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
jgantt@trustcondor.com
301-861-3305
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