BETHESDA, Md., July 10, 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 that its common stock has been approved for listing on the NYSE MKT. The Company's common stock is expected to begin trading on NYSE MKT under its current symbol "CDOR," beginning at the open of market trading on July 21, 2017.
"Acceptance to commence trading on the NYSE MKT represents another key milestone for Condor and continues the dramatic progress our management team and Board have made in executing on the strategic vision for Condor laid out nearly two years ago. This listing change follows a series of recent successes, including a $30 million private equity raise, a $50 million public equity raise, the expansion of our secured revolving credit facility to $150 million, the disposition of over 50 legacy hotels, and the closing of over $200 million of high-quality, select-service acquisitions. Condor continues to reach new heights of success and we are pleased to partner with the New York Stock Exchange," said Bill Blackham, Condor's Chief Executive Officer.
John Tuttle, Global Head of Listings at NYSE, commented: "We are happy to welcome Condor Hospitality Trust to the NYSE MKT where it will join some of the world's most prominent REITs. We are also excited to provide Condor with the robust benefits of our market model, The New York Stock Exchange brand platform, and market quality delivered by our NYSE MKT platform which will be rebranded NYSE American on July 24th."
In connection with the listing of its common stock on the NYSE MKT, Condor intends to terminate the listing of its common stock on NASDAQ. The Company intends to file with the SEC a Form 25 related to the delisting from NASDAQ prior to or at the commencement of trading on the NYSE MKT, and the delisting will be effective ten days after the filing of the Form 25.
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 11 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.