Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly Supertel Hospitality, Inc. (NASDAQ: SPPR), a hotel-focused real estate investment trust (REIT), announced that it sold the 85-room Super 8 in Manhattan, Kansas, on August 28, 2015 for $3.2 million. After debt repayment, the company will use the net proceeds for general corporate purposes including future acquisitions.
"Condor continues to achieve favorable results from the accelerated disposition initiative intended to cause recycling capital into hotels consistent with our new investment strategy," said Bill Blackham, Condor's Chief Executive Officer. "With the closing of this hotel, Condor has sold eleven hotels year to date, currently has another eight hotels under contract for sale, and seven more being marketed for sale. This process has provided the company with the necessary capital, together with debt, to be in a position to close on our previously announced acquisitions that we expect to close during September."
Condor Hospitality Trust, Inc. (NASDAQ: CDOR) is a self-administered real estate investment trust 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 45 hotels in 19 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Choice and Wyndham.
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