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 the closing on the sale of a legacy hotel asset, the 127-room Comfort Suites located at 5775 Coventry Lane in Fort Wayne, IN, for $7.1 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“With the sale of the Comfort Suites Fort Wayne, there are only two legacy hotels owned by Condor,” said Bill Blackham, Condor’s Chief Executive Officer. “Of the two legacy assets remaining, one is being actively marketed for sale and one is being evaluated for possible redevelopment opportunities in order to maximize the potential sales proceeds to Condor in a marketing process we expect to initiate sometime in the third quarter. There can be no guarantee that either of these planned dispositions will actually close. Since the beginning of 2015, we have sold an aggregate of 53 legacy hotels generating over $160 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.
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