Condor Hospitality REIT unloads Kentucky Quality Inn

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.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


Suggested Articles

From services to small products in the bathroom, these guest amenities will become guest expectations in the near future.

With demand for contactless experiences on the rise and new programs coming online, property-management systems are evolving.

During the “Best Practices in Cleaning” panel, insiders shared how hoteliers can keep guests and employees safe.