Equity Private Placement
Baird served as the lead placement agent on this offering.
AboutCondor 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.
For additional information about this transaction, please contact:
- April 2016
- Condor Hospitality Trust, Inc.
- Real Estate
- Target Location
- North America