Condor Hospitality Trust to Sell 71-Room Comfort Inn & Suites Warsaw for $4.7 Million
BETHESDA, MD. November 2, 2017 - 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 71-room Comfort Inn & Suites Warsaw, is now under contract to sell for $4.7 million and expected to close in late December. Net proceeds from the anticipated sale will be applied to outstanding debt on the Company's $150 million secured credit facility.
“With the anticipated December 2017 closing of the Comfort Inn & Suites Warsaw, we will have sold eight legacy hotels year to date for gross proceeds of $28.8 million,” said Bill Blackham, Condor's Chief Executive Officer. “Following this projected disposition, Condor will have only five remaining legacy assets, three of which are currently designated as held for sale and currently being marketed for sale. Our goal is to have at least these three additional legacy hotels either sold or under contract for sale by year-end, though there can be no guarantee that any 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 19 hotels in 9 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott/Starwood, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.
Contact:
Jonathan J. Gantt
[email protected]
301-861-3305
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
