Revenue during the quarter dropped 21.83 percent to $10.47 million from $13.39 million in the previous year period.

Cost of revenue dropped 22.66 percent or $2.36 million during the quarter to $8.04 million. Gross margin for the quarter expanded 83 basis points over the previous year period to 23.21 percent.

Total expenses were $11.01 million for the quarter, down 20.37 percent or $2.82 million from year-ago period. Operating margin for the quarter stood at negative 5.15 percent as compared to a negative 3.23 percent for the previous year period.

Operating loss for the quarter was $0.54 million, compared with an operating loss of $0.43 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $1.24 million compared with $1.81 million in the prior year period. At the same time, adjusted EBITDA margin contracted 168 basis points in the quarter to 11.83 percent from 13.51 percent in the last year period.

Occupancy revenue was $10.47 million for the quarter, down 21.83 percent or $2.92 million.

“In early 2015, Condor embarked on implementing a new vision for the Company involving the repositioning of the portfolio as part of a new investment strategy, improving the Company’s equity structure, and enhancing the Company’s debt profile. We are pleased to report that we substantially achieved all of these objectives in 2016. The portfolio is dramatically repositioned as the result of 25 legacy asset sales in 2016, bringing the total number of legacy hotel asset sales to approximately $116.1 million comprising 42 hotels with 3,537 rooms since January 2015. Additionally, we acquired two premium-branded hotels in 2016, the Aloft Atlanta Downtown and the Aloft Leawood/Kansas City increasing our new investment platform acquisitions to approximately $109 million in five hotels with 788 rooms during the 15 months ending December 31, 2016. Additionally, subsequent to year end we announced the acquisition of four Home2 Suites hotels for $73.8 million that we expect to close in the first quarter. The majority of the Company’s earnings are now generated by high-quality, premium-branded, select-service assets. Additionally, we raised $30 million in a private placement in early 2016 by issuing newly created Series D Preferred Stock, which enhanced and simplified the equity capitalization of the Company by redeeming the Series A and B Preferred shares and converting all existing Series C Preferred Stock to Series D, resulting in a single class of remaining preferred stock. Subsequent to year-end 2016, the holders of the Series D Preferred converted to common stock, which we feel is a strong indication of their belief in the long-term value of the common stock of the Company. Finally, subsequent to year end, we announced that the Company closed a new $90 million secured credit facility. We believe all of these successes have and will continue to create shareholder value, as evidenced by the reinstatement of common dividends in 2016 for the first time since 2009,” said Bill Blackham, Condor’s Chief Executive Officer.

Total assets stood at $140.66million as on Dec. 31, 2016. On the other hand, total liabilities were at $69.87 million as on Dec. 31, 2016.

Return on assets was at 4.01 percent in the quarter. At the same time, return on equity was at 5.04 percent in the quarter.