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 the closing on the sale of a legacy hotel asset, the 127-room Comfort Suites located at 5775 Coventry Lane in Fort Wayne, IN, for $7.1 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“With the sale of the Comfort Suites Fort Wayne, there are only two legacy hotels owned by Condor,” said Bill Blackham, Condor’s Chief Executive Officer. “Of the two legacy assets remaining, one is being actively marketed for sale and one is being evaluated for possible redevelopment opportunities in order to maximize the potential sales proceeds to Condor in a marketing process we expect to initiate sometime in the third quarter. There can be no guarantee that either of these planned dispositions will actually close. Since the beginning of 2015, we have sold an aggregate of 53 legacy hotels generating over $160 million in gross proceeds and recycled the net proceeds into 14 high-quality select-service assets representing approximately $277 million in aggregate purchase consideration,” Mr. Blackham continued.
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 17 hotels in 9 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, including the use of “planned,” 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.