On August 31, 2021, Medalist Diversified Holdings, L.P., the operating partnership of Medalist Diversified REIT, Inc., completed a successful sale of the Company’s Hampton Inn Property in Greensboro, North Carolina (the “Property”) to an unaffiliated purchaser. The sales price of the Property was $12,900,000. After repayment of the $10.4 million mortgage on the Property and payment of the sales commission and closing costs, net proceeds from the transaction were approximately $2.1 million. Of these proceeds, approximately $380,000 were due to an unrelated, non-controlling owner of the Property. The Company’s net proceeds from the transaction were approximately $1.7 million.
Thomas Messier, CEO of Medalist Diversified REIT, commented that “the successful sale of the Hampton Inn Property demonstrates the Company’s continued successful implementation of its strategy.”