A Bethesda hotel-focused real estate investment trust is looking at possible changes in strategy.
The board of Condor Hospitality Trust Inc. has begun looking at strategic alternatives it can use to enhance shareholder value, the company announced Thursday.
The board, with the help of KeyBanc Capital Markets as financial advisor and McGrath North as legal counsel, will consider ideas including more acquisitions, mergers, joint ventures, the raising of capital, restructuring the company’s debt and equity mixture, and sale options, the company said in a news release.
Condor said it won’t discuss any developments from the board’s evaluation of the alternatives unless it is required by law or regulation, or if it’s deemed appropriate. The company has no timetable for the review of the company’s options.
The company currently owns 16 hotels in 8 states. Since 2015, the REIT sold 54 properties it deemed “legacy hotels” and bought 14 properties it calls “high-quality select-service assets.”