to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of events, performance or results. They involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect events, performance or results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in the Company’s filings with the Securities and Exchange Commission. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
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CONTACT: Jonathan J. Gantt
Chief Financial Officer & Senior Vice President
KEYWORD: UNITED STATES NORTH AMERICA MARYLAND
INDUSTRY KEYWORD: TRAVEL LODGING REIT CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Condor Hospitality Trust, Inc.
Copyright Business Wire 2019.
PUB: 03/25/2019 09:00 AM/DISC: 03/25/2019 09:00 AM