SOURCE: Condor Hospitality Trust, Inc.

October 21, 2015 16:54 ET

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

NORFOLK, NE--(Marketwired - October 21, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it sold two non-core legacy hotels for gross proceeds of $3.2 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.

The two sold hotels include:

  • 58-room Days Inn, Glasgow, Kentucky sold October 16, 2015 for $1.8 million
  • 65-room Super 8, Tomah, Wisconsin sold October 21, 2015 for $1.4 million

"With closing the sale of the Tomah and Glasgow hotels the company continues in the implementation of its accelerated legacy hotels disposition initiative connected to our strategy of recycling capital into higher yielding and increased quality select-service hotels," said Bill Blackham, Condor's Chief Executive Officer. "These two completed transactions bring our year of completed sales to 15 hotels and we expect to approach 20 total sales during 2015. Condor remains active in evaluating prospective acquisitions for growing our hotel portfolio with newer hotels consistent with our new investment strategy," he said.

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 44 hotels in 20 states. 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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