BETHESDA, Md.--(BUSINESS WIRE)--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 that one of its legacy hotels, the 41-room Supertel Inn & Conference Center in Creston, IA, is now under contract to sell for $2.1 million and is expected to close in early 2018. Net proceeds from the anticipated sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“Given a projected closing of the Supertel Inn & Conference Center in early 2018 and including the recently announced signed contract for our Warsaw legacy hotel, we will have sold nine legacy hotels for gross proceeds of $30.9 million since the beginning of 2017,” said Bill Blackham, Condor’s Chief Executive Officer. “We began the year with thirteen legacy hotels and subsequent to this anticipated sale, Condor will have only four remaining legacy hotels, two of which are listed for sale and are currently being marketed. Our goal is to have at least these two additional legacy hotels either sold or under contract for sale by year-end 2017, though there can be no guarantee that any of these planned dispositions will actually close,” Mr. Blackham continued.
About Condor Hospitality Trust, Inc.
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 19 hotels in 9 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.