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Condor Completes Sale of Non-Core Legacy Hotel for $2.3M


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Condor Hospitality Trust, Inc. , the Bethesda, MD-based hotel real estate investment trust (“REIT”) closed the sale of a non-core legacy hotel in Danville, KY for around $2.3 million. The company expects to use the net proceeds from the disposition of the 63-room hotel, Quality Inn located at 96 Daniel Drive for general corporate purposes and for acquisition purposes in the future.

Condor specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited service hotels. The company is continuing with its strategy of selling its legacy assets at attractive prices and plans to utilize the net sales proceeds for investing in top-quality, select-service assets.  In this regard, the company recently acquired downtown Atlanta Aloft and entered into a contract to acquire the Leawood, KS Aloft.
This year, to date, Condor sold 14 legacy hotels and raised total gross proceeds of $31.6 million. Moreover, the company expects to dispose at least 20 legacy hotels this year. 

Investors interested in the REIT sector can consider some top-ranked stocks like Alexandria Real Estate Equities, Inc. (ARE - Free Report) , Arbor Realty Trust Inc. (ABR - Free Report) and CareTrust REIT, Inc. (CTRE - Free Report) . All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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