BETHESDA, Md., Dec. 15, 2016 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that it has closed on the acquisition of the 156 room Aloft Leawood-Overland Park located within Park Place Village at 11620 Ash Street, Leawood, KS 66211. The purchase price for the hotel is $22,500,000. The hotel will be managed by Presidian Hotels and Resorts.
“We are pleased to add the Aloft Leawood-Overland Park to our growing portfolio of high-quality, premium-branded select-service hotels. This asset fits squarely within our targeted investment strategy of acquiring premium-branded select-service hotels in a few primary markets but substantially within major secondary markets, defined as markets ranked 21st through 100th by population, while we will also acquire hotels in markets ranked lower than 100th when we deem the investment compelling,” stated Bill Blackham, Condor’s Chief Executive Officer. “The Aloft Leawood-Overland Park is attractively located within an upscale lifestyle center containing luxury residences, trendy dining, upscale shopping, and modern office spaces. Additionally, the hotel is located adjacent to AMC Theaters’ corporate headquarters and Sprint World Headquarters. We are very pleased to add this Aloft, together with our other Aloft in Atlanta that closed earlier this year, to our portfolio, especially in light of Marriott’s recent acquisition of Starwood. We feel confident that the Aloft brand will continue to grow and be a leader in the select service space,” continued Mr. Blackham.
Beginning in the second quarter of 2015, Condor accelerated a strategic process to sell its legacy assets and recycle the capital into premium-branded select service hotels. During this time, Condor has sold 40 legacy hotels, generating $110.9 million in gross proceeds. The net proceeds from these sales have been recycled into the acquisition of 5 premium-branded, select service assets, including the Marriott Courtyard Jacksonville, Hotel Indigo Atlanta Airport, Springhill Suites Downtown San Antonio, Aloft Atlanta Downtown, and the Aloft Leawood-Overland Park.
“The majority of Condor’s revenues and earnings are now generated by the Company’s premium-branded, upscale select-service hotels. We continue to succeed in our strategy of selling the legacy hotel assets at what we believe to be attractive valuations and recycling the net proceeds into strategically-located, high-quality assets that meet our well-defined investment strategy. The Aloft Leawood-Overland Park is a great fit and we are very excited to add it to our portfolio,” commented Jonathan Gantt, Condor’s Chief Financial Officer.
Refer to the Company’s Form 8-K to be filed with the Securities and Exchange Commission for a further description of the terms of the transaction.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: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 21 hotels in 12 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott/Starwood, InterContinental Hotels Group, Choice, and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.
Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the company’s filings with the Securities and Exchange Commission.
Contact: Jonathan J. Gantt Chief Financial Officer & Senior Vice President email@example.com (301) 861-3305
Source:Condor Hospitality Trust, Inc.