BETHESDA, Md.--(BUSINESS WIRE)--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 121-room Super 8 in Creston, Iowa for $5.1 million. Net proceeds from the sale will be applied to outstanding debt on the Company’s $150 million secured credit facility.

“Having completed the sale of the Super 8 in Creston Iowa, Condor now owns only one legacy hotel, the Quality Inn & Marina in Solomons, Maryland,” said Bill Blackham, Condor’s Chief Executive Officer. “This Quality Inn has been listed with a brokerage and advisory firm and is actively being marketed for sale and is expected to close late in the fourth quarter or early in the first quarter of 2019. There can be no guarantee that this planned disposition will close. Since the beginning of 2015, we have sold an aggregate of 54 legacy hotels generating over $165 million in gross proceeds and recycled the net proceeds into 14 high-quality select-service assets representing approximately $277 million in aggregate purchase consideration,” Mr. Blackham continued.

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 16 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.