BETHESDA, Md., March 23, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”), announced today the pricing of a public offering of 4,150,000 shares of its common stock at a public offering price per share of $10.50, for net proceeds of approximately $39.6 million after deducting the underwriting discount and commissions and estimated offering expenses payable by the Company. The Company has granted the underwriters a 30-day option to purchase up to an additional 622,500 shares of its common stock to cover any over-allotments. The offering is expected to close on March 29, 2017, subject to customary closing conditions. The Company’s common stock trades on the Nasdaq Stock Market under the symbol “CDOR.”
The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of the four Home2 Suites hotels currently under contract to purchase and the balance, if any, for general corporate purposes, which may include the repayment of outstanding indebtedness and the funding of capital expenditures at its hotels.
The offering is being made through an underwriting group led by KeyBanc Capital Markets, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co. and Wunderlich, who are serving as joint book-runners for the offering.
Copies of the final prospectus, when available, may be obtained from: KeyBanc Capital Markets Inc., 127 Public Square, 4th Floor, Cleveland, Ohio 44114, Attention: Equity Syndicate, or by telephone at (800) 859-1783; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202, or by telephone at (800) 792-2473, or by email at email@example.com; Janney Montgomery Scott LLC, 60 State Street, Boston, Massachusetts 02109, Attention: Equity Capital Markets Group, or by email at firstname.lastname@example.org; Compass Point Research & Trading, LLC, 1055 Thomas Jefferson Street, NW, Suite 303, Washington, DC 20007, or by email at email@example.com; D.A. Davidson & Co., 8 Third Street North, Great Falls, Montana 59401, Attention: Equity Syndicate, or by telephone at (800) 332-5915, or by email at firstname.lastname@example.org; and Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119, or by email at email@example.com.
A registration statement on Form S-11 relating to the offering of the Company’s common stock discussed above was declared effective by the Securities and Exchange Commission on March 23, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any state.
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 12 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.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including with respect to the Company’s proposed use of proceeds. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “project,” “outlook,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contact: Jonathan J. Gantt Chief Financial Officer & Senior Vice President firstname.lastname@example.org (301) 861-3305
Source:Condor Hospitality Trust, Inc.