×

Condor Hospitality Trust Announces Closing of a Public Offering of 4,772,500 Shares of Common Stock

BETHESDA, Md., March 29, 2017 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR) (the “Company”), announced today the closing of its underwritten public offering of 4,772,500 shares of its common stock, including 622,500 shares issued pursuant to the full exercise of an option to purchase additional shares of common stock granted to the underwriters, at a public offering price per share of $10.50. 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 repay amounts borrowed under its secured revolving credit facility that were used to fund a portion of the purchase price for three Home2 Suites hotels on March 24, 2017 which amounts will then become available for future borrowings, including to fund the acquisition of a fourth Home2 Suites hotel expected to close in the second quarter subject to customary closing conditions.

The offering was made through an underwriting group led by KeyBanc Capital Markets, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co. and Wunderlich, who served as joint book-runners for the offering.

Copies of the final prospectus 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 syndicate@rwbaird.com; Janney Montgomery Scott LLC, 60 State Street, Boston, Massachusetts 02109, Attention: Equity Capital Markets Group, or by email at prospectus@janney.com; Compass Point Research & Trading, LLC, 1055 Thomas Jefferson Street, NW, Suite 303, Washington, DC 20007, or by email at syndicate@compasspointllc.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 prospectusrequest@dadco.com; and Wunderlich Securities, Inc., Attention: Equity Syndicate, 6000 Poplar Avenue, Suite 150, Memphis, Tennessee 38119, or by email at syndicate@wundernet.com.

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 21 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.

Forward-Looking Statements

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 jgantt@trustcondor.com (301) 861-3305

Source:Condor Hospitality Trust, Inc.