Condor Hospitality obtains commitment letter for $90 million revolver

By Tali Rackner

Norfolk, Va., Feb. 8 – Condor Hospitality Trust, Inc. executed a commitment letter with two lenders for a $90 million senior secured revolving credit facility, according to a press release.

The revolver includes an accordion feature that would allow the company to increase the size to $400 million.

The facility matures in two years and has an automatic one-year extension upon the completion of specific capital achievements, the release said. It also has two additional one-year extension options.

Borrowings will bear interest at a rate determined by a leverage-based pricing grid.

KeyBank NA and Huntington National Bank are the joint lead arrangers with KeyBank serving as administrative agent and Huntington National Bank as syndication agent.

Closing is expected in the first quarter.

Condor Hospitality is a Norfolk, Neb., 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.

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