Condor Hospitality Trust, Inc., a hotel-focused real estate investment trust (REIT) announced on January 9 that one of its legacy hotels, the 135-room Comfort Suites in South Bend, Indiana, is now under contract to sell for $6.1 million and is expected to close in the first quarter of 2018. Net proceeds from the anticipated sale will be applied to outstanding debt on the company’s $150 million secured credit facility.
“Upon completing the sale of the seven planned dispositions for 2017, we announced that we would accelerate the sale of four additional legacy hotel dispositions. With the signing of this contract, we now have the last of these four hotels under contract and have already sold the Comfort Suites Warsaw for $5 million,” said Bill Blackham, CEO of Condor. “After the anticipated disposition of the three hotels under contract, Condor will have only two legacy hotels which are being held in order to fully capture the intrinsic value. Please note there can be no guarantee that any of these planned dispositions will actually close,” Blackham continued.
For more information, visit www.condorhospitality.com.
Source: Business Wire