BETHESDA, Md., July 18, 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 executed an agreement to purchase a portfolio of three Marriott-branded hotels for $59,600,000. The portfolio includes the following hotels: the Fairfield Inn & Suites El Paso Airport, the TownePlace Suites Austin North Tech Ridge, and the Residence Inn Austin Airport. The Company expects that the hotels will continue to be managed by Aimbridge Hospitality.
“This acquisition presents a unique opportunity to acquire three high-quality hotels that fit squarely within our investment strategy of investing in newer, premium-branded select-service assets in secondary markets. The hotels have an average age of less than two years, have a design aesthetic that appeals to the modern traveler, and are located in growing, attractive secondary markets. We expect to close the acquisition of the Fairfield Inn & Suites and Residence Inn late in the third quarter of 2017 and the TownePlace Suites in early 2018. Furthermore, the Company plans on accelerating its ongoing capital recycling program with the disposition of five of the remaining six legacy assets by year-end 2017 in addition to the two hotels currently under contract,” stated Bill Blackham, Condor’s Chief Executive Officer. “With the execution of the purchase contracts for these three hotels, Condor will have acquired or signed contracts in the last seven quarters for approximately $261 million of assets, representing thirteen high-quality premium-branded select-service hotels flagged under the leading Marriott, Hilton, and IHG hotel brands. We continue to assemble an extremely high quality portfolio of select-service assets located in secondary markets that are poised to outperform due to the expectation for RevPAR growth in excess of the national average, as demonstrated by our 7.7% RevPAR year-over-year growth in the first quarter of 2017 for our new investment platform hotels,” 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. The acquisition of this portfolio is subject to customary closing conditions, including accuracy of representations and warranties and compliance with covenants and obligations.
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 email@example.com (301) 861-3305
Source:Condor Hospitality Trust, Inc.