BETHESDA, Md., June 20, 2017 (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 130-room Hampton Inn and Suites Lake Mary for $19,250,000 just 51 days after the signing of the purchase contract. The hotel will continue to be managed by the seller, Peachtree Hospitality Management, LLC. The purchase was made using funds from Condor’s $150 million revolving line of credit.
“With the closing of the Hampton Inn and Suites Lake Mary, we have now closed on approximately $202 million of acquisitions representing ten high-quality premium-branded select-service hotels comprising 1,349 rooms over the past six quarters,” stated Bill Blackham, Condor’s Chief Executive Officer. “The Hampton Inn and Suites fits perfectly within our investment strategy. The hotel is well-located in the Lake Mary suburb of Orlando, the 23rd largest MSA in the United States by population, and has a premier location adjacent to the Colonial Town Park mixed-use lifestyle center which features Class A office space, upscale restaurants and shops, high-end loft apartments, and a 12-screen movie theater. Moreover, the hotel is in exceptional condition having recently completed a substantial guestroom and public spaces renovation to all current brand standards. Condor now owns a total of eleven high-quality premium-branded select-service hotels compared to just eight legacy hotels, two of which are currently under contract for sale. The Hampton Inn and Suites Lake Mary represents an expansion of one of our hotel management company alliances and is another high-quality addition to our growing portfolio of premium-branded select-service hotels primarily located in the top 100 MSAs,” added Mr. Blackham.
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 19 hotels in 11 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 firstname.lastname@example.org (301) 861-3305
Source:Condor Hospitality Trust, Inc.