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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Condor Hospitality Trust Inc | AMEX:CDOR | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.94 | 0 | 01:00:00 |
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results for the first quarter ended March 31, 2020.
FIRST QUARTER RELEASE FINANCIAL HIGHLIGHTS
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“Since early March Condor’s focus has shifted from driving hotel revenues and operating performance to COVID-19 induced crisis management. In the first quarter of 2020, our portfolio RevPAR decline of 25.2% is comparable to the decline announced by our publicly traded select service peer group as are our EBITDA margin declines to 27.6%. Despite the tepid hotel demand caused by the COVID 19 pandemic there are some positive trends that have recently surfaced that are noteworthy. Following a relatively strong February 2020 where occupancy of the portfolio was 79.1%, the rapid shutdown of demand in March caused for the portfolio occupancy to drop to a low of 12.9% on March 29, 2020. As the weeks followed occupancy grew to 17.6% on April 20, 2020 then to 20.2% on April 27, 2020 and for the 5 days ending May 8, 2020 has been in the range of 26.8% to 28.9%, continuing to 29.1% on May 11 and 32.4% on May 12. With 10 of the 15 hotels located in Florida, Texas, and Georgia, states that began early opening up businesses on a limited basis, the portfolio was positioned to gain the benefit of being located in states taking actions to stimulate economic conditions.”
FINANCIAL SUMMARY
At March 31, 2020, the Company’s total portfolio included 15 hotels, representing 1,908 rooms.
Total Company Financial Results ($ in millions except per share amounts)
Three months ended March 31,
2020
2019
Change
Revenue
$
13.2
$
15.9
-16.8%
Net Earnings (Loss) Attributable to Common Shareholders
$
(3.2)
$
(0.1)
NA
Diluted Earnings (Loss) per Share
$
(0.27)
$
(0.01)
NA
Funds from Operations (FFO)*
$
(0.3)
$
2.5
NA
FFO per Diluted Share*
$
(0.03)
$
0.20
NA
Adjusted FFO*
$
1.0
$
3.5
-69.9%
Adjusted FFO per Diluted Share*
$
0.09
$
0.29
-69.0%
Hotel EBITDA*
$
4.0
$
7.5
-47.3%
Adjusted EBITDAre*
$
2.7
$
6.1
-55.4%
*Please see the Reg. G reconciliation tables at the end of this release.
Same Store Operational Results** ($ in millions except per share amounts and operating metrics)
Three months ended March 31,
2020
2019
Change
Same-Store RevPAR
$
79.50
$
106.32
-25.2%
Same-Store Occupancy
63.97%
79.82%
-19.9%
Same-Store ADR
$
124.28
$
133.20
-6.7%
Same-Store Hotel EBITDA*
$
4.1
$
7.8
-47.8%
Same-Store Hotel EBITDA Margin*
27.6%
39.9%
-12.3%
*Please see the Reg. G reconciliation tables at the end of this release.
**Financial results presented above include results from prior to our ownership.
BALANCE SHEET
As of March 31, 2020, the Company had cash and cash equivalents (including restricted cash) of $10.9 million. As of March 31, 2020, the Company had total outstanding long-term debt of $178.2 million with a weighted average maturity of 1.3 years and a weighted average interest rate of 4.32%.
PORTFOLIO ACTIVITY
On February 14, 2020, the Company completed the acquisition of the remaining 20% interest in the joint venture that owns the Atlanta Aloft property (the “Atlanta Aloft”) for $7.3 million. The acquisition was funded with debt drawn under the Company’s Key Bank revolving credit facility.
CAPITAL INVESTMENTS
The Company invested $0.3 million in capital improvements throughout the portfolio in the three months ended March 31, 2020 to upgrade its properties and maintain brand standards.
OUTLOOK AND GUIDANCE
The Company has suspended guidance until further notice.
DIVIDENDS
On March 30, 2020, the Sixth Amendment to the Key Bank credit facility was signed which provides that no cash dividends or distributions may be made to common or preferred shareholders for the remaining term of the debt.
EARNINGS CALL
The Company will not be conducting a first quarter earnings conference call.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: 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 in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60 MSAs. The Company currently owns 15 hotels in 8 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels.
Forward-Looking Statement
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “believe”, “continue”, “project”, “plan”, the negative version of these words or other similar expressions. Readers are cautioned not to place undue reliance on any such forward-looking statements.
All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of capital, risks associated with debt financing, interest rates, competition, supply and demand for hotel rooms in our current and proposed market areas, policies and guidelines applicable to real estate investment trusts, risks related to uncertainty and disruption in global economic markets as a result of COVID-19 (commonly referred to as the coronavirus), and other risks and uncertainties described herein, and in our filings with the Securities and Exchange Commission (“SEC”) from time to time. These risks and uncertainties should be considered in evaluating any forward-looking statements.
The forward-looking statements represent Condor’s views as of the date on which such statements were made. Condor anticipates that subsequent events and developments may cause those views to change. These forward-looking statements should not be relied upon as representing Condor’s views as of any date subsequent to the date hereof. Condor expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.
Additional factors that may affect the Company’s business or financial results are described in the risk factors included in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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, 2020
December 31, 2019
Assets
Investment in hotel properties, net
$
273,718
$
222,063
Investment in unconsolidated joint venture
-
4,244
Cash and cash equivalents
2,641
2,584
Restricted cash, property, and interest escrows
8,285
5,811
Accounts receivable, net
773
1,099
Prepaid expenses and other assets
881
1,118
Derivative assets, at fair value
-
22
Total Assets
$
286,298
$
236,941
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities
$
5,879
$
5,523
Dividends and distributions payable
289
145
Land option liability
8,497
-
Derivative liabilities, at fair value
1,143
366
Convertible debt, at fair value
1,040
1,080
Long-term debt, net of deferred financing costs
176,725
134,001
Total Liabilities
193,573
141,115
Equity
Shareholders' Equity
Preferred stock, 40,000,000 shares authorized:
6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $9,539 and $9,395
10,050
10,050
Common stock, $.01 par value, 200,000,000 shares authorized; 11,996,289 and 11,993,608 shares outstanding
120
120
Additional paid-in capital
233,258
233,189
Accumulated deficit
(150,751)
(147,582)
Total Shareholders' Equity
92,677
95,777
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $17 and $47
48
49
Total Equity
92,725
95,826
Total Liabilities and Equity
$
286,298
$
236,941
Condor Hospitality Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited - In thousands, except per share data)
Three months ended March 31,
2020
2019
Revenue
Room rentals and other hotel services
$
13,227
$
15,903
Operating Expenses
Hotel and property operations
9,815
9,793
Depreciation and amortization
2,710
2,362
General and administrative
1,193
1,663
Acquisition and terminated transactions
-
7
Strategic alternatives
144
-
Total operating expenses
13,862
13,825
Operating income (loss)
(635)
2,078
Net gain (loss) on disposition of assets
(9)
39
Equity in earnings of joint venture
80
513
Net loss on derivatives and convertible debt
(759)
(237)
Other expense, net
(28)
(29)
Interest expense
(1,980)
(2,163)
Earnings (loss) before income taxes
(3,331)
201
Income tax benefit (expense)
306
(186)
Net earnings (loss)
(3,025)
15
Loss attributable to noncontrolling interest
1
1
Net earnings (loss) attributable to controlling interests
(3,024)
16
Dividends declared and undeclared on preferred stock
(145)
(145)
Net loss attributable to common shareholders
$
(3,169)
$
(129)
Earnings (Loss) per Share
Total - Basic Earnings (Loss) per Share
$
(0.27)
$
(0.01)
Total - Diluted Earnings (Loss) per Share
$
(0.27)
$
(0.01)
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”), EBITDA for real estate (“EBITDAre”), Adjusted EBITDAre, and Hotel EBITDA 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 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 (loss) to FFO and AFFO for the three months ended March 31, 2020 and 2019 (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV prior to our acquisition of the remaining 20% interest from our joint venture partner on February 14, 2020.
Three months ended March 31,
Reconciliation of Net earnings (loss) to FFO and AFFO
2020
2019
Net earnings (loss)
$
(3,025)
$
15
Depreciation and amortization expense
2,710
2,362
Depreciation and amortization expense from JV
145
297
Net (gain) loss on disposition of assets
9
(39)
FFO
(161)
2,635
Dividends declared and undeclared on preferred stock
(145)
(145)
FFO attributable to common shares and common units
(306)
2,490
Net loss on derivatives and convertible debt
759
237
Net loss on derivatives from JV
-
1
Acquisition and terminated transactions expense
-
7
Strategic alternatives
144
-
Stock-based compensation expense
84
336
Amortization of deferred financing fees
275
373
Amortization of deferred financing fees from JV
93
45
AFFO attributable to common shares and common units
$
1,049
$
3,489
FFO attributable to common shares and common units - Basic Shares
$
(306)
$
2,490
Convertible note interest and fair value adjustments
-
78
FFO attributable to common shares and common units - Diluted Shares
$
(306)
$
2,568
FFO per common share and common unit - Basic
$
(0.03)
$
0.21
FFO per common share and common unit - Diluted
$
(0.03)
$
0.20
Weighted average common shares and common units - Basic FFO
11,955,628
11,879,444
Weighted average common shares and common units - Diluted FFO
11,955,628
12,584,456
AFFO attributable to common shares and common units - Basic Shares
$
1,049
$
3,489
Convertible note interest
-
16
Preferred dividends at stated rates
-
144
AFFO attributable to common shares and common units - Diluted Shares
$
1,049
$
3,649
AFFO per common share and common unit - Basic
$
0.09
$
0.29
AFFO per common share and common unit - Diluted
$
0.09
$
0.29
Weighted average common shares and common units - Basic AFFO
11,955,628
11,879,444
Weighted average common shares and common units - Diluted AFFO
11,963,762
12,681,725
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 or loss 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 shares and common units, which is FFO reduced by preferred stock dividends. AFFO is FFO attributable to common shares and common units adjusted to exclude items we do not believe are representative of the results from our core operations, including non-cash gains or losses on derivatives and convertible debt, stock-based compensation expense, amortization of certain fees, losses on debt extinguishment, and in-kind dividends above stated rates, and cash charges for acquisition and terminated transaction and strategic alternatives 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 to be a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes 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 provides a meaningful indication of our performance. We believe that AFFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor’s understanding of our operating performance. We present FFO and AFFO per common share and common unit because our common units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to common shares and common units.
EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
The following table reconciles net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months ended March 31, 2020 and 2019 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV prior to our acquisition of the remaining 20% interest from our joint venture partner on February 14, 2020.
Three months ended March 31,
Reconciliation of Net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
2020
2019
Net earnings (loss)
$
(3,025)
$
15
Interest expense
1,980
2,163
Interest expense from JV
225
547
Income tax expense (benefit)
(306)
186
Depreciation and amortization expense
2,710
2,362
Depreciation and amortization expense from JV
145
297
EBITDA
1,729
5,570
Net loss (gain) on disposition of assets
9
(39)
EBITDAre
1,738
5,531
Net loss on derivatives and convertible debt
759
237
Net loss on derivative from JV
-
1
Stock-based compensation expense
84
336
Acquisition and terminated transactions expense
-
7
Strategic alternatives
144
-
Adjusted EBITDAre
2,725
6,112
General and administrative expense, excluding stock compensation expense
1,109
1,327
Other expense, net
28
29
Unallocated hotel and property operations expense
94
45
Hotel EBITDA
$
3,956
$
7,513
Revenue
$
13,227
$
15,903
JV revenue
1,218
3,100
Condor and JV revenue
$
14,445
$
19,003
Hotel EBITDA as a percentage of revenue
27.4%
39.5%
We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by adding back to net earnings or loss certain non-operating expenses and certain non-cash charges which are based on historical cost accounting that 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 or loss interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. NAREIT adopted EBITDAre in order to promote an industry-wide measure of REIT operating performance. We adjust EBITDA by adding back net gain/loss on disposition of assets and impairment charges to calculate EBITDAre. To calculate Adjusted EBITDAre, we adjust EBITDAre to add back acquisition and terminated transactions expense and strategic alternatives expense, which are cash charges. We also add back stock –based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies.
We believe EBITDA, EBITDAre, and Adjusted EBITDAre 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.
The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA, as presented, may not be comparable to similarly titled measures of other companies.
Hotel EBITDA is intended to isolate property level operational performance over which the Company’s hotel operators have direct control. We believe Hotel EBITDA is helpful to investors as it better communicates the comparability of our hotels’ operating results for all of the Company’s hotel properties and is used by management to measure the performance of the Company’s hotels and the effectiveness of the operators of the hotels.
Same-Store Revenue and Hotel EBITDA
The following tables present our same-store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three months ended March 31, 2020 and 2019 (in thousands) and reconcile these same-store measures to total revenue and Hotel EBITDA as presented above. Same-store results include all our hotels owned at March 31, 2020. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. Results for periods prior to the Company’s ownership have not been included in the Company’s actual consolidated financial statements and are included here only for comparison purposes.
Revenue - Reconciliation of Actual to Same-Store
Three months ended March 31,
2020
2019
Condor and JV Revenue - Actual
$
14,445
$
19,003
Revenue earned on properties disposed of prior to March 31, 2020 during the period of ownership
-
(272)
Revenue related to joint venture partner’s interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020
304
774
Total Revenue - Same-Store
$
14,749
$
19,505
Hotel EBITDA - Reconciliation of Actual to Same-Store
Three months ended March 31,
2020
2019
Condor and JV Hotel EBITDA - Actual
$
3,956
$
7,513
Hotel EBITDA earned on properties disposed of prior to March 31, 2020 during the period of ownership
-
(63)
Hotel EBITDA related to joint venture partner’s interest in the Atlanta JV prior to acquisition of this interest on February 14, 2020
111
340
Total Hotel EBITDA - Same-Store
$
4,067
$
7,790
Hotel EBITDA Margin
Three months ended March, 31
2020
2019
Total Hotel EBITDA Margin
27.6%
39.9%
Condor Hospitality Trust, Inc. Operating Statistics
The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at March 31, 2020. Same-store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors.
Three months ended March 31,
2020
2019
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
Growth
Solomons Hilton Garden Inn
59.12%
$
123.08
$
72.77
73.02%
$
126.39
$
92.29
-21.2%
Atlanta Hotel Indigo
67.47%
$
102.33
$
69.05
74.39%
$
118.65
$
88.27
-21.8%
Jacksonville Courtyard by Marriott
70.20%
$
121.25
$
85.12
80.55%
$
124.91
$
100.61
-15.4%
San Antonio SpringHill Suites
62.04%
$
132.12
$
81.97
83.72%
$
139.71
$
116.96
-29.9%
Leawood Aloft
51.52%
$
123.39
$
63.57
61.39%
$
129.28
$
79.37
-19.9%
Lexington Home2 Suites
60.30%
$
102.32
$
61.70
73.18%
$
102.62
$
75.10
-17.8%
Round Rock Home2 Suites
59.47%
$
109.07
$
64.87
84.09%
$
120.06
$
100.96
-35.7%
Tallahassee Home2 Suites
68.32%
$
135.96
$
92.88
94.92%
$
133.91
$
127.10
-26.9%
South Haven Home2 Suites
75.95%
$
111.65
$
84.80
88.76%
$
111.53
$
99.00
-14.3%
Lake Mary Hampton Inn & Suites
68.78%
$
149.89
$
103.10
88.83%
$
155.16
$
137.83
-25.2%
Austin Residence Inn
68.63%
$
129.18
$
88.65
80.63%
$
143.54
$
115.73
-23.4%
El Paso Fairfield Inn
74.22%
$
109.43
$
81.22
84.49%
$
104.49
$
88.28
-8.0%
Austin TownePlace Suites
61.93%
$
108.54
$
67.23
71.97%
$
113.94
$
82.00
-18.0%
Summerville Home2 Suites
67.26%
$
119.67
$
80.48
81.74%
$
124.36
$
101.65
-20.8%
Atlanta Aloft JV
55.46%
$
154.36
$
85.60
80.16%
$
180.60
$
144.77
-40.9%
Total Same-Store Portfolio
63.97%
$
124.28
$
79.50
79.82%
$
133.20
$
106.32
-25.2%
Condor Hospitality Trust, Inc.
Property List | As of March 31, 2020
New Investment Platform | Acquired from January 1, 2012 – March 31, 2020
Hotel Name
City
State
Rooms
Acquisition Date
Purchase Price (in millions)
1
Hilton Garden Inn
Dowell/Solomons
MD
100
05/25/2012
$11.5
2
SpringHill Suites
San Antonio
TX
116
10/01/2015
$17.5
3
Courtyard by Marriott
Jacksonville
FL
120
10/02/2015
$14.0
4
Hotel Indigo
College Park
GA
142
10/02/2015
$11.0
5
Aloft1
Atlanta
GA
254
08/22/2016
$43.6
6
Aloft
Leawood
KS
156
12/14/2016
$22.5
7
Home2 Suites
Lexington
KY
103
03/24/2017
$16.5
8
Home2 Suites
Round Rock
TX
91
03/24/2017
$16.8
9
Home2 Suites
Tallahassee
FL
132
03/24/2017
$21.5
10
Home2 Suites
Southaven
MS
105
04/14/2017
$19.0
11
Hampton Inn & Suites
Lake Mary
FL
130
06/19/2017
$19.3
12
Fairfield Inn & Suites
El Paso
TX
124
08/31/2017
$16.4
13
Residence Inn
Austin
TX
120
08/31/2017
$22.4
14
TownePlace Suites
Austin
TX
122
01/18/2018
$19.8
15
Home2 Suites
Summerville
SC
93
02/21/2018
$16.3
Total Portfolio | As of March 31, 2020
1,908
$288.1
1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.
55 Dispositions | For Period January 1, 2015 – March 31, 2020
Hotel Name
City
State
Rooms
Disposition Date
Gross Proceeds (in millions)
1
Super 8
West Plains
MO
49
01/15/2015
$1.5
2
Super 8
Green Bay
WI
83
01/29/2015
$2.2
3
Super 8
Columbus
GA
74
03/16/2015
$0.9
4
Sleep Inn & Suites
Omaha
NE
90
03/19/2015
$2.9
5
Savannah Suites
Chamblee
GA
120
04/01/2015
$4.4
6
Savannah Suites
Augusta
GA
172
04/01/2015
$3.4
7
Super 8
Batesville
AR
49
04/30/2015
$1.5
8
Days Inn
Ashland
KY
63
07/01/2015
$2.2
9
Comfort Inn
Alexandria
VA
150
07/13/2015
$12.0
10
Days Inn
Alexandria
VA
200
07/13/2015
$6.5
11
Super 8
Manhattan
KS
85
08/28/2015
$3.2
12
Quality Inn
Sheboygan
WI
59
10/06/2015
$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
11/03/2015
$2.6
17
Savannah Suites
Savannah
GA
160
12/22/2015
$4.0
Total 2015
1,673
$54.7
18
Super 8
Kirksville
MO
61
01/04/2016
$1.5
19
Super 8
Lincoln
NE
133
01/07/2016
$2.8
20
Savannah Suites
Greenville
SC
170
01/08/2016
$2.7
21
Super 8
Portage
WI
61
03/30/2016
$2.4
22
Super 8
O'Neill
NE
72
04/25/2016
$1.7
23
Quality Inn
Culpeper
VA
49
05/10/2016
$2.2
24
Super 8
Storm Lake
IA
59
05/19/2016
$2.8
25
Clarion Inn
Cleveland
TN
59
05/24/2016
$2.2
26
Super 8
Coralville
IA
84
05/26/2016
$3.4
27
Super 8
Keokuk
IA
61
05/27/2016
$2.2
28
Comfort Inn
Chambersburg
PA
63
06/06/2016
$2.1
29
Super 8
Pittsburg
KS
64
08/08/2016
$1.6
30
Super 8
Mount Pleasant
IA
54
09/09/2016
$1.9
31
Quality Inn
Danville
KY
63
09/19/2016
$2.3
32
Super 8
Menomonie
WI
81
09/26/2016
$3.0
33
Comfort Inn
Glasgow
KY
60
10/14/2016
$2.4
34
Days Inn
Sioux Falls
SD
86
11/04/2016
$2.1
35
Comfort Inn
Shelby
NC
76
11/07/2016
$4.1
36
Comfort Inn
Rocky Mount
VA
61
11/17/2016
$2.2
37
Days Inn
Farmville
VA
59
11/17/2016
$2.4
38
Comfort Suites
Marion
IN
62
11/18/2016
$3.0
39
Comfort Inn
Farmville
VA
50
11/30/2016
$2.6
40
Quality Inn
Princeton
WV
50
12/05/2016
$2.1
41
Super 8
Burlington
IA
62
12/21/2016
$2.8
42
Savannah Suites
Atlanta
GA
164
12/22/2016
$2.9
Total 2016
1,864
$61.4
43
Comfort Inn
New Castle
PA
79
03/27/2017
$2.5
44
Super 8
Billings
MT
106
03/28/2017
$4.2
45
Comfort Inn
Harlan
KY
61
04/03/2017
$1.9
46
Comfort Suites
Lafayette
IN
62
04/18/2017
$3.9
47
Key West Inn
Key Largo
FL
40
05/17/2017
$7.6
48
Quality Inn
Morgantown
WV
81
08/30/2017
$2.6
49
Days Inn
Bossier City
LA
176
09/13/2017
$1.4
50
Comfort Inn & Suites
Warsaw
IN
71
12/20/2017
$5.0
Total 2017
676
$29.1
51
Supertel Inn/Conference Center
Creston
IA
41
01/25/2018
$2.1
52
Comfort Suites
South Bend
IN
135
03/15/2018
$6.1
53
Comfort Suites
Ft. Wayne
IN
127
05/30/2018
$7.1
54
Super 8
Creston
IA
121
08/30/2018
$5.1
Total 2018
424
$20.4
55
Quality Inn
Solomons
MD
59
03/22/2019
$4.3
Total 2019
59
$4.3
Total Dispositions
4,696
$169.9
Acquisitions | For Period January 1, 2015 – March 31, 2020
Hotel Name
City
State
Rooms
Acquisition Date
Purchase Price (in millions)
1
SpringHill Suites
San Antonio
TX
116
10/01/2015
$17.5
2
Courtyard by Marriott
Jacksonville
FL
120
10/02/2015
$14.0
3
Hotel Indigo
College Park
GA
142
10/02/2015
$11.0
4
Aloft1
Atlanta
GA
254
08/22/2016
$43.6
5
Aloft
Leawood
KS
156
12/14/2016
$22.5
6
Home2 Suites
Lexington
KY
103
03/24/2017
$16.5
7
Home2 Suites
Round Rock
TX
91
03/24/2017
$16.8
8
Home2 Suites
Tallahassee
FL
132
03/24/2017
$21.5
9
Home2 Suites
Southaven
MS
105
04/14/2017
$19.0
10
Hampton Inn & Suites
Lake Mary
FL
130
06/19/2017
$19.3
11
Fairfield Inn & Suites
El Paso
TX
124
08/31/2017
$16.4
12
Residence Inn
Austin
TX
120
08/31/2017
$22.4
13
TownePlace Suites
Austin
TX
122
01/18/2018
$19.8
14
Home2 Suites
Summerville
SC
93
02/21/2018
$16.3
Total Acquisitions
1,808
$276.6
1 | Represents the purchase statistics from the purchase of this hotel by the originally 80% owned unconsolidated joint venture. The Company purchased the remaining 20% interest in the joint venture from our joint venture partner on February 14, 2020 for $7.3 million.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200514005884/en/
Arinn Cavey Chief Financial Officer acavey@trustcondor.com (402) 316-1008
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