Condor Hospitality Trust, Inc. (NYSE American: CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closing on the sale of a legacy hotel asset, the 81-room Quality Inn Morgantown located at 225 Comfort Inn Dr., Morgantown, WV 26508 for $2.6 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“We are pleased to announce our sixth legacy hotel sale in 2017 as part of our ongoing capital recycling initiative,” said Bill Blackham, Condor’s Chief Executive Officer. “The six year-to-date hotel dispositions result in our objective of selling seven legacy hotel assets during 2017 being 85% completed and the closed sales have generated gross proceeds of approximately $22.7 million. Condor currently has only seven remaining legacy assets with one of these assets currently under contract for sale, though there can be no guarantee this disposition will actually close,” Mr. Blackham continued.
Condor Hospitality Trust, Inc. (NYSE American: CDOR), is a self-administered real estate investment trust incorporated in the state of Maryland that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels. The Company currently owns 20 hotels in 10 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, InterContinental Hotels Group, Choice, and Wyndham