NORFOLK, NE--(Marketwired - May 10, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR) (the "Company") today announced results for the first quarter ended March 31, 2016.
"The first quarter of 2016 was an inflection point for Condor as the $30.0 million investment by StepStone enabled the Company to greatly advance its goal of improving the quality of and simplifying the structure of its balance sheet," said Bill Blackham, Condor's Chief Executive Officer. "Our near term focus is to complete the strategic repositioning of the portfolio through continued disposition of legacy assets to recycle the net proceeds in a highly disciplined manner into high-quality, premium branded select service hotels."
2016 First Quarter Highlights
The Company continues to make significant progress on its strategic repositioning. In the first quarter of 2016, the Company successfully closed on a $30.0 million capital raise. Additionally, the Company continued to dispose of legacy assets at attractive valuations, successfully closing on four legacy dispositions in the first quarter. Both of these important accomplishments are further detailed below.
Capital Raise: On March 16, 2016, Condor announced that it had raised $30.0 million in a private placement transaction with an affiliate of the StepStone Group. The investment, structured as a new Series D Preferred Stock, includes a 6.25% coupon, payable quarterly, and may be converted under certain circumstances into shares of the Company's common stock at a conversion price of $1.60 per share. Subsequent to the close of the first quarter, the Company used a portion of the proceeds from the $30.0 million Series D raise to redeem for cash all outstanding Series A and Series B Preferred Stock, including all unpaid accrued dividends. Excess proceeds will be utilized by the Company to accelerate the strategic repositioning of its portfolio to high-quality select service, limited service, extended stay, and compact full service hotels. This investment capacity is in addition to the proceeds expected to be recycled from the planned disposition of legacy assets in 2016. Simultaneous with StepStone's Series D investment, the Company's outstanding Series C Preferred Stock, all of which was held by Real Estate Strategies L.P. (RES), was also exchanged for the newly created Series D Preferred Stock, resulting in one class of preferred stock for which the Company can require conversion entirely into common stock upon the occurrence of defined capital events.
Dispositions: In the first quarter of 2016, the Company continued to successfully dispose of legacy assets at attractive valuations. On January 8, 2016, the Company announced the sale of three legacy assets for gross proceeds of $7.0 million. On April 7, 2016, the Company announced the sale of an additional legacy asset with gross proceeds of $2.4 million. The Company expects to market up to 27 legacy hotels in 2016, including the four closed dispositions aforementioned. At a minimum, the Company anticipates disposing of 20 legacy hotels in 2016 and plans to utilize the net proceeds to continue to strategically reposition the portfolio.
Summary Financial Results
RevPAR: For the first quarter, revenue per available room (RevPAR) for the 22 same-store hotels not considered held for sale at March 31, 2016, declined 5.3 percent to $40.89. The decrease was attributed to an 11.5 percent reduction in occupancy to 53.5 percent, partially offset by a 7.0 percent increase in average daily rate (ADR) to $76.43. The decrease in occupancy was the result of market challenges facing the legacy hotels as a result of declines in oil and gas, rail, and fracking industries. Occupancy was also negatively impacted by a decrease in construction projects from 2015 where the rate of these projects was higher than typical. Despite these occupancy challenges, in the latter half of 2015 and in 2016, the Company has focused on increasing ADR in light of an improving economy and increasing leisure and transient travel.
Revenue: Condor's first quarter 2016 revenue from continuing operations was $12.2 million compared to $12.3 million in the same 2015 period. Revenue from newly acquired properties in the three months ended March 31, 2016 totaled $3.2 million, which was partially offset by a decrease in revenue from held for sale and sold properties included in continuing operations of $3.1 million.
Net Earnings: First quarter net earnings attributable to common shareholders was $(10.4) million, or $(2.11) per basic and diluted share compared to $2.3 million, or $0.48 per basic and $(0.09) per diluted share for the same 2015 period.
These results include dividends declared and undeclared and in kind distributions to preferred shareholders of $17.7 million for the three months ended March 31, 2016, which increased considerably over $0.9 million in the same period in 2015 as a result of the first quarter 2016 preferred stock transactions.
Funds From Operations (FFO): Funds from operations for the three months ended March 31, 2016 increased to $5.8 million as compared to $4.7 million for the same period prior year. The increase in FFO was primarily driven by an increase in net earnings from $3.5 million for the first three months ended March 31, 2015 to $7.7 million for the same period 2016.
Capital Reinvestment: The Company invested $0.7 million in capital improvements throughout the portfolio in the first quarter 2016 to upgrade its properties and maintain brand standards.
Balance Sheet: The Company had cash and cash equivalents and available revolver of $16.3 million and $2.6 million, respectively, at March 31, 2016. As of March 31, 2016, the Company had total outstanding long-term debt of $81.5 million, with $67.5 million associated with assets held for use with a weighted average maturity of 2.7 years and a weighted average interest rate of 5.15%.
Dividends:On April 15, 2016, the Company completed the cash redemption of all of its outstanding shares of 8% Series A Cumulative Preferred Stock (NASDAQ: CDORP) (CUSIP No. 20676Y205) and 10% Series B Cumulative Preferred Stock (NASDAQ: CDORO) (CUSIP No. 20676Y304), including all accrued and unpaid dividends. The aggregate redemption price was approximately $20.1 million, an amount that was funded using proceeds from the Company's previously announced $30.0 million private placement transaction with StepStone Real Estate, an affiliate of the StepStone Group.
On March 16, 2016, the Company entered into an Exchange Agreement with RES and IRSA Inversiones y Representaciones Sociedad Anónima pursuant to which all 3,000,000 outstanding shares of Series C Preferred Stock were exchanged for 3,000,000 shares of Series D Preferred Stock. Pursuant to the Exchange Agreement, in lieu of payment of accrued and unpaid dividends in the amount of $4.9 million on the Series C Preferred Stock, Condor (a) paid to RES an amount of cash equal to $1.5 million (b) issued to RES 245,156 shares of Series D Preferred Stock (such that RES, IRSA and their affiliates do not beneficially own in excess of 49% of the voting stock of Condor) and (c) issued to RES a promissory note, bearing interest at 6.25% per annum, in the principal amount of $1.0 million and convertible into a number of shares of Series D Preferred Stock that would have otherwise been issued on account of the remaining accrued and unpaid dividends but for the foregoing 49% limitation (the "Note").
Following the execution of the Stock Purchase Agreement and Exchange Agreement on March 16, 2016, there were 6,245,156 shares of Series D Preferred Stock outstanding. The Series D Preferred stockholders receive cumulative cash dividends at a rate of 6.25% per annum, payable quarterly. The Series D Preferred Stock is convertible, at the option of the holder, at any time into common stock at a rate of $1.60 per share of common stock, which is equal to a rate of 6.25 shares of common stock for each share of Series D Preferred Stock. No dividend has been declared to-date for the Series D Preferred Stock. The Company's Board of Directors will announce distributions following the next Board of Director's meeting.
Outlook
"Over the past year, we have significantly improved the capitalization and liquidity position of Condor," said Jonathan Gantt, Condor's Chief Financial Officer. "We believe these improvements, combined with the capital recycling initiative, position the company to pursue increasing shareholder value."
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) is a self-administered real estate investment trust 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 37 hotels in 17 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
Forward Looking Statement
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.
SELECTED FINANCIAL DATA:
Condor Hospitality Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited - In thousands, except share and per share data)
As of
----------------------------
March 31, December 31,
2016 2015
------------- -------------
Assets
----------------------------------------------
Investment in hotel properties, net $ 105,645 $ 106,312
Cash and cash equivalents 16,270 4,870
Restricted cash, property escrows 2,940 3,776
Restricted cash, Series A and B Preferred
redemption escrow 20,147 -
Accounts receivable, net of allowance for
doubtful accounts of $8 and $10 1,326 1,169
Prepaid expenses and other assets 2,117 1,832
Investment in hotel properties held for sale,
net 18,677 24,387
------------- -------------
Total Assets $ 167,122 $ 142,346
============= =============
Liabilities and Equity
----------------------------------------------
Liabilities
Accounts payable, accrued expenses, and other
liabilities $ 6,940 $ 5,419
Derivative liabilities, at fair value 214 8,759
Convertible debt, at fair value 1,399 -
Long-term debt, net of deferred financing
costs 66,446 67,503
Long-term debt related to hotel properties
held for sale, net of deferred financing
costs 13,746 18,508
Mandatorily redeemable preferred stock, at
redemption value:
8% Series A, 2,500,000 shares authorized,
$.01 par value, 803,270 shares outstanding 9,675 -
10% Series B, 800,000 shares authorized;
$.01 par value, 332,500 shares outstanding 10,391 -
------------- -------------
Total Liabilities 108,811 100,189
Redeemable preferred stock:
10% Series B, 800,000 shares authorized;
$.01 par value, 332,500 shares outstanding,
liquidation preference of $10,182 at
December 31, 2015 - 7,662
Equity
Shareholders' equity
Preferred stock, 40,000,000 shares authorized:
8% Series A, 2,500,000 shares authorized,
$.01 par value, 803,270 shares outstanding,
liquidation preference of $9,485 at
December 31, 2015 - 8
6.25% Series C, 3,000,000 shares authorized,
$.01 par value, 3,000,000 shares
outstanding, liquidation preference of
$34,492 at December 31, 2015 - 30
6.25% Series D, 6,700,000 shares authorized,
$.01 par value, 6,245,156 shares
outstanding, liquidation preference of
$62,612 at March 31, 2016 61,449 -
Common stock, $.01 par value, 200,000,000
shares authorized; 4,941,878 shares
outstanding 49 49
Additional paid-in capital 118,507 138,387
Accumulated deficit (124,004) (105,858)
------------- -------------
Total Shareholders' Equity 56,001 32,616
Noncontrolling interest in consolidated
partnership, redemption value of $1,838 and
$1,197 2,310 1,879
------------- -------------
Total Equity 58,311 34,495
------------- -------------
Total Liabilities and Equity $ 167,122 $ 142,346
============= =============
Condor Hospitality Trust, Inc.
Consolidated Statements of Operations
(Unaudited - In thousands, except per share data)
Three months ended March 31,
----------------------------
2016 2015
------------- -------------
Revenue
Room rentals and other hotel services $ 12,176 $ 12,346
------------- -------------
Operating Expenses
Hotel and property operations 9,407 9,988
Depreciation and amortization 1,409 1,480
General and administrative 1,448 1,385
Acquisition and terminated transactions 94 -
------------- -------------
Total operating expenses 12,358 12,853
------------- -------------
Operating loss (182) (507)
Net gain on disposition of assets 3,368 13
Net gain on derivatives and convertible debt 6,117 4,823
Other income (expense) (21) 95
Interest expense (1,308) (1,527)
Loss on debt extinguishment (173) (7)
Impairment loss (793) (777)
------------- -------------
Earnings from continuing operations before
income taxes 7,008 2,113
Income tax expense - -
------------- -------------
Earnings from continuing operations 7,008 2,113
Gain from discontinued operations, net of tax 679 1,337
------------- -------------
Net earnings 7,687 3,450
Earnings attributable to noncontrolling
interest (389) (281)
------------- -------------
Net earnings attributable to controlling
interests 7,298 3,169
Dividends declared and undeclared and in kind
dividends deemed on preferred stock (17,740) (891)
------------- -------------
Net earnings (loss) attributable to common
shareholders $ (10,442) $ 2,278
============= =============
Earnings per Share
----------------------------------------------
Continuing operations - Basic $ (2.24) $ 0.23
Discontinued operations - Basic 0.13 0.25
------------- -------------
Total - Basic Earnings per Share $ (2.11) $ 0.48
============= =============
Continuing operations - Diluted $ (2.24) $ (0.14)
Discontinued operations - Diluted 0.13 0.05
------------- -------------
Total - Diluted Earnings per Share $ (2.11) $ (0.09)
============= =============
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Non-GAAP financial measures are measures of our historical financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We report Funds from Operations ("FFO"), Adjusted FFO ("AFFO"), Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA"), Adjusted EBITDA, and Property Operating Income ("POI") as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers. Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings or operating income (loss) as an indication of financial performance or to U.S. GAAP cash flows from operating activities as a measure of liquidity. Additionally, these measures are not indicative of funds available to fund cash needs or our ability to make cash distributions as they have not been adjusted to consider cash requirements for capital expenditures, property acquisitions, debt service obligations, or other commitments.
FFO and AFFO
The following table reconciles net earnings to FFO and AFFO for the three months ended March 31 (in thousands.) All amounts presented include both continuing and discontinued operations.
Three months ended
March 31,
--------------------------
Reconciliation of Net earnings to FFO and AFFO 2016 2015
------------------------------------------------ ------------ ------------
Net earnings $ 7,687 $ 3,450
Depreciation and amortization expense 1,409 1,480
Net gain on disposition of assets (4,048) (950)
Impairment loss 793 732
------------ ------------
FFO 5,841 4,712
Earnings attributable to noncontrolling
interests (389) (281)
Dividends declared and undeclared and in kind
dividends deemed on preferred stock (17,740) (891)
------------ ------------
FFO attributable to common shareholders (12,288) 3,540
Net gain on derivatives and convertible debt (6,117) (4,823)
Acquisition and terminated transactions expense 94 -
------------ ------------
AFFO attributable to common shareholders $ (18,311) $ (1,283)
============ ============
We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT), which defines FFO as net earnings computed in accordance with GAAP, excluding gains or losses from sales of real estate assets, impairment, and the depreciation and amortization of real estate assets. FFO is calculated both for the Company in total and as FFO attributable to common shareholders, which is FFO excluding earnings attributable to noncontrolling interests and preferred stock dividends. AFFO is FFO attributable to common shareholders adjusted to exclude items we do not believe are representative of the results from our core operations, such as non-cash gains or losses on derivative liabilities and convertible debt and cash charges for acquisition costs. All REITs do not calculate FFO and AFFO in the same manner; therefore, our calculation may not be the same as the calculation of FFO and AFFO for similar REITs.
We consider FFO and AFFO to be useful additional measures of performance for an equity REIT because they facilitate an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO and AFFO provide a meaningful indication of our performance.
EBITDA and Adjusted EBITDA
The following table reconciles net earnings to EBITDA and Adjusted EBITDA for the three months ended March 31 (in thousands). All amounts presented include both continuing and discontinued operations.
Three months ended
March 31,
--------------------------
Reconciliation of Net earnings to EBITDA and
Adjusted EBITDA 2016 2015
------------------------------------------------ ------------ ------------
Net earnings $ 7,687 $ 3,450
Interest expense 1,333 1,672
Loss on debt extinguishment 173 7
Income tax expense - -
Depreciation and amortization expense 1,409 1,480
------------ ------------
EBITDA 10,602 6,609
Net gain on disposition of assets (4,048) (950)
Impairment loss 793 732
Net gain on derivatives and convertible debt (6,117) (4,823)
Acquisition and terminated transactions expense 94 -
------------ ------------
Adjusted EBITDA $ 1,324 $ 1,568
============ ============
We calculate EBITDA and Adjusted EBITDA by adding back to net earnings certain non-operating expenses and certain non-cash charges which are based on historical cost accounting which we believe may be of limited significance in evaluating current performance. We believe these adjustments can help eliminate the accounting effects of depreciation and amortization and financing decisions and facilitate comparisons of core operating profitability between periods. In calculating EBITDA, we add back to net earnings interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. In calculating Adjusted EBITDA, we adjust EBITDA to add back net gain on disposition of assets, and acquisition and terminated transactions expense, which are cash charges. We also add back impairment and gain or loss on derivatives and convertible debt, which are non-cash charges. Our current calculation of EBITDA varies from that presented in previous filings as EBITDA was historically calculated based on net earnings attributable to common shareholders with preferred dividends and noncontrolling interest added back only to Adjusted EBITDA. EBITDA and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.
We believe that EBITDA and Adjusted EBITDA to be useful additional measures of our operating performance, excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization expense), and other items we do not believe are representative of the results from our core operations.
PropertyOperating Income
The following table reconciles operating income (loss) to POI for the three months ended March 31 (in thousands). All amounts presented include only continuing operations unless otherwise noted.
Three months ended
March 31,
--------------------------
Reconciliation of Operating loss to POI 2016 2015
------------------------------------------------ ------------ ------------
Operating loss $ (182) $ (507)
Depreciation and amortization expense 1,409 1,480
General and administrative expense 1,448 1,385
Acquisition and terminated transactions expense 94 -
Room rentals and property operations revenue,
discontinued operations 334 1,752
Hotel and property operating expense,
discontinued operations (310) (1,252)
------------ ------------
POI $ 2,793 $ 2,858
============ ============
We calculate POI as room rentals and other hotel services revenue less hotel and property operating expenses. We believe POI is helpful to investors as it better communicates the comparability of our hotels' operating results for all of the Company's hotel properties. POI as presented above includes both continuing and discontinued operations.
Condor Hospitality Trust, Inc.
Operating Statistics
Three months ended March 31,
-----------------------------------------------------
2016 2015
--------------------------- -------------------------
Occupancy ADR RevPAR Occupancy ADR RevPAR
--------- -------- ------- --------- ------ -------
Same store HFU 53.50% $ 76.43 $ 40.89 60.48% $71.41 $ 43.19
Same store HFS 50.39% 53.84 27.13 56.19% 51.46 28.19
Total same store 52.28% $ 67.94 $ 35.52 58.81% $63.99 $ 37.63
Acquisitions 76.82% $ 112.09 $ 86.10 - $ - $ -
Condor Hospitality Trust, Inc.
Property List | First Quarter Earnings Release Dated May 10, 2016
----------------------------------------------------------------------------
Current Hotel Portfolio [Excludes Acquisitions as Detailed Below]
----------------------------------------------------------------------------
Acquisition Status
Ref Hotel Name City State Rooms Date (1)
--- ----------------- -------------------- ----- ----- ----------- ---------
1 Quality Inn Princeton WV 50 1/1/1985 Hold
2 Comfort Inn Farmville VA 51 7/1/1985 Hold
3 Quality Inn Solomons MD 59 6/1/1986 Hold
4 Key West Inn Key Largo FL 40 8/1/1987 Hold
5 Quality Inn Morgantown WV 81 10/1/1996 Hold
6 Comfort Inn Shelby NC 76 2/1/1989 Hold
7 Comfort Suites Ft. Wayne IN 127 11/7/2005 Hold
8 Comfort Suites Lafayette IN 62 11/7/2005 Hold
9 Comfort Inn and
Suites Warsaw IN 71 11/7/2005 Hold
10 Comfort Suites South Bend IN 135 11/30/2005 Hold
11 Super 8 Billings MT 106 1/5/2007 Hold
12 Hilton Garden Inn Dowell/Solomons MD 100 5/25/2012 Hold
13 Super 8 Keokuk IA 61 2/22/1985 HFS
14 Quality Inn Culpeper VA 49 5/1/1986 HFS
15 Comfort Inn New Castle PA 79 7/1/1987 HFS
16 Super 8 Pittsburg KS 64 8/14/1987 HFS
17 Super 8 Storm Lake IA 59 10/11/1990 HFS
18 Comfort Inn Harlan KY 61 7/1/1993 HFS
19 Comfort Inn Chambersburg PA 63 10/1/1993 HFS
20 Clarion Inn Cleveland TN 59 3/1/1998 HFS
21 Savannah Suites Atlanta GA 164 11/16/2006 HFS
22 Days Inn Bossier City LA 176 4/4/2007 HFS
23 Comfort Inn Glasgow KY 60 1/1/2008 HFS
24 Super 8 Coralville IA 84 12/21/1985 HFS
25 Super 8 Creston IA 121 9/19/1978 Legacy
26 Super 8 Mount Pleasant IA 55 8/29/1988 Legacy
27 Comfort Inn Rocky Mount VA 61 4/1/1989 Legacy
28 Days Inn Farmville VA 59 9/1/1990 Legacy
29 Quality Inn Danville KY 63 8/1/1994 Legacy
30 Super 8 Menomonie WI 81 4/1/1997 Legacy
31 Comfort Suites Marion IN 62 11/7/2005 Legacy
32 Supertel
Inn/Conference
Center Creston IA 41 6/30/2006 Legacy
33 Days Inn Airport Sioux Falls SD 86 1/1/2008 Legacy
34 Super 8 Burlington IA 62 12/30/1986 Legacy
-----
Total 2,628
Acquisitions | For Period January 1, 2015 - March 31, 2016
----------------------------------------------------------------------------
Purchase
Price
Acquisition (in
Ref Hotel Name City State Rooms Date millions)
--- ----------------- -------------------- ----- ----- ----------- ---------
35 SpringHill Suites San Antonio TX 116 10/1/2015 $17.5
36 Courtyard by
Marriott Flagler
Center Jacksonville FL 120 10/2/2015 $14.0
37 Hotel Indigo College Park GA 142 10/2/2015 $11.0
----- ---------
Total
Acquisitions 378 $42.5
Dispositions | For Period January 1, 2015 - March 31, 2016 2
----------------------------------------------------------------------------
Gross
Proceeds
Disposition (in
Ref Hotel Name City State Rooms Date millions)
--- ----------------- -------------------- ----- ----- ----------- ---------
1 Super 8 West Plains MO 49 1/15/2015 $1.5
2 Super 8 Green Bay WI 83 1/29/2015 $2.2
3 Super 8 Columbus GA 74 3/16/2015 $0.9
4 Sleep Inn and
Suites Omaha NE 90 3/19/2015 $2.9
5 Savannah Suites Chamblee GA 120 4/1/2015 $4.4
6 Savannah Suites Augusta GA 172 4/1/2015 $3.4
7 Super 8 Batesville AR 49 4/30/2015 $1.5
8 Days Inn Ashland KY 63 7/1/2015 $2.2
9 Comfort Inn Alexandria VA 150 7/13/2015 $12.0
10 Days Inn Alexandria VA 200 7/13/2015 $6.5
11 Super 8 Manhattan KS 85 8/28/2015 $3.2
12 Quality Inn Sheboygan WI 59 10/6/2015 $2.3
13 Super 8 Hays KS 76 10/14/2015 $1.9
14 Days Inn Glasgow KY 58 10/16/2015 $1.8
15 Super 8 Tomah WI 65 10/21/2015 $1.4
16 Rodeway Inn Fayetteville NC 120 11/3/2015 $2.6
17 Savannah Suites Savannah GA 160 12/22/2015 $4.0
----- ---------
Total FY2015 1,673 $54.7
18 Super 8 Kirksville MO 61 1/4/2016 $1.5
19 Super 8 Lincoln NE 133 1/7/2016 $2.8
20 Savannah Suites Greenville SC 170 1/8/2016 $2.7
21 Super 8 Portage WI 61 3/30/2016 $2.4
----- ---------
Total First
Quarter 2016 425 $9.4
22 Super 8 O'Neill NE 72 4/22/2016 $1.7
----- ---------
Total Subsequent to First Quarter 2016 72 $1.7
----- ---------
Total
Dispositions 2,170 $65.8
----------------------------------------------------------------------------
1 | Status indicates the Company's current plan for the asset: Hold
indicates the Company plans to hold the asset,HFS indicates the asset
is currently marketed for sale, and legacy indicates that the Company
considers the hotelpart of its disposition strategy.
2 | One hotel closed subsequent to the close of first quarter-end 2016, as
detailed; HFS as of March 31, 2016.
Contact:
Krista Arkfeld
Director of Corporate Communications
karkfeld@trustcondor.com
402-371-2520
