Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), yesterday announced that it sold the 49-room Quality Inn located in Culpeper, Virginia, on May 10, 2016, for $2.2 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.
"With the disposition of the Culpeper sale at an attractive valuation, we have now successfully closed on the sale of six hotels in 2016, totaling $13.3 million in gross proceeds," said Bill Blackham, Condor's Chief Executive Officer. "Our accelerated dispositions initiative, launched last year, will likely result in at least 20 legacy hotels being sold this year and the net sales proceeds recycled into higher quality, select-service lodging assets consistent with our new investment strategy that was commenced in the third quarter last year. Condor currently has signed sales contracts for nine legacy hotels although there can be no guarantee that all of these transactions will actually close."
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 36 hotels in 17 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice and Wyndham.
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