Condor Hospitality Trust Closes Acquisition of Three Home2 Suites by Hilton (3/27/17)
BETHESDA, Md., March 27, 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 three Home2 Suites for $54,750,000. The three hotels include the Home2 Suites Austin/Round Rock [Texas], the Home2 Suites Lexington University/Medical Center [Kentucky], and the Home2 Suites Tallahassee State Capitol [Florida]. The hotels will continue to be managed by the seller, Vista Host Inc., which was represented in the transaction by Hodges Ward Elliott. The Company announced that it had placed four Home2 Suites under contract in January 2017. The fourth hotel in the portfolio, the Home2 Suites Memphis/Southaven, remains under contract and is expected to close in the second quarter, subject to customary closing conditions including the completion of the assumption process for the existing securitized loan on the property.
“The acquisition of these three Home2 Suites represents a significant milestone for Condor as we have now closed on eight high-quality hotels since the fourth quarter of 2015. With an average age of less than two years, these three Home2 Suites fit squarely within our investment strategy of acquiring newer, premium-branded select-service assets in secondary markets; moreover, the Home2 Suites brand by Hilton is one of the most successful and fastest growing brands in the upper midscale segment,” stated Bill Blackham, Condor’s Chief Executive Officer. “In the last five quarters, Condor has acquired or placed under contract for approximately $185 million nine high-quality premium-branded select-service hotels flagged under five of the leading hotel brands, Aloft, Courtyard, and Springhill Suites by Marriott, Home2 Suites by Hilton, and Hotel Indigo by Intercontinental. We will continue to be an active buyer as we execute on our strategy of assembling a differentiated, high-quality portfolio of premium-branded select-service assets primarily 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 22 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. http://globenewswire.com/news-release/2017/03/27/945416/0/en/Condor-Hospitality-Trust-Closes-Acquisition-of-Three-Home2-Suites-by-Hilton.html