Condor Hospitality Trust, Inc. (NASDAQ: 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 asset, the 64 room Super 8 located at 3108 North Broadway Pittsburg, KS 66762, for $1.62 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet the Company's new investment strategy.
"With the closing of the sale of this asset, we have now sold a total of 12 hotels in 2016, totaling $27.4 million of gross proceeds," said Bill Blackham, Condor's Chief Executive Officer. "Our accelerated capital recycling initiative that commenced in the third quarter last year should result in at least 20 legacy hotels being sold in 2016 with the net sales proceeds reinvested into higher quality, select-service lodging assets such as the Atlanta Aloft acquisition announced last week. The Company currently has 3 hotels for sale under signed purchase contracts with an additional 6 dispositions in active negotiations, 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 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 30 hotels in 15 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, Starwood, InterContinental Hotels Group, Choice, and Wyndham.
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