Please ensure Javascript is enabled for purposes of website accessibility

Condor Hospitality Trust almost done selling off ‘legacy hotels’

Representatives of Condor Hospitality Trust Inc. of Bethesda rang the NYSE's ceremonial bell in July 2017 to celebrate the company's new listing on NYSE MKT. (Screenshot from NYSE video)

Representatives of Condor Hospitality Trust Inc. of Bethesda rang the NYSE’s ceremonial bell in July 2017 to celebrate the company’s new listing on NYSE MKT. (Screenshot from NYSE video)

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.


To purchase a reprint of this article, contact reprints@thedailyrecord.com.