BETHESDA, Md., Dec. 28, 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 164-room Savannah Suites located at 140 Pine Street NE, Atlanta, GA 30308 for $3.0 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.
“With this closing, we have achieved 25 hotel asset sales in 2016, exceeding our stated objective of 24 legacy dispositions. We have generated $61.4 million in gross proceeds and have utilized the net proceeds for corporate purposes, including the acquisition for approximately $66 million of two high-quality premium-branded hotels, the Aloft Atlanta Downtown and the Aloft Leawood,” said Bill Blackham, Condor’s Chief Executive Officer. “We close the year with only 13 of the 59 legacy hotels that the Company owned at the beginning of 2015 prior to accelerating our capital recycling initiative. We will continue our capital recycling initiative into 2017 and anticipate selling at least six legacy hotel assets in the first half of 2017. We currently have signed contracts to sell two additional legacy hotels though there can be no guarantee that these transactions 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 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.