Benzinga | Apr 22, 2021 04:22PM EDT

Medalist Diversified REIT Says Learned That Potential Buyer Had Terminated Contract To Purchase Hampton Inn

Medalist Diversified REIT, Inc. (NASDAQ:MDRR) (the "Company" or "Medalist"), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S., previously announced that Medalist Diversified Holdings, L.P., the operating partnership of the Company, entered into an agreement to sell The Hampton Inn located in Greensboro, North Carolina. On Monday, April 19th, the Company learned that the potential buyer had terminated the contract to purchase the hotel. Medalist responded by returning their deposit and relisting the property with the same broker at a higher price. While the potential buyer had the property under contract at $12,650,000, management has decided to list the property at a higher price due to what they believe to be a slight pickup in business travel. Management cannot guarantee the property will sell on the terms they expect, or at all. Stockholders and potential investors in the Company should not rely on management's intention to sell the property when making any investment decision.