Condor Hospitality Trust Reports 2015 Results
20 Non-Core Hotels Sold | 3 Premium-Branded Hotels Acquired | $30.0 Million Capital Raise [1]
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/EINPresswire.com/ -- NORFOLK, NE--(Marketwired - March 24, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR) (the "Company") today announced results for the fourth quarter and year ended December 31, 2015.
"The Company continued to accelerate the disposition of legacy hotels in 2015 to recycle capital into higher margin, increased quality lodging assets," said Bill Blackham, Condor's Chief Executive Officer. "As this transition evolves, the operating margins have increased from 24.3 percent in 2014 to 26.5 percent in 2015 and we expect further improvement in 2016 as we seek to sell over 20 additional legacy hotels and fully invest the proceeds into hotels that meet our new investment strategy."
2015 Key Accomplishments
Acquisitions: In October 2015, the Company acquired three premium-branded hotels in an off-market transaction for $42.5 million. The properties are representative of the new strategic direction of the Company's portfolio into higher quality, premium-branded select-service properties. The properties include the 116-room SpringHill Suites San Antonio Downtown/Riverwalk, the 142-room Hotel Indigo Hartsfield-Jackson Atlanta International Airport, and the 120-room Courtyard Jacksonville Flagler Center. The assets are performing consistently with the Company's underwriting at the time of acquisition.
Dispositions: In 2015, the Company sold 17 non-core hotels for gross proceeds of $54.7 million. Following the close of the fourth quarter 2015, the Company sold three non-core hotels with an aggregate of 364 rooms for combined gross proceeds of $7.0 million. The Company is currently marketing 14 hotels for sale and expects to generate approximately $11.0 million in cash after associated debt repayments and related expenses. These excess proceeds are expected to be recycled into properties that fit the Company's new investment criteria.
Balance Sheet: Significant progress has been made in reducing future debt maturities and improving the Company's liquidity position since December 31, 2014. On October 26, 2015, the Company successfully closed a $10.0 million mortgage loan with Huntington National Bank which was used to refinance an existing loan with Citigroup Global Markets Realty Corp. that was set to mature in November 2015. The loan was the last remaining significant loan maturity in 2015 and positions the Company with no significant 2016 loan maturities. Based on the improvements in its liquidity and debt maturity schedule, management has concluded that there is no longer substantial doubt regarding the Company's ability to continue as a going concern.
Capital Raise: Subsequent to the close of the year, Condor announced that it had raised $30.0 million in a private placement transaction with an affiliate of the StepStone Group. A portion of the proceeds will be used to redeem in cash all outstanding Series A and Series B preferred stock on April 15, 2016, 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. Simultaneously with StepStone's investment in Series D preferred stock, the Company's outstanding Series C preferred stock 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 to common stock upon the occurrence of defined capital events. Refer to the Company's Form 8-K filed March 16, 2016 for further details.
Management: On March 3, 2015, the Company hired industry veteran Bill Blackham as Chief Executive Officer. Mr. Blackham, previously the president and CEO of Eagle Hospitality, has an accomplished record of establishing and growing public and private companies. On September 21, 2015, the Company hired Arinn A. Cavey, formerly with KPMG LLP, as Chief Accounting Officer. Arinn will oversee the Company's financial plans, SEC compliance matters, and banking relationships. On October 27, 2015, the Company hired Jonathan J. Gantt, formerly with Starwood Hotels & Resorts, as Senior Vice President and Chief Financial Officer. Jonathan will lead the Company's capital raising efforts as well as provide overall direction for the Company's accounting, financial reporting, tax, and budget activities.
Rebranding: On July 15, 2015, the Company changed its name to Condor Hospitality Trust, Inc. from Supertel Hospitality, Inc. The name change marks the beginning of a new strategic direction for the Company, including a repositioning of its portfolio into higher quality, significantly newer, premium-branded hotels. The Company's common stock trading symbol changed from SPPR to CDOR. In addition, the Company launched a new website: www.condorhospitality.com.
[1] Three hotels sold subsequent to year-end 2015; $30 million capital raise closed March 16, 2016
Summary Financial Results
RevPAR: For the fourth quarter, revenue per available room (RevPAR) for the 39 same-store hotels declined 3.5 percent to $35.87. The decrease was attributed to an 11.1 percent reduction in occupancy to 56.0 percent, partially offset by an 8.5 percent increase in average daily rate (ADR) to $64.05. In 2015, RevPAR for the same-store hotels increased 2.6 percent to $40.91. The increase was driven by a 7.3 percent increase in ADR to $64.34, offset by a 4.4 percent decline in occupancy to 63.6 percent.
Revenue: Condor's fourth quarter 2015 revenue from continuing operations was $13.1 million compared to $13.2 million in the same 2014 period. In 2015, revenue from continuing operations was $57.3 million, compared to $57.4 million in the prior year. The slight decrease in annual revenue in 2015 was primarily due to the loss of $4.2 million of revenue attributable to 10 hotels in continuing operations sold during the year, which was effectively offset by increased revenue from our October 2015 acquisitions of $2.6 million and increased revenue from legacy held for use ($1.1 million) and held for sale ($0.4 million) properties in continuing operations between the periods.
Net Earnings: Fourth quarter net earnings attributable to common shareholders was $3.4 million, or $0.69 per basic share and $0.01 per diluted share, respectively, compared to a net loss of $(3.8) million, or $(0.80) per basic and diluted share for the same 2014 period. For the year, net earnings attributable to common shareholders was $9.5 million, or $1.94 per basic share and $(0.00) per diluted share, compared to a net loss of $(19.7) million or $(5.05) per basic and diluted share for the same 2014 period.
The results, excluding 2015 earnings per diluted share, include a non-cash derivative gain of $3.6 million for the three months ended December 31, 2015, compared to a derivative loss of $(0.2) million in the same quarter of 2014, and a non-cash derivative gain of $11.6 million for 2015, compared to a derivative loss of $(14.4) million for the same 2014 period. When the value of the derivative liability increases, a loss is recorded and when it decreases, a gain is recorded. One of the key drivers of the value of the derivatives is the market value of the common stock.
Capital Reinvestment: The Company invested $2.2 million in capital improvements throughout the portfolio in the fourth quarter 2015 to upgrade its properties and maintain brand standards, bringing the year to date investment to $5.3 million. Notable capital improvements in 2015 included renovations at the Rocky Mount, Virginia, Comfort Inn and rebranding upgrades at three hotels: Princeton, West Virginia, Quality Inn; Morgantown, West Virginia, Quality Inn; and Culpeper, Virginia, Quality Inn.
Balance Sheet: The Company had cash and available revolver of $4.9 million and $2.5 million, respectively, at December 31, 2015. As of December 31, 2015, the Company had total outstanding debt of $87.5 million, with $70.3 million associated with assets held for use with a weighted average maturity of 3.0 years and a weighted average interest rate of 5.13%.
Dividends: The Company did not declare a dividend on common stock in the fourth quarter 2015. The Company's board of directors elected to suspend the payment of monthly dividends commencing December 31, 2013 on the outstanding shares of its 8.00% Series A Cumulative Convertible Preferred Stock (NASDAQ: CDORP), quarterly dividends on the outstanding shares of its 10.00% Series B Preferred Cumulative Stock (NASDAQ: CDORO), and quarterly dividends on the outstanding shares of its 6.25% Series C Cumulative Convertible Preferred Stock to preserve capital and improve liquidity. Upon the execution of the StepStone transaction and Preferred Series A and B redemption discussed above, all accumulated dividends will be paid in full. The board of directors will continue to monitor the dividend policy.
Outlook
"Condor has achieved significant progress in 2015 with key staffing additions, reduced interest costs on debt with staggered maturities, completed attractive acquisitions we expect to have attractive yields in 2016, and improved management contracts having better alignment to reward improved results," said Blackham. "The most important accomplishment started in 2015 and completed in the first quarter of 2016 is the convertible preferred stock setting the stage for significantly larger market capitalization needed to raise additional capital to implement our growth strategy. At this writing, we are evaluating many attractive properties for possible acquisition by the Company."
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 39 hotels in 18 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.
Consolidated Balance Sheet
As of December 31, 2015 and 2014
(In thousands, except share and per share amounts)
As of December 31,
2015 2014
----------- -----------
Assets
--------------------------------------------------
Investments in hotel properties $ 144,870 $ 105,520
Less accumulated depreciation 37,938 38,331
----------- -----------
106,932 67,189
Cash and cash equivalents 4,870 173
Restricted cash 3,776 2,478
Accounts receivable, net of allowance for doubtful
accounts of $10 and $25 1,169 1,190
Prepaid expenses and other assets 1,782 1,784
Deferred financing costs, net 1,575 1,637
Investment in hotel properties, held for sale, net 23,767 71,993
----------- -----------
Total Assets $ 143,871 $ 146,444
=========== ===========
Liabilities and Equity
--------------------------------------------------
Liabilities
Accounts payable, accrued expenses and other
liabilities $ 5,419 $ 6,666
Derivative liabilities, at fair value 8,759 20,337
Debt related to hotel properties held for sale 17,218 47,536
Long-term debt 70,318 45,151
----------- -----------
Total Liabilities 101,714 119,690
----------- -----------
Redeemable preferred stock
10% Series B, 800,000 shares authorized; $.01 par
value, 332,500 shares outstanding, liquidation
preference of $10,812 7,662 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 8 8
6.25% Series C, 3,000,000 shares authorized, $.01
par value, 3,000,000 shares outstanding,
liquidation preference of $34,492 30 30
Common stock, $.01 par value, 200,000,000 shares
authorized;4,941,878 and 4,692,965 shares
outstanding 49 47
Additional paid-in capital 138,387 137,900
Accumulated deficit (105,858) (118,983)
----------- -----------
Total shareholders' equity 32,616 19,002
Noncontrolling interest
Noncontrolling interest in consolidated
partnership,redemption value $1,197 and $25 1,879 90
----------- -----------
Total Equity 34,495 19,092
----------- -----------
Total Liabilities and Equity $ 143,871 $ 146,444
----------- -----------
Condor Hospitality Trust, Inc.
Consolidated Statement of Operations
For the Three and Twelve Months ended December 31, 2015 and 2014
(In thousands, except per share amounts)
Three months Years
ended December 31, ended December 31,
---------------------- ----------------------
Unaudited Unaudited
2015 2014 2015 2014
---------- ---------- ---------- ----------
Revenue
Room rentals and other hotel
services $ 13,075 $ 13,157 $ 57,341 $ 57,409
Operating Expenses
Hotel and property
operations 10,087 10,323 42,186 43,256
Depreciation and
amortization 1,564 1,593 5,400 6,437
General and administrative 1,310 1,201 5,493 4,192
Acquisition and terminated
transactions 490 - 684 -
Terminated equity
transactions 66 - 246 76
---------- ---------- ---------- ----------
Total operating expenses 13,517 13,117 54,009 53,961
---------- ---------- ---------- ----------
Operating income (loss) (442) 40 3,332 3,448
Net gain (loss) on
dispositions of assets 1,996 (36) 4,802 1
Unrealized derivative gain
(loss) 3,570 (212) 11,578 (14,430)
Other income (expense) (8) 3 114 116
Interest expense (1,310) (1,697) (5,445) (7,019)
Loss on debt extinguishment (102) (18) (213) (158)
Impairment loss (311) (1,388) (3,828) (1,269)
---------- ---------- ---------- ----------
Earnings (loss) from
continuing operations
before income taxes 3,393 (3,308) 10,340 (19,311)
Income tax expense - - - -
---------- ---------- ---------- ----------
Earnings (loss) from
continuing operations 3,393 (3,308) 10,340 (19,311)
Gain from discontinued
operations, net of tax 1,424 413 3,982 3,052
---------- ---------- ---------- ----------
Net earnings (loss) 4,817 (2,895) 14,322 (16,259)
(Earnings) loss attributable
to noncontrolling interest (476) 4 (1,197) 23
---------- ---------- ---------- ----------
Net earnings (loss)
attributable to controlling
interests 4,341 (2,891) 13,125 (16,236)
Preferred stock dividends
declared and undeclared (925) (879) (3,632) (3,452)
---------- ---------- ---------- ----------
Net earnings (loss)
attributable to common
shareholders $ 3,416 $ (3,770) $ 9,493 $ (19,688)
========== ========== ========== ==========
Basic Earnings Per Share
(EPS)
----------------------------
Basic EPS from continuing
operations $ 0.44 $ (0.89) $ 1.22 $ (5.84)
Basic EPS from discontinued
operations 0.25 0.09 0.72 0.79
---------- ---------- ---------- ----------
Total EPS Basic $ 0.69 $ (0.80) $ 1.94 $ (5.05)
========== ========== ========== ==========
Diluted Earnings Per Share
(EPS)
----------------------------
Diluted EPS from continuing
operations $ (0.04) $ (0.89) $ (0.15) $ (5.84)
Diluted EPS from
discontinued operations 0.05 0.09 0.15 0.79
---------- ---------- ---------- ----------
Total EPS Diluted $ 0.01 $ (0.80) $ - $ (5.05)
========== ========== ========== ==========
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"), 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 income (loss) 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 (loss) to FFO and AFFO for the three months and years ended December 31 (in thousands.) All amounts presented include both continuing and discontinued operations.
Three months Years
ended December 31, ended December 31,
-------------------- --------------------
Reconciliation of Net earnings
(loss) to FFO and AFFO 2015 2014 2015 2014
-------------------------------- ------------------------------------------
Net earnings (loss) $ 4,817 $ (2,895) $ 14,322 $ (16,259)
Depreciation and amortization
expense 1,564 1,593 5,400 6,549
Net (gain) loss on disposition
of assets (3,330) 26 (7,795) (2,750)
Impairment loss 312 1,523 3,708 2,921
--------- --------- --------- ---------
FFO 3,363 247 15,635 (9,539)
(Earnings) loss attributable to
noncontrolling interests (476) 4 (1,197) 23
Preferred stock dividends
declared and undeclared (925) (879) (3,632) (3,452)
--------- --------- --------- ---------
FFO available to common
shareholders 1,962 (628) 10,806 (12,968)
Unrealized (gain) loss on
derivatives (3,570) 212 (11,578) 14,430
Acquisition and terminated
transactions expense 490 - 684 -
Gain on debt conversion - - - (88)
Terminated equity transaction
expense 66 - 246 76
--------- --------- --------- ---------
Adjusted FFO available to common
shareholders $ (1,052) $ (416) $ 158 $ 1,450
========= ========= ========= =========
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 available to common shareholders, which is FFO excluding earnings attributable to noncontrolling interests and preferred stock dividends. AFFO is FFO available to common shareholders adjusted to exclude items we do not believe are representative of the results from our core operations, such as non-cash unrealized gains or losses on derivative liabilities, gains on debt conversion, and cash charges for acquisition costs and terminated equity offering expense. 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 (loss) to EBITDA and Adjusted EBITDA for the three months and years ended December 31 (in thousands). All amounts presented include both continuing and discontinued operations.
Three months Years ended
ended December 31, December 31,
-------------------- --------------------
2015 2014 2015 2014
--------- --------- --------- ---------
Reconciliation of Net earnings
(loss) to EBITDA and Adjusted
EBITDA
--------------------------------
Net earnings (loss) $ 4,817 $ (2,895) $ 14,322 $ (16,259)
Interest expense 1,359 1,876 5,745 8,256
Loss on debt extinguishment 102 17 213 278
Income tax expense - - - -
Depreciation and amortization
expense 1,564 1,593 5,400 6,549
--------- --------- --------- ---------
EBITDA $ 7,842 $ 591 $ 25,680 $ (1,176)
Net gain on disposition of
assets (3,330) 26 (7,795) (2,750)
Impairment (recovery) loss 312 1,523 3,708 2,921
Unrealized (gain) loss on
derivatives (3,570) 212 (11,578) 14,430
Acquisition and terminated
transactions expense 490 - 684 -
Gain on debt conversion - - - (88)
Terminated equity transactions
expense 66 - 246 76
--------- --------- --------- ---------
Adjusted EBITDA $ 1,810 $ 2,352 $ 10,945 $ 13,413
========= ========= ========= =========
We calculate EBITDA and Adjusted EBITDA by adding back to net earnings (loss) 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 (loss) 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) loss on disposition of assets, acquisition and terminated transactions expense, and terminated equity transactions expense, which are cash charges. We also add back impairment, gain on debt conversion, and unrealized derivative gain or loss, 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 (loss) available 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.
Property Operating Income
The following table reconciles operating income (loss) to POI for the three months and years ended December 31 (in thousands). All amounts presented include only continuing operations unless otherwise noted.
Three months Years ended
ended December 31, December 31,
-------------------- --------------------
2015 2014 2015 2014
--------- --------- --------- ---------
Reconciliation of Operating
income (loss) to POI
--------------------------------
Operating income (loss) $ (442) $ 40 $ 3,332 $ 3,448
Depreciation and amortization
expense 1,564 1,593 5,400 6,437
General and administrative
expense 1,310 1,201 5,493 4,192
Acquisition and terminated
transactions expense 490 - 684 -
Terminated equity transactions
expense 66 - 246 76
Room rentals and property
operations expense,
discontinued operations 716 2,318 4,296 14,969
Hotel and property operating
expense, discontinued
operations (576) (1,601) (3,127) (11,545)
--------- --------- --------- ---------
POI $ 3,128 $ 3,551 $ 16,324 $ 17,577
========= ========= ========= =========
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
For the years ended December 31,
2015 2014
-------------------------- ------------------
Occupancy ADR RevPar Occupancy ADR
--------- ------- ------- --------- -------
Same store HFU 65.32% $ 75.10 $ 49.06 67.23% $ 70.66
Same store HFS 61.42% 50.09 30.77 65.62% 46.30
-------------------------- ------------------
Total same store 63.58% $ 64.34 $ 40.91 66.51% $ 59.95
========================== ==================
Acquisitions 65.22% $116.48 $ 75.97 - $ -
For the years ended December 31,
2014 2013
------- --------------------------
RevPar Occupancy ADR RevPar
------- --------- ------- -------
Same store HFU $ 47.50 63.72% $ 69.62 $ 44.36
Same store HFS $ 30.38 63.09% 45.81 28.90
------- --------------------------
Total same store $ 39.88 63.44% $ 59.07 $ 37.48
======= ==========================
Acquisitions $ - - $ - $ -
For the three months ended December 31,
2015 2014
-------------------------- ------------------
Occupancy ADR RevPar Occupancy ADR
--------- ------- ------- --------- -------
Same store HFU 57.33% $ 74.43 $ 42.68 62.63% $ 70.02
Same store HFS 54.34% 50.41 27.39 63.50% 45.52
-------------------------- ------------------
Total same store 56.00% $ 64.05 $ 35.87 63.02% $ 59.02
========================== ==================
Acquisitions 65.22% $116.48 $ 75.97 - $ -
For the three months ended December
31,
2014 2013
------- --------------------------
RevPar Occupancy ADR RevPar
------- --------- ------- -------
Same store HFU $ 43.85 58.77% $ 67.95 $ 39.93
Same store HFS 28.91 60.06% 44.64 26.81
------- --------------------------
Total same store $ 37.19 59.34% $ 57.44 $ 34.09
======= ==========================
Acquisitions $ - - $ - $ -
Condor Hospitality Trust, Inc.
Property List | Fourth Quarter and Full Year Earnings Release Dated March
24, 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 60 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 O'Neill NE 72 7/30/1982 HFS
14 Super 8 Keokuk IA 61 2/22/1985 HFS
15 Quality Inn Culpeper VA 49 5/1/1986 HFS
16 Comfort Inn New Castle PA 79 7/1/1987 HFS
17 Super 8 Pittsburg KS 64 8/14/1987 HFS
18 Super 8 Storm Lake IA 59 10/11/1990 HFS
19 Comfort Inn Harlan KY 61 7/1/1993 HFS
20 Comfort Inn Chambersburg PA 63 10/1/1993 HFS
21 Super 8 Portage WI 61 6/7/1996 HFS
22 Clarion Inn Cleveland TN 59 3/1/1998 HFS
23 Savannah Suites Atlanta GA 164 11/16/2006 HFS
24 Days Inn Bossier City LA 176 4/4/2007 HFS
25 Comfort Inn Glasgow KY 60 1/1/2008 HFS
26 Super 8 Coralville IA 84 12/21/1985 Legacy
27 Super 8 Creston IA 121 9/19/1978 Legacy
28 Super 8 Mount Pleasant IA 55 8/29/1988 Legacy
29 Comfort Inn Rocky Mount VA 61 4/1/1989 Legacy
30 Days Inn Farmville VA 59 9/1/1990 Legacy
31 Quality Inn Danville KY 63 8/1/1994 Legacy
32 Super 8 Menomonie WI 81 4/1/1997 Legacy
33 Comfort Suites Marion IN 62 11/7/2005 Legacy
Supertel Inn/Conference
34 Center Creston IA 41 6/30/2006 Legacy
35 Days Inn Airport Sioux Falls SD 86 1/1/2008 Legacy
36 Super 8 Burlington IA 62 12/30/1986 Legacy
-----
Total 2,762
Acquisitions | For Period January 1, 2015 - December 31, 2015
----------------------------------------------------------------------------
Purchase
Price
Acquisition (in
Ref Hotel Name City State Rooms Date millions)
--- ------------------------- ------------ ----- ----- ----------- ---------
37 SpringHill Suites San Antonio TX 116 10/1/2015 $17.5
38 Courtyard by Marriott
Flagler Center Jacksonville FL 120 10/2/2015 $14.0
39 Hotel Indigo College Park GA 142 10/2/2015 $11.0
----- ---------
Total Acquisitions 378 $42.5
Dispositions | For Period January 1, 2015 - December 31, 2015 (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 & 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
----- ----------
Total Subsequent to Year-End 2015 364 $7.0
----- ----------
Total Dispositions 2,037 $61.7
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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 hotel part of its disposition strategy.
2 | Three hotels closed subsequent to the close of year-end 2015, as
detailed; HFS as of December 31, 2015.
Contact:
Krista Arkfeld
Director of Corporate Communications
karkfeld@trustcondor.com
402-371-2520
