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Condor Hospitality Trust Sells Manhattan Hotel for $3.2M

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In line with its capital-recycling strategy, Condor Hospitality Trust Inc. (CDOR - Free Report) announced the divestiture of its 85-room Super 8 hotel in Manhattan, KS on Aug 28, 2015. The sale fetched the Norfolk, NE-based real estate investment trust (“REIT”) a total price of $3.2 million. The company intends to utilize the proceeds for repayment of debt as well as general corporate purposes.

Condor Hospitality Trust, formerly known as Supertel Hospitality, Inc., is engaged in investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited service hotels. On Jul 15, 2015, the company changed its name from Supertel Hospitality, Inc. to Condor Hospitality Trust.

Condor Hospitality Trust’s investment strategy consists of using the proceeds generated from dispositions to fund other acquisitions. Year to date, the REIT has disposed 11 hotels. Further, at present, 8 hotels are held under contract for sale, while 7 more have been marketed for sale. The proceeds generated from the divestiture of these hotels have helped the company fund its previously-announced acquisitions, which are likely to close in Sep 2015.
Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation (COR - Free Report) , Ashford Hospitality Trust, Inc. (AHT - Free Report) and Summit Hotel Properties, Inc. (INN - Free Report) . All three stocks sport a Zacks Rank #1 (Strong Buy).

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