Condor Hospitality Trust sold, in the first week of January, three non-core legacy hotels for gross proceeds of $7.03 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.
The three sold hotels include:
- 61-room Super 8, Kirksville, Mo., sold Jan. 4, 2016 for $1.53 million
- 133-room Super 8, Lincoln, Neb., sold Jan. 7, 2016 for $2.8 million
- 170-room Savannah Suites in Greenville, S.C., sold Jan. 8, 2016 for $2.7 million
"The sales of these three hotels were delayed slightly but concludes the disposition of 20 hotels the Company expected to close in 2015," said Bill Blackham, Condor's CEO. "In 2016, as we continue our accelerated dispositions initiative to recycle capital into hotels consistent with our new investment strategy, we expect to sell at least 20 of the 36 legacy hotels that remain in the portfolio of the Company."
Condor Hospitality Trust was formerly known as Supertel Hospitality, 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 39 hotels in 18 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.