Condor Hospitality Trust Inc., a hotel-focused real estate investment trust headquartered and incorporated in the state of Maryland, recently closed on the sale of a legacy hotel asset, the 176-room Days Inn located at 200 John Wesley Blvd., Bossier City, LA 71112.
The sale was for $1.4 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 seventh legacy hotel sale in 2017 as part of our ongoing capital recycling initiative,” says Bill Blackham, Condor’s Chief Executive Officer. “With the sale of the Days Inn, we have achieved our objective of selling seven legacy hotel assets during 2017.”
Blackham explains that the seven dispositions have generated gross proceeds of approximately $24.1 million. “Condor currently has only six remaining legacy assets, four of which have been recently designated as held for sale subsequent to the recent acquisition of the Fairfield Inn & Suites El Paso and the Residence Inn Austin hotels with the goal of having these additional legacy hotels either sold or under contract for sale by year-end,” Blackham continued.
The company currently owns 19 hotels in nine states.