BETHESDA, Md.–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 121-room Super 8 in Creston, IA, is now under contract to sell for $5.1 million and is expected to close in the third quarter of 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 Creston Super 8 in the third quarter, we will have sold four legacy hotels for gross proceeds of $20.4 million since the beginning of 2018,” said Bill Blackham, Condor’s Chief Executive Officer. “In the three years since accelerating dispositions, we have closed or placed under contract for sale 54 hotels. We began 2018 with five legacy hotels and subsequent to this anticipated sale, Condor will have only one remaining legacy hotel which is currently being evaluated for possible redevelopment opportunities in order to maximize potential sales proceeds. There can be no guarantee that either of these planned dispositions will actually close,” Mr. Blackham continued.
