Condor Hospitality Trust, Inc. (NYSE American:CDOR today announced the closing on the sale of a legacy hotel asset, the 71-room Comfort Inn & Suites located at 3328 East Center Street, Warsaw, IN 46582 for $5.0 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“With the closing of the Comfort Inn & Suites Warsaw, we have now sold eight legacy hotels since the beginning of 2017 for gross proceeds of $29.1 million,” said Bill Blackham, Condor’s Chief Executive Officer. “With Warsaw now closed, Condor has only five remaining legacy assets, two of which are under contract for sale and another that is designated as held for sale and is currently listed and being marketed for sale. Our goal is to have these three additional legacy hotels sold within the first quarter of 2018, though there can be no guarantee that any of these planned dispositions will actually close,” Mr. Blackham continued.
Condor Hospitality Trust, Inc. (NYSE American: CDOR), is a self-administered real estate investment trust incorporated in the state of Maryland 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 18 hotels in 9 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels Group.
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