Condor Hospitality Trust Announces Joint Venture to Acquire Aloft Atlanta Downtown (8/01/16)
BETHESDA, MD--(Marketwired - August 01, 2016) - 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 entered into a joint venture agreement with Three Wall Capital to acquire the 254 room Aloft Atlanta located in downtown Atlanta at 300 Spring St NW, Atlanta, GA 30308. Through its operating partnership subsidiary, Condor will own 80% of the joint venture with Three Wall Capital owning the remaining 20% of the joint venture. The purchase price for the hotel is $43,550,000. Subsequent to the transaction's closing in the third quarter, the hotel will be managed by Boast Hotel Management Company, LLC, an affiliate of Three Wall Capital.
"This transaction represents another premium quality, select service hotel acquisition meeting the investment strategy of the company," Bill Blackham, Condor's Chief Executive Officer stated. "As we continue to expand our new investment platform, we have once again utilized industry contacts to source an off-market hotel acquisition that will be managed by an affiliate of the party that introduced the investment opportunity. Combining the fact that this hotel was completely renovated and converted to the very popular Aloft brand less than two years ago with the hotel's attractive location in the downtown CBD market, makes this acquisition very compelling and we expect positive returns for our shareholders," Blackham continued.
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 closing of the acquisition of the hotel 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 31 hotels in 16 states. Condor's hotels are franchises of a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental, Starwood, and Choice. For more information or to make a hotel reservation visit www.condorhospitality.com. http://www.marketwired.com/press-release/condor-hospitality-trust-announces-joint-venture-to-acquire-aloft-atlanta-downtown-nasdaq-cdor-2146889.htm