SOURCE: Condor Hospitality Trust, Inc.

October 15, 2015 15:38 ET

Condor Hospitality Trust, Inc. Announces the Sale of Two Hotels

NORFOLK, NE--(Marketwired - October 15, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), announced that it has closed on the sale of two legacy hotels for gross proceeds of $4.2 million. After debt repayment, the company will use the net proceeds for general corporate purposes including future acquisitions.

The two sold hotels include:

  • 59-room Quality Inn, Sheboygan, Wisconsin sold October 6, 2015 for $2.3 million
  • 76-room Super 8, Hays, Kansas sold October 14, 2015 for $1.91 million

"We are pleased with the continuing progress being made in our legacy hotels disposition initiative that is underway which is connected to the capital recycling strategy most recently demonstrated with the acquisition of three high quality select-service hotels in Atlanta, San Antonio and Jacksonville," said Bill Blackham, Condor's Chief Executive Officer. "We expect to continue our disposition of legacy hotels on an accelerated basis through the end of 2016 in what appears to be attractive market conditions for the types of hotels that are being sold. With the closings on these two hotels, the company has sold 13 legacy hotels year-to-date and we expect that number to approach 20 by the end of the year."

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly known as Supertel Hospitality, Inc., is a self-administered real estate investment trust 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 46 hotels in 20 states including the three newly acquired hotels. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice and Wyndham. 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 results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the company's filings with the Securities and Exchange Commission.

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