Condor Hospitality Trust Closes Acquisition of Home2 Suites by Hilton Memphis - Southaven (4/17/17)
BETHESDA, Md., April 17, 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 Home2 Suites Memphis – Southaven for $19,000,000. This purchase completes the Company’s acquisition of the four Home2 Suites hotels announced in January of 2017. As with the three previously acquired Home2 Suites hotels, the Home2 Suites Memphis - Southaven will continue to be managed by the seller, Vista Host Inc., which was represented in the transaction by Hodges Ward Elliott. The acquisition of this hotel included the assumption of an existing securitized loan on the property totaling approximately $9,100,000.
“The closing of the final Home2 Suites hotel previously under contract marks a defining moment for Condor Hospitality Trust, as we have now acquired nine high-quality hotels since the fourth quarter of 2015 and the majority of our earnings prospectively are generated by high-quality, select service assets. As a portfolio, the Home2 Suites purchase represents our largest acquisition to date at $73,750,000, and each hotel is consistent with our investment strategy to acquire newer, premium-branded select-service assets in secondary markets,” stated Bill Blackham, Condor’s Chief Executive Officer. “In the last five quarters, Condor has closed on approximately $185 million of acquisitions representing nine high-quality premium-branded select-service hotels comprising 1,219 rooms and flagged under five of the leading hotel brands, including four Home2 Suites by Hilton, one Hotel Indigo by Intercontinental, and two Aloft Hotels, one Courtyard, and one Springhill Suites by Marriott. We will continue to be an active but highly disciplined buyer as we execute on our strategy of assembling a differentiated, high-quality portfolio of premium-branded select-service assets 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 20 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. http://www.globenewswire.com/news-release/2017/04/17/961288/0/en/Condor-Hospitality-Trust-Closes-Acquisition-of-Home2-Suites-by-Hilton-Memphis-Southaven.html