BETHESDA, Md.--(BUSINESS WIRE)--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 that it has successfully completed the refinancing of three new investment platform hotels: the Springhill Suites San Antonio, the Hotel Indigo Atlanta, and the Courtyard Jacksonville. The three hotels were encumbered by floating-rate debt totaling $25.0 million (4.2% weighted average rate), which has now been refinanced by a $26.5 million mortgage loan from Wells Fargo. The new mortgage loan has an effective fixed rate of 4.44% and matures in five years with two one-year extension options.
“We are pleased to add Wells Fargo to our expanding group of financing providers with the successful refinancing of these new investment platform hotels. With this closing there is an additional $26.5 million of fixed-rate debt on our balance sheet, and we have: (1) improved our financial profile through increasing the ratio of fixed rate to total debt, (2) demonstrated our ability to roll individual hotels off of our $150-million secured revolving credit facility, and (3) increased our credit facility availability for future acquisitions,” stated Jonathan Gantt, Chief Financial Officer. “This refinancing is another successful transaction in our continued efforts to strengthen Condor’s balance sheet,” continued Mr. Gantt.
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 19 hotels in 9 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.
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.