Deal Details
Equity Private Placement
Summary
Baird served as the lead placement agent on this offering.
About
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) (“Condor” or the “Company”) recently completed a $30.0 million private placement of 6.25% Series D preferred equity. The Series D preferred may later be converted through shareholder election or completion of certain events into shares of the Company’s common stock at a conversion price of $1.60 per share, which represents a 65.0% premium to the pre-announcement closing price. The Company intends to use the net proceeds from this offering to fund the redemption of the Company’s Series A and B preferred equity, for future acquisitions and for general corporate purposes.Condor is an internally managed, publically traded lodging REIT that specializes in the ownership of premium-branded select service and extended stay hotels. The Company’s hotel portfolio consists of 39 hotels, containing a total of 3,140 guestrooms, located in 18 states. Condor is headquartered in Bethesda, Maryland.
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- Date
- April 2016
- Company
- Condor Hospitality Trust, Inc.
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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