BETHESDA, Md., May 12, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ: CDOR ), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closing of the expansion of its $90 million senior secured revolving credit facility to $150 million. KeyBanc Capital Markets, BMO Capital Markets, and The Huntington National Bank are Joint Lead Arrangers for the revolving credit facility with KeyBank National Association serving as Administrative Agent and The Huntington National Bank and BMO Capital Markets serving as Co-Syndication Agents.
The revolving credit facility now provides for up to $150 million of committed borrowings capacity and continues to include an accordion feature that would allow the Company to increase the size of the facility to up to $400 million with additional lender commitments. The facility matures in 2020 and has two one-year extension options following additional capital achievements. Borrowings will continue to bear interest at a rate determined by a leverage-based pricing grid.
“We are pleased to partner with KeyBank, The Huntington National Bank and BMO Capital Markets and appreciate their support of Condor’s strategy that is focused on building the highest quality portfolio of premium-branded, select-service hotels primarily located in the top 100 MSAs. The closing of the expansion of the facility is yet another major milestone for the Company and demonstrates Condor’s ability to continue to execute on its stated strategic plan. The increase to our credit facility will enable us to accelerate the closing of additional acquisitions and we plan to utilize the facility to close the previously announced acquisition of the Lake Mary Hampton Inn and Suites,” said Jonathan J. Gantt, Condor’s Chief Financial Officer. “We believe the expansion of the facility is another strong indicator of Condor’s standing within the industry as a leading hotel REIT,” Mr. Gantt continued.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: 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 11 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, 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.
Contact: Jonathan J. Gantt Chief Financial Officer & Senior Vice President jgantt@trustcondor.com (301) 861-3305
