Condor Hospitality Trust, a hotel-focused real estate investment trust headquartered and incorporated in the state of Maryland, closed on the sale of a legacy asset, the 63-room Quality Inn located at 96 Daniel Drive, Danville, Ky., for approximately $2.3 million. The net proceeds from the sale will be used for general corporate purposes and for future acquisitions of hotels that meet Condor’s new investment strategy.
“We continue to have success in the disposition of our legacy assets at attractive valuations. Year to date, Condor has now sold 14 legacy hotels, generating a total of $31.6 million in gross proceeds,” said Bill Blackham, Condor’s CEO. “We expect to sell at least 20 legacy hotels before the end of the year with the net sales proceeds reinvested into higher quality, select-service lodging assets such as the recently acquired downtown Atlanta Aloft and the recently announced purchase contract to acquire the Leawood, Kansas Aloft. The company currently has signed contracts to sell seven additional legacy hotels although there can be no guarantee that all of these transactions will actually close."
Condor Hospitality Trust 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 29 hotels in 15 states. Condor’s hotels are franchised by a number brand families including Hilton, Marriott, Starwood, InterContinental Hotels Group, Choice and Wyndham.