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KeyBanc Agents $150MM Credit Facility for Condor Hospitality Trust

May 15, 2017, 08:02 AM
Filed Under: Real Estate

Condor Hospitality Trust, Inc., a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, announced the closing of the expansion of its $90 million senior secured revolving credit facility to $150 million. KeyBanc Capital Markets, BMO Capital Markets, and The Huntington National Bank are Joint Lead Arrangers for the revolving credit facility with KeyBank National Association serving as Administrative Agent and The Huntington National Bank and BMO Capital Markets serving as Co-Syndication Agents.

The revolving credit facility now provides for up to $150 million of committed borrowings capacity and continues to include an accordion feature that would allow the Company to increase the size of the facility to up to $400 million with additional lender commitments. The facility matures in 2020 and has two one-year extension options following additional capital achievements. Borrowings will continue to bear interest at a rate determined by a leverage-based pricing grid.

“We are pleased to partner with KeyBank, The Huntington National Bank and BMO Capital Markets and appreciate their support of Condor’s strategy that is focused on building the highest quality portfolio of premium-branded, select-service hotels primarily located in the top 100 MSAs.  The closing of the expansion of the facility is yet another major milestone for the Company and demonstrates Condor’s ability to continue to execute on its stated strategic plan.  The increase to our credit facility will enable us to accelerate the closing of additional acquisitions and we plan to utilize the facility to close the previously announced acquisition of the Lake Mary Hampton Inn and Suites,” said Jonathan J. Gantt, Condor’s Chief Financial Officer. “We believe the expansion of the facility is another strong indicator of Condor’s standing within the industry as a leading hotel REIT,” Mr. Gantt continued.

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