Condor Hospitality Trust Inc., a Bethesda-based hotel-focused real estate investment trust, has sold one of its legacy hotels.
Condor sold the 71-room Comfort Inn & Suites on East Center Street in Warsaw, Indiana for $5 million. The trust plans to use the proceeds to pay down debt on its $150 million secured credit facility.
Since the start of 2017, Condor has sold eight hotels that it deemed legacy, or non-core hotels, for gross proceeds of $29.1 million. The trust still has five remaining legacy assets, two of which are under contract, and another that is being listed for sale.
Bill Blackham, Condor’s chief executive officer, said in a statement that Condor’s goal is to sell those three hotels in the first quarter of 2018.