Bethesda-based Condor Hospitality Trust Inc. (NASDAQ: CDOR) announced Friday it has launched a process to explore “strategic alternatives to enhance shareholder value,” including, potentially, a sale, merger, or acquisition.
Condor, a self-administered real estate investment trust, owns 16 hotels in eight states, including facilities franchised to top brands like Hilton, Marriott International and Intercontinental Hotels Group.
“Having completed a dramatic repositioning of the Company over the past three years and assembling arguably one of the highest quality and performing portfolios of select-service assets in the public hotel REIT space, now is the right time to review the Company’s strategic alternatives to assess how best to continue to create value for our shareholders,” Condor CEO Bill Blackham said in a release.
Condor has retained KeyBanc Capital Markets as its financial advisor and McGrath North as its legal counsel. It has no plans to say anything more about the process…Read the full story from the Washington Business Journal.