The board of directors at hotel-focused real estate investment trust Condor Hospitality Trust has engaged Hodges Ward Elliott to market a portfolio of 15 select-service and extended-stay hotels owned by Condor. Dan Peek, president of HWE’s hotel group, and Clint Hodges, managing director and leader of the firm’s select-service team, will lead the marketing of the hotels, which are located mostly in secondary markets.
“We believe we have a high-quality and superior performing portfolio of select-service assets compared to our select-service peers in the public hotel REIT space, and now is the right time to review the company’s strategic alternatives to assess how best to create value for our shareholders,” said Bill Blackham, Condor’s CEO. “During this time, the entire Condor team working closely with our hotel managers will remain highly focused on continuing to drive our hotel operating performance.”
No timetable has been established for the completion of the strategic review.