BETHESDA, MD --(Marketwired - August 01, 2016) - Condor Hospitality Trust, Inc. (
"This transaction represents another premium quality, select service hotel acquisition meeting the investment strategy of the company," Bill Blackham, Condor's Chief Executive Officer stated. "As we continue to expand our new investment platform, we have once again utilized industry contacts to source an off-market hotel acquisition that will be managed by an affiliate of the party that introduced the investment opportunity. Combining the fact that this hotel was completely renovated and converted to the very popular Aloft brand less than two years ago with the hotel's attractive location in the downtown CBD market, makes this acquisition very compelling and we expect positive returns for our shareholders," Blackham continued.
Refer to the Company's Form 8-K to be filed with the Securities and Exchange Commission for a further description of the terms of the transaction. The closing of the acquisition of the hotel is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (
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.
Contact: Jonathan Gantt Chief Financial Officer and Senior Vice President (402) 371-2520 jgantt@trustcondor.com
