NORFOLK, NE – January 11, 2016 – Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it has sold in the first week of January three non-core legacy hotels for gross proceeds of $7.03 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.
The three sold hotels include:
- 61-room Super 8, Kirksville, Missouri sold January 4, 2016 for $1.53 million
- 133-room Super 8, Lincoln, Nebraska sold January 7, 2016 for $2.8 million
- 170-room Savannah Suites in Greenville, South Carolina sold January 8, 2016 for $2.7 million
"The sales of these three hotels were delayed slightly but concludes the disposition of 20 hotels the Company expected to close in 2015," said Bill Blackham, Condor's Chief Executive Officer. "In 2016, as we continue our accelerated dispositions initiative to recycle capital into hotels consistent with our new investment strategy, we expect to sell at least 20 of the 36 legacy hotels that remain in the portfolio of the Company."
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.
