Condor Hospitality Trust Inc., a hotel-focused real estate investment trust headquartered and incorporated in the state of Maryland, recently revealed the closing on the sale of a legacy hotel asset, the 121-room Super 8 in Creston, Iowa for $5.1 million.
According to a prepared statement, net proceeds from the sale will be applied to outstanding debt on the company’s $150 million secured credit facility.
“Having completed the sale of the Super 8 in Creston Iowa, Condor now owns only one legacy hotel, the Quality Inn & Marina in Solomons, Maryland,” explains Bill Blackham, Condor’s Chief Executive Officer. “This Quality Inn has been listed with a brokerage and advisory firm and is actively being marketed for sale and is expected to close late in the fourth quarter or early in the first quarter of 2019.”
According to Blackham, “There can be no guarantee that this planned disposition will close. Since the beginning of 2015, we have sold an aggregate of 54 legacy hotels generating over $165 million in gross proceeds and recycled the net proceeds into 14 high-quality select-service assets representing approximately $277 million in aggregate purchase consideration,” Mr. Blackham continued.
Condor Hospitality Trust Inc., 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 16 hotels in eight states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels Group.
In other company news, as previously reported by The REIT Wire, the recently revealed that Jeffrey Dougan, SVP and COO, gave notice to the company of his resignation, effective April 27, 2018. Blackham explained at the time that the REIT has already begun to evaluate short- and long-term solutions to “ensure we continue to deliver the highest level of execution within our asset management function. We are committed to continuing to deliver the RevPAR and EBITDA margin outperformance detailed in our 2018 guidance.”