Condor Hospitality Trust, Inc. (NYSE American: CDOR) today announced that its board of directors is evaluating strategic alternatives to enhance shareholder value.
The Company has engaged the firm of Hodges Ward Elliott to market for sale the 15 hotels portfolio owned by the company. Leading the Hodges Ward Elliott team in the marketing of the outperforming high quality select service and extended stay portfolio, located mostly in very desirable secondary markets, will be Dan Peek, President of HWE’s Hotel Group and Clint Hodges, Managing Director and leader of the firm’s select service team. Although the Company expects significant interest in the marketing initiative, there can be no assurance that a transaction will occur at the conclusion of the process.
Bill Blackham, Condor’s Chief Executive Officer, said, “We believe we have a high quality and superior performing portfolio of select-service assets compared to our select service peers in the public hotel REIT space, and now is the right time to review the Company’s strategic alternatives to assess how best to create value for our shareholders. During this time, the entire Condor team working closely with our hotel managers will remain highly focused on continuing to drive our hotel operating performance.”
The Company may engage additional brokers and financial advisors as it deems appropriate. There can be no assurances that the exploration of strategic alternatives will result in any transaction or, should the board of directors approve a transaction, no assurances of the value to the Company’s shareholders thereof. Condor Hospitality does not intend to discuss or disclose developments with respect to the process unless and until otherwise determined that further disclosure is appropriate or required by regulation or law. No formalized timetable has been established for the completion of the strategic review.
Condor Hospitality Trust, Inc. (NYSE American: 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 16 hotels in 8 states.
Logos, product and company names mentioned are the property of their respective owners.
© 2021 Hotel News Resource