BETHESDA, Md., April 04, 2017 (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 61-room Comfort Inn located at 2608 South Highway 421, Harlan, KY 40831 for $1.9 million. A portion of the net proceeds from the sale will be applied to outstanding debt on the Company’s $90 million secured credit facility.
“We have now sold three legacy hotel assets in 2017 for gross proceeds totaling $8.6 million,” said Bill Blackham, Condor’s Chief Executive Officer. “We anticipate selling in the first half of 2017 an additional four of the remaining ten legacy hotel assets in our portfolio. Proceeds from these expected sales will likely be applied to existing debt, which should allow for the acquisition of additional high-quality select-service hotels. We currently have a signed contract to sell one additional legacy hotel, subject to the satisfaction of customary conditions and there can be no guarantee that this transaction will close,” 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 19 hotels in 10 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.