Condor Hospitality Trust Inc. got closer to its goal of selling off hotels it deems as legacy assets with the sale of an Iowa hotel.
The Bethesda-based REIT sold the 121-room Super 8 in Creston, Iowa, for $5.1 million in gross proceeds. The company intends to use the net proceeds from the sale to pay down outstanding debt on its $150 million secured credit facility. Condor would not reveal the net proceeds from the sale.
The sale means Condor has only one legacy hotel remaining: the Quality Inn & Marina in Solomons. The hotel is being marketed for sale, and a deal is expected to close late this year or early next year, CEO Bill Blackham said in a statement.
Since 2015, Condor has sold 54 legacy hotels and bought 14 hotels it deems high-quality select-service hotels. It now owns 16 hotels in 8 states.