BETHESDA, Md., Dec. 22, 2016 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ: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 62-room Super 8 located at 3001 Kirkwood Street, Burlington, IA 52601 for $2.8 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the investment strategy of the Company.
“On January 8, 2016, we communicated our intent to sell at least 20 of the remaining legacy hotels in 2016. We achieved 20 year-to-date legacy hotel asset sales in November and then announced an increased target to sell at least 24 assets. With this sale, we have achieved this increased target of 24 legacy hotel sales for 2016. We have generated $58.5 million in gross proceeds from these asset sales and have used the net proceeds for corporate purposes, including the successful acquisition of two high-quality premium-branded hotels for approximately $66 million, the Aloft Atlanta Downtown and the Aloft Leawood,” said Bill Blackham, Condor’s Chief Executive Officer. “We currently have a signed contract to sell one additional legacy hotel this year though there can be no guarantee that this transaction will close. We expect to end 2016 with no more than 13 of the 59 legacy hotels that the Company owned at the beginning of 2015 prior to accelerating our capital recycling initiative,” Mr. Blackham continued.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: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 20 hotels in 12 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.