NORFOLK, NE--(Marketwired - April 07, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it sold the 61-room Super 8 in Portage, Wisconsin, on March 30, 2016, for $2.4 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.
"During the first quarter of 2016 we closed on the sale of four legacy hotels," said Bill Blackham, Condor's Chief Executive Officer. "Our accelerated dISPositions initiative, launched last year, will likely result in at least 20 legacy hotels being sold this year and the net sales proceeds recycled into higher quality, select-service lodging assets consistent with our new investment strategy that was commenced in the second half of last year."
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly known as Supertel Hospitality, Inc., is a self-administered real estate investment trust 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 38 hotels in 18 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, 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.
Source: Marketwired - All
Link: Condor Hospitality Trust, Inc. Announces Sale of Non-Core Asset