Condor Hospitality Trust, a Maryland-based hotel-focused real estate investment trust (REIT), has completed the divestment of a legacy hotel asset in Bossier City, Louisiana.
The asset is the Days Inn Bossier City, a 176-room hotel. The divestment fetched Condor for $1.4m, and net proceeds from the sale will be used to repay its outstanding debt out of its $150m secured credit facility.
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Condor chief executive officer Bill Blackham said: “We are pleased to announce our seventh legacy hotel sale in 2017 as part of our ongoing capital recycling initiative.
“With the sale of the Days Inn, we have achieved our objective of selling seven legacy hotel assets during 2017."
According to Condor, the seven divestments have produced gross proceeds of around $24.1m.
Currently, Condor has only six remaining legacy assets, out of which four have been designated recently as held for sale following the recent acquisition of the Fairfield Inn & Suites El Paso and the Residence Inn Austin hotels. Condor intends to sell or bring the additional legacy hotels under contract for sale by year-end.
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By GlobalDataThe REIT specialises in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels. It currently owns 19 hotels in nine states.
Its hotels are franchised by several brand families including Hilton, Marriott/Starwood, InterContinental Hotels Group, Choice, and Wyndham.
