Condor Hospitality Trust Completes Acquisition of Residence Inn Austin Airport and Fairfield Inn & Suites El Paso Airport for $38 Million
BETHESDA, MD. September 7, 2017 - Condor Hospitality Trust, Inc. (NYSE American: 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 two Marriott-branded hotels for $38,800,000. The closing includes the following hotels: the Fairfield Inn & Suites El Paso Airport and the Residence Inn Austin Airport. The hotels will continue to be managed by Ambridge Hospitality. The Company has a third Marriott-branded hotel, the TownePlace Suites Austin North Tech Ridge, under contract for $19,750,000, which is expected to close in the first quarter of 2018.
“With the closing of the Fairfield Inn & Suites El Paso Airport and the Residence Inn Austin Airport, we have now closed since the fourth quarter of 2015 approximately $240 million of acquisitions representing twelve high-quality premium-branded select-service hotels consisting of a total of 1,593 rooms. These two most recently acquired hotels, with an average age of less than two years and branded under two high-quality Marriott flags, fit squarely within our investment strategy of acquiring premium-branded select-service assets in attractive secondary markets,” stated Bill Blackham, Condor’s Chief Executive Officer. “Our extremely disciplined assemblage of a very high-quality portfolio of select-service hotels has led to strong RevPAR outperformance over the national averages, as demonstrated by our 7.4% RevPAR year-over-year growth in the first half of 2017 for our new investment platform hotels. Additional highlights of this transaction are that we closed the acquisition in 46 days, that we expanded our management company relationships with the addition of Aimbridge Hospitality, and that we remain under contract to acquire the TownePlace Suites Tech Ridge, expected to close in the first quarter of 2018,” 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. (NYSE American: 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 21 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.
Jonathan J. Gantt