Condor Hospitality Trust Closes Sale of Quality Inn & Marina in Solomons, Maryland
Condor Hospitality Trust, Inc. (NYSE American: CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closing on the sale of a legacy hotel asset, the 59-room Quality Inn & Marina in Solomons, Maryland for $4.3 million. Net proceeds from the sale will be applied to outstanding debt on the Company's $150 million secured credit facility.
"We are delighted with the closing of the sale of our last remaining legacy hotel, the Quality Inn & Marina in Solomons, Maryland. This concludes our initiative that began 4 years ago and has resulted in the sale of 55 hotels generating $170 million in gross proceeds during that time. Our portfolio is now solely comprised of high-quality select-service hotels that continue to outperform both the broad upscale and upper midscale sectors and our publicly-traded select-service peers," said Bill Blackham, Condor's Chief Executive Officer.