BETHESDA, Md.--(BUSINESS WIRE)--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 127-room Comfort Suites in Fort Wayne, IN, is now under contract to sell for $7.8 million and is expected to close in early 2018. Net proceeds from the anticipated sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.
“Upon completing the sale of the seven planned dispositions for 2017, we announced that we would accelerate the sale of four additional legacy hotel dispositions. With the signing of this contract, we now have three of these four under contract for sale, representing $14.5 million of potential gross sales proceeds,” said Bill Blackham, Condor’s Chief Executive Officer. “Our objective is to have the fourth asset that is currently being marketed for sale under contract by year-end 2017. With the completion of these four additional asset sales, only two of the legacy assets will remain and Condor will essentially be complete with its portfolio transformation as the remaining two legacy hotels are being held in order to fully capture the intrinsic value of the assets. Please note there can be no guarantee that any of these planned dispositions will actually close,” Mr. Blackham continued.
About Condor Hospitality Trust, Inc.
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 19 hotels in 9 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.