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Chicago & Midwest  + Midwest  + Hospitality  | 

IN Hotel Sale Brings Condor Closer to Portfolio Repositioning

Hotel REIT Condor Hospitality Trust has closed on the sale of a legacy hotel asset, the 135-room Comfort Suites in South Bend, IN, for $6.1 million. The buyer was not disclosed.  Net proceeds from the sale will be applied to outstanding debt on the company’s $150-million secured credit facility.

With the conclusion of this sale, Condor has just three legacy assets, compared to 55 that it owned at the beginning of 2015 under the name Supertel Hospitality. “Of the three legacy assets remaining, one is under contract for sale and one is being actively marketed for sale, though there can be no guarantee that these two planned dispositions will actually close,” said CEO Bill Blackham.

Blackham added that Condor’s portfolio repositioning is now “substantially complete as we have now sold 52 legacy hotels generating over $150 million in gross proceeds, and recycled the net proceeds into 14 high-quality select-service assets with an average age of less than four years old.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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