Condor Hospitality Trust Reports First Quarter 2019 Results

Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the Company) today announced results for the first quarter ended March 31, 2019.

FIRST QUARTER RELEASE FINANCIAL HIGHLIGHTS

  • Revenue of $15.9 million, Comprised of $15.6 million from New Investment Platform Hotel Revenue, a 5.4% Increase from $14.8 million from New Investment Platform Hotel Revenue in Last Years Quarter, and $0.3 million from Legacy Hotels, an 84.2% Decrease to Revenue of $1.9 million from Legacy Hotels in Last Years First Quarter
  • Same-Store RevPAR for the New Investment Platform Hotels Increased 3.9% Over Last Years First Quarter
  • Net Earnings (Loss) Attributable to Common Shareholders of ($0.1 million), or ($0.01) per Diluted Share, compared to $0.6 million, or $0.05 per share, in Last Years First Quarter; Decline in Net Earnings Attributable to Common Shareholders Primarily Caused by a $0.7 million Decline in Net Gain on Derivatives and Convertible Debt
  • Adjusted Funds from Operations was $3.5 million, or $0.29 per Diluted Share, Essentially Flat to $3.5 million, or $0.29, in Last Years First Quarter
  • Hotel EBITDA Increased to $7.5 million from $7.4 million, a 2.0% Increase Over Last Years First Quarter
  • Adjusted EBITDAre Increased to $6.1 million from $5.8 million, a 5.4% Increase Over Last Years First Quarter

FIRST QUARTER PORTFOLIO ACCOMPLISHMENTS

  • Sold One Legacy Asset Generating $4.3 million in Gross Proceeds

MANAGEMENT COMMENTARY

Bill Blackham, Condors Chief Executive Officer, commented:

In the first quarter of 2019, our portfolio of high-quality select-service assets continued to outperform with 3.9% same-store RevPAR growth over last years first quarter as compared to U.S. national RevPAR growth of 1.5%, 0.4% for the upper midscale chain scale, and -0.5% for the upscale chain scale for the first quarter as reported by Smith Travel Research. Additionally, New Investment Platform Hotel Gross Margin was 50% for the first quarter due to strong 4.6% ADR growth which was a contributing factor to same-store hotel EBITDA Margin of nearly 40% for the New Investment Platform hotels. Finally, in the first quarter, we successfully closed on the sale of our last remaining legacy hotel, the Quality Inn Solomons Island. This concludes our initiative that began 4 years ago and has resulted in the sale of 55 hotels generating $170 million in gross proceeds during that time. On September 27, 2018, Condor initiated a process to evaluate strategic alternatives to enhance shareholder value. Until the conclusion of this process, Condor is suspending the issuance of earnings guidance and the holding of earnings conference calls.

FINANCIAL SUMMARY At March 31, 2019, the Companys total portfolio included 15 hotels, representing 1,908 rooms. The Companys last remaining legacy asset was sold during the first quarter of 2019.

 

Total Company Financial Results ($ in millions except per share amounts)

           
Three months ended March 31,
2019 2018 Change
Revenue $ 15.9 $ 16.7 -4.7%
Net Earnings (Loss) Attributable to Common Shareholders $ (0.1) $ 0.6 NA
Diluted Earnings (Loss) per Share $ (0.01) $ 0.05 NA
 
Funds from Operations (FFO)* $ 2.5 $ 3.5 -20.4%
FFO per Diluted Share* $ 0.20 $ 0.26 -23.1%
Adjusted FFO* $ 3.5 $ 3.5 -0.4%
Adjusted FFO per Diluted Share* $ 0.29 $ 0.29 0.0%
 
Hotel EBITDA* $ 7.5 $ 7.4 2.0%
Adjusted EBITDAre* $ 6.1 $ 5.8 5.4%

*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,
2019 2018 Change
Same-Store RevPAR $ 106.32 $ 102.30 3.9%
Same-Store Occupancy 79.82% 80.29% -0.6%
Same-Store ADR $ 133.20 $ 127.42 4.5%
 
Same-Store Hotel EBITDA* $ 7.5 $ 7.3 2.2%
Same-Store Hotel EBITDA Margin* 39.8% 40.0% -0.2%
 

*Please see the Reg. G reconciliation tables at the end of this release.

**Financial results presented above include results from prior to our ownership.

 

PORTFOLIO ACTIVITY The Companys investment strategy is to assemble a portfolio of premium-branded, select-service hotels in the top 100 Metropolitan Statistical Areas (MSAs) with a particular focus on MSAs ranked between 20 to 60. Since restarting its portfolio transformation in 2015, the Company has acquired 14 high-quality select-service hotels representing 1,808 rooms in its target markets for a total purchase price of approximately $277 million. Additionally, during this time, the Company has sold 55 legacy assets for a total gross sales price of approximately $170 million.

Acquisitions During the first quarter of 2019, the Company did not acquire any hotels.

Dispositions During the first quarter of 2019, the Company sold the Quality Inn in Solomons, MD for $4.3 million. Net proceeds from the sale were applied to outstanding debt on the Companys $150.0 million secured credit facility. The Company has no legacy hotels remaining in its portfolio.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITY As of March 31, 2019, the Company had cash and cash equivalents (including restricted cash) of $10.2 million and available revolver borrowing capacity of $10.2 million. As of March 31, 2019, the Company had total outstanding long-term debt of $136.2 million associated with assets held for use with a weighted average maturity of 1.9 years and a weighted average interest rate of 5.19%.

CAPITAL INVESTMENTS The Company invested $0.8 million in capital improvements throughout the portfolio in the three months ended March 31, 2019, to upgrade its properties and maintain brand standards.

OUTLOOK AND GUIDANCE Due to the pursuit of Strategic Alternatives, the Company has suspended guidance until further notice.

DIVIDENDS On March 4, 2019, the Board of Directors declared a quarterly cash common stock dividend of $0.195 per share for the first quarter of 2019. The common stock dividend represented an annualized yield of approximately 9.5% based on the closing price of the Companys common shares on March 4, 2019. The first quarter dividend was paid on April 2, 2019 to shareholders of record as of March 15, 2019.

EARNINGS CALL Due to the pursuit of Strategic Alternatives, 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 16 hotels in 8 states. Condors hotels are franchised by a number of the industrys most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels.

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 events, results or performance to differ from those projected presented in the forward-looking statement. These forward-looking statements are based on assumptions that management has made in light of experience in the business in which the Company operates, as well as other factors management believes to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of events, performance or results. They involve risks, uncertainties (some of which are beyond the Companys control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect events, performance or results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in the Companys filings with the Securities and Exchange Commission. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.

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, 2019 December 31, 2018
 

Assets

Investment in hotel properties, net $ 228,897 $ 230,178
Investment in unconsolidated joint venture 6,179 5,866
Cash and cash equivalents 4,586 4,151
Restricted cash, property escrows 5,627 5,005
Accounts receivable, net 2,214 1,290
Prepaid expenses and other assets 1,962 2,227
Derivative assets, at fair value 448 639
Investment in hotel properties held for sale, net     4,092
Total Assets $ 249,913 $ 253,448
 

Liabilities and Equity

 
Liabilities
Accounts payable, accrued expenses, and other liabilities $ 6,642 $ 5,336
Dividends and distributions payable 2,480 2,330
Convertible debt, at fair value 1,048 1,000
Long-term debt, net of deferred financing costs 134,127 135,810
Long-term debt related to hotel properties held for sale, net of deferred financing costs     1,120
Total Liabilities 144,297 145,596
 
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 $9,395 and $9,250 10,050 10,050
Common stock, $.01 par value, 200,000,000 shares authorized; 11,917,743 and 11,886,003 shares outstanding 119 119
Additional paid-in capital 232,082 231,805
Accumulated deficit   (137,423)   (134,970)
Total Shareholders’ Equity 104,828 107,004
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $523 and $435   788   848
Total Equity 105,616 107,852
       
Total Liabilities and Equity $ 249,913 $ 253,448
 
 

Condor Hospitality Trust, Inc. and Subsidiaries Consolidated Statements of Operations (Unaudited – In thousands, except per share data)

       
 
Three months ended March 31,
2019 2018
Revenue
Room rentals and other hotel services $ 15,903   $ 16,679  
Operating Expenses
Hotel and property operations 9,793 10,414
Depreciation and amortization 2,362 2,259
General and administrative 1,663 1,869
Acquisition and terminated transactions   7     19  
Total operating expenses   13,825     14,561  
Operating income 2,078 2,118
Net gain (loss) on disposition of assets 39 (24 )
Equity in earnings of joint venture 513 229
Net gain (loss) on derivatives and convertible debt (237 ) 447
Other expense, net (29 ) (14 )
Interest expense (2,163 ) (1,928 )
Impairment recovery, net       93  
Earnings before income taxes 201 921
Income tax expense   (186 )   (129 )
Net earnings 15 792
Loss (earnings) attributable to noncontrolling interest   1     (6 )
Net earnings attributable to controlling interests 16 786
Dividends declared on preferred stock   (145 )   (144 )
Net earnings (loss) attributable to common shareholders $ (129 ) $ 642  
 

Earnings (Loss) per Share

Total – Basic Earnings (Loss) per Share $ (0.01 ) $ 0.05
Total – Diluted Earnings (Loss) per Share $ (0.01 ) $ 0.05
 

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 to FFO and AFFO for the three months ended March 31, 2019 and 2018 (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.

       
Three months ended March 31,

Reconciliation of Net earnings to FFO and AFFO

2019 2018
Net earnings $ 15 $ 792
Depreciation and amortization expense 2,362 2,259
Depreciation and amortization expense from JV 297 285
Net (gain) loss on disposition of assets (39 ) 24
Net loss on disposition of assets from JV 7
Impairment recovery, net       (93 )
FFO 2,635 3,274
Dividends declared on preferred stock   (145 )   (144 )
FFO attributable to common shares and common units 2,490 3,130
Net loss (gain) on derivatives and convertible debt 237 (447 )
Net loss on derivatives from JV 1
Acquisition and terminated transactions expense 7 19
Stock-based compensation expense 336 402
Amortization of deferred financing fees 373 353
Amortization of deferred financing fees from JV   45     45  
AFFO attributable to common shares and common units $ 3,489   $ 3,502  
 
 
FFO attributable to common shares and common units – Basic Shares $ 2,490 $ 3,130
Convertible note interest and fair value adjustments 78
Preferred dividends and fair value adjustments       111  
FFO attributable to common shares and common units – Diluted Shares $ 2,568   $ 3,241  
 
FFO per common share and common unit – Basic $ 0.21 $ 0.26
FFO per common share and common unit – Diluted $ 0.20 $ 0.26
 
Weighted average common shares and common units – Basic FFO 11,879,444 11,835,279
Weighted average common shares and common units – Diluted FFO 12,584,456 12,536,203
 
 
AFFO attributable to common shares and common units – Basic Shares $ 3,489 $ 3,502
Convertible note interest 16 16
Preferred dividends at stated rates   144     144  
AFFO attributable to common shares and common units – Diluted Shares $ 3,649   $ 3,662  
 
AFFO per common share and common unit – Basic $ 0.29 $ 0.30
AFFO per common share and common unit – Diluted $ 0.29 $ 0.29
 
Weighted average common shares and common units – Basic AFFO 11,879,444 11,835,279
Weighted average common shares and common units – Diluted AFFO 12,681,725 12,633,472
 

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 equity transaction 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 investors 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 to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months ended March 31, 2019 and 2018 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV.

       
Three months ended March 31,

Reconciliation of Net earnings to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA

2019 2018
Net earnings $ 15 $ 792
Interest expense 2,163 1,928
Interest expense from JV 547 492
Income tax expense 186 129
Depreciation and amortization expense 2,362 2,259
Depreciation and amortization expense from JV   297     285  
EBITDA 5,570 5,885
Net (gain) loss on disposition of assets (39 ) 24
Net loss on disposition of assets from JV 7
Impairment recovery, net       (93 )
EBITDAre 5,531 5,823
Net loss (gain) on derivatives and convertible debt 237 (447 )
Net loss on derivative from JV 1
Stock-based compensation expense 336 402
Acquisition and terminated transactions expense   7     19  
Adjusted EBITDAre 6,112 5,797
General and administrative expense, excluding stock compensation expense 1,327 1,467
Other expense, net 29 14
Unallocated hotel and property operations expense   45     89  
Hotel EBITDA $ 7,513   $ 7,367  
 
Revenue $ 15,903 $ 16,679
JV revenue   3,100     2,618  
Condor and JV revenue $ 19,003   $ 19,297  
Hotel EBITDA as a percentage of revenue 39.5 % 38.2 %
 

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 equity transactions 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 Companys 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 Companys hotel properties and is used by management to measure the performance of the Companys 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, 2019 and 2018 (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, 2019. 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. All amounts presented include our portion of the results of our unconsolidated Atlanta Aloft JV. Results for periods prior to the Companys ownership have not been included in the Companys actual consolidated financial statements and are included here only for comparison purposes.

       
Revenue – Reconciliation of Actual to Same-Store
Three months ended March 31,
2019 2018
Condor and JV Revenue – Actual $ 19,003 $ 19,297
Revenue earned on properties disposed of prior to March 31, 2019 during the period of ownership (272 ) (1,869 )
Revenue earned on properties owned at March 31, 2019 prior to ownership       637  
Total Revenue – Same-Store $ 18,731   $ 18,065  
 
 
Hotel EBITDA – Reconciliation of Actual to Same-Store
Three months ended March 31,
2019 2018
Condor and JV Hotel EBITDA – Actual $ 7,513 $ 7,367
Hotel EBITDA earned on properties disposed of prior to March 31, 2019 during the period of ownership (63 ) (423 )
Hotel EBITDA earned on properties owned at March 31, 2019 prior to ownership       285  
Total Hotel EBITDA – Same-Store $ 7,450   $ 7,229  
 
 
Hotel EBITDA Margin
Three months ended March, 31
2019 2018
Total Hotel EBITDA Margin 39.8 % 40.0 %
 

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, 2019. 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. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner.

                               
Three months ended March 31,
2019 2018    
Occupancy ADR RevPAR Occupancy ADR RevPAR Growth
Solomons Hilton Garden Inn 73.02% $ 126.39 $ 92.29 73.41% $ 125.74 $ 92.30 0.0%
Atlanta Hotel Indigo 74.39% $ 118.65 $ 88.27 81.13% $ 108.30 $ 87.87 0.5%
Jacksonville Courtyard by Marriott 80.55% $ 124.91 $ 100.61 85.04% $ 113.26 $ 96.31 4.5%
San Antonio SpringHill Suites 83.72% $ 139.71 $ 116.96 86.36% $ 143.28 $ 123.74 -5.5%
Leawood Aloft 61.39% $ 129.28 $ 79.37 63.41% $ 127.49 $ 80.84 -1.8%
Lexington Home2 Suites 73.18% $ 102.62 $ 75.10 74.51% $ 103.30 $ 76.97 -2.4%
Round Rock Home2 Suites 84.09% $ 120.06 $ 100.96 86.48% $ 120.15 $ 103.91 -2.8%
Tallahassee Home2 Suites 94.92% $ 133.91 $ 127.10 84.23% $ 130.54 $ 109.95 15.6%
South Haven Home2 Suites 88.76% $ 111.53 $ 99.00 81.26% $ 110.84 $ 90.07 9.9%
Lake Mary Hampton Inn & Suites 88.83% $ 155.16 $ 137.83 86.22% $ 154.76 $ 133.44 3.3%
Austin Residence Inn 80.63% $ 143.54 $ 115.73 83.43% $ 135.16 $ 112.76 2.6%
El Paso Fairfield Inn 84.49% $ 104.49 $ 88.28 75.92% $ 99.69 $ 75.69 16.6%
Austin TownePlace Suites 71.97% $ 113.94 $ 82.00 87.28% $ 119.94 $ 104.68 -21.7%
Summerville Home2 Suites 81.74% $ 124.36 $ 101.65 82.56% $ 126.63 $ 104.55   -2.8%
Wholly owned new investment platform properties 79.77% $ 125.88 $ 100.42 80.41% $ 123.57 $ 99.36 1.1%
Atlanta Aloft JV 80.16% $ 180.60 $ 144.77 79.49% $ 152.80 $ 121.46   19.2%
Total Same-Store Portfolio 79.82% $ 133.20 $ 106.32 80.29% $ 127.42 $ 102.30   3.9%
 
             
Same-Store Hotel Comparison 1Q19 1Q18 Growth
8 Positive RevPAR Same-Store Hotels $ 116.51 $ 105.7 10.2%
7 Negative RevPAR Same-Store Hotels $ 91.62 $ 97.4   -5.9%
Total Same-Store Portfolio $ 106.32 $ 102.30 3.9%
 
                       
Condor Hospitality Trust, Inc.
Property List | As of the March 31, 2019
                                     
New Investment Platform | Acquired from January 1, 2012 “ March 31, 2019

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, 2019 1,908 $288.1
                                     
1 | Owned 80% by Condor
 
                       
55 Dispositions | For Period January 1, 2015 “ March 31, 2019
 

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, 2019

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 | Owned 80% by Condor

 

Jonathan J. Gantt
Chief Financial Officer & Senior Vice President
[email protected]
(301)
861-3305