Condor Hospitality Trust Inc. closed its underwritten public offering of 4,772,500 common shares at $10.50 apiece.
The company said the underwriters fully exercised their option to acquire 622,500 additional shares. The company previously upsized the offering to 4,150,000 common shares from an initial target of 4.0 million shares.
Condor plans to use the net proceeds to repay amounts borrowed under its secured revolving credit facility that were used to partially finance the acquisition of three Home2 Suites hotels. The company expects to close the purchase of a fourth Home2 Suites hotel in the second quarter.
KeyBanc Capital Markets, Baird, Janney Montgomery Scott, Compass Point, D.A. Davidson & Co. and Wunderlich were the joint book runners.