Condor Hospitality Trust Executes Agreement to Purchase Hampton Inn and Suites Lake Mary (5/01/17)
BETHESDA, Md., May 01, 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 the 130-room Hampton Inn and Suites located in Lake Mary, a suburb of Orlando, at 850 Village Oak Lane, Lake Mary, Florida 32746. The purchase price for the hotel is $19,250,000. The hotel will be managed by Peachtree Hospitality Management, LLC.
“The Hampton Inn and Suites in Lake Mary fits squarely within Condor’s investment strategy. The hotel is attractively located in Lake Mary, a suburb of Orlando, which is ranked the 23rd largest MSA in the United States. Further, the hotel has a premier location contiguous to the Colonial Town Park lifestyle center which features Class A office space, high-end loft apartments, upscale restaurants and shops, and a 12-screen theater,” stated Bill Blackham, Condor’s Chief Executive Officer. “The hotel is in excellent condition having recently completed a substantial guestroom and public spaces renovation to all current brand standards. Its premier location and high-quality condition are very well-received by guests, as evidenced by the fact that it is currently ranked #1 within the Lake Mary submarket by TripAdvisor. This acquisition opportunity arose as a result of our strategy of forming mutually beneficial alliances with management companies and developers, in this instance, an expansion of the Peachtree Hotel Group relationship. We are excited to add this hotel, along with the four Home2 Suites by Hilton closed earlier this year, to our growing portfolio of high-quality, select-service hotels primarily located within 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. The closing of the acquisition of the hotel is expected to occur late second quarter or early third quarter, but 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. https://globenewswire.com/news-release/2017/05/01/975029/0/en/Condor-Hospitality-Trust-Executes-Agreement-to-Purchase-Hampton-Inn-and-Suites-Lake-Mary.html