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 59-room Quality Inn & Marina in Solomons, Maryland for $4.3 million.
According to a prepared release, net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“We are delighted with the closing of the sale of our last remaining legacy hotel, the Quality Inn & Marina in Solomons, Maryland. This concludes our initiative that began 4 years ago and has resulted in the sale of 55 hotels generating $170 million in gross proceeds during that time,” said Bill Blackham, CEO of the REIT.
According to Blackham, “our portfolio is now solely comprised of high-quality select-service hotels that continue to outperform both the broad upscale and upper midscale sectors and our publicly-traded select-service peers.”
The company currently owns 15 hotels in eight states. Condor’s hotels are franchised by brand families including Hilton, Marriott, and InterContinental Hotels Group.