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 one of its legacy hotels, the 121-room Super 8 in Creston, IA, is now under contract to sell for $5.1 million and is expected to close in the third quarter of 2018. Net proceeds from the anticipated sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“Given a projected closing of the Creston Super 8 in the third quarter, we will have sold four legacy hotels for gross proceeds of $20.4 million since the beginning of 2018,” said Bill Blackham, Condor’s Chief Executive Officer. “In the three years since accelerating dispositions, we have closed or placed under contract for sale 54 hotels. We began 2018 with five legacy hotels and subsequent to this anticipated sale, Condor will have only one remaining legacy hotel which is currently being evaluated for possible redevelopment opportunities in order to maximize potential sales proceeds. There can be no guarantee that either of these planned dispositions will actually close,” 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 “expected”, “potential”, and “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.