Wired News – Condor Hospitality Trust Reports Sales of Non-Core Legacy Hotel
LONDON, UK / ACCESSWIRE / January 30, 2018 / Active-Investors.com has just released a free research report on Condor Hospitality Trust, Inc. (NYSE: CDOR) ("Condor"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CDOR as the Company's latest news hit the wire. On January 26, 2018, the Company announced that it has sold a legacy hotel asset, the 41-room Supertel Inn located at 800 Laurel Street in Creston, Iowa, for approximately $2.1 million. This marks the third legacy hotel sold by the Company in the month. The net proceeds from the sale of the hotel will be applied to the outstanding debt on the Company's $150 million secured credit facility. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Condor Hospitality Trust most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=CDOR
Condor's Goal is to Sell Two of the Four Legacy Hotels in First Half of 2018
Bill Blackham, Chief Executive Officer (CEO) of Condor, mentioned that with the closing of the Supertel Inn, the Company has only four remaining legacy hotels of the 55 that it owned at the beginning of 2015. Blackham added that the Company's goal is to sell two of the four legacy hotels in the first half of 2018, thereby effectively concluding the recycling of proceeds from the sale of legacy hotels into its new investment platform, though there can be no guarantee that any of these planned dispositions will actually close.
Sale of Other Non-Core Legacy Hotels in 2018
On January 09, 2018, Condor announced that one of its legacy hotels, the 135-room Comfort Suites in South Bend, IN, is now under contract to sell for $6.1 million and is expected to close in Q1 2018. The Company closed the sale of a legacy hotel asset, the 71-room Comfort Inn & Suites located at 3328 East Center Street, Warsaw, IN 46582, for $5.0 million, on January 08, 2018.
Condor's Recent Acquisition Agreement
On January 19, 2018, the Company closed its previously-announced agreement to purchase the 122-room TownePlace Suites located in the North Tech Ridge submarket of Austin, Texas. The hotel was purchased for $19.75 million and will continue to be managed by Aimbridge Hospitality. With the closing of this transaction, Condor added another young, high-quality select-service asset into its growing portfolio of new investment platform hotels.
Transformation of the Company's Portfolio
Condor follows the strategy of acquiring newer select-service hotels in fast-growing, top-100 MSAs, and selling of its non-core legacy hotels. News release suggests that during the period from January 01, 2015, through December 31, 2017, the Company has closed approximately $276 million of acquisitions, including fourteen high-quality premium-branded select-service hotels flagged under the leading Marriott, Hilton, and IHG hotel brands. Around 53 legacy hotels were either sold or were under contract at year-end 2017, resulting in a total of approximately $161 million in gross proceeds. The net proceeds from sales are being used to pay the outstanding debt on Condor's $150 million secured credit facility.
About Condor Hospitality Trust, Inc.
Founded in 1994 and incorporated in the state of Maryland, Condor is a hotel-focused real estate investment trust (REIT) that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay, and limited service hotels. Currently, the Company owns 18 hotels in nine states.
Stock Performance Snapshot
January 29, 2018 - At Monday's closing bell, Condor Hospitality Trust's stock fell 3.19%, ending the trading session at $10.31.
Volume traded for the day: 27.47 thousand shares, which was above the 3-month average volume of 19.73 thousand shares.
Stock performance in the last month – up 3.62%; previous three-month period – up 4.99%; and year-to-date - up 3.62%
After yesterday's close, Condor Hospitality Trust's market cap was at $119.08 million.
The stock has a dividend yield of 7.57%.
The stock is part of the Financial sector, categorized under the REIT - Hotel/Motel industry.
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