Condor Hospitality Trust Closes Sale of Quality Inn & Marina in Solomons, Maryland

/Condor Hospitality Trust Closes Sale of Quality Inn & Marina in Solomons, Maryland

Condor Hospitality Trust Closes Sale of Quality Inn & Marina in Solomons, Maryland

|2019-03-26T14:02:20+00:00March 26th, 2019|

BETHESDA, Md. — 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.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NYSE American: CDOR), is a self-administered real estate investment trust incorporated in the state of Maryland that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels. The Company currently owns 15 hotels in 8 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.

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