Condor Hospitality Trust Closes Acquisition of the TownePlace Suites Austin North Tech Ridge
20 January 2018 - 1:00AM
Business Wire
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 its previously-announced agreement to purchase the
122-room TownePlace Suites located in the North Tech Ridge
submarket of Austin, Texas. The hotel was purchased for $19.75
million and will continue to be managed by Aimbridge
Hospitality.
“With the closing of the TownePlace Suites Austin North Tech
Ridge, we have added another young, high-quality select-service
asset into our growing portfolio of new investment platform hotels.
The TownePlace Suites represents the youngest select-service
product in the North Tech Ridge submarket, which has numerous and
diverse local demand drivers, including Dell’s corporate campus,
Samsung’s semiconductor Facility, and General Motors’ IT innovation
facility. As the 31st largest MSA by population, Austin grew faster
than all other large metro areas in the United States over the last
five years. This new asset fits perfectly within our acquisition
strategy of acquiring newer select-service hotels in fast-growing,
top-100 MSAs,” stated Bill Blackham, Condor’s Chief Executive
Officer.
“Assuming the closing of the Home2 Suites Summerville, which is
currently under contract, we will have closed approximately $276
million of acquisitions since the fourth quarter of 2015,
representing fourteen high-quality premium-branded select-service
hotels flagged under the leading Marriott, Hilton, and IHG hotel
brands,” 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 19 hotels in 9 states. Condor’s hotels are franchised by a
number of the industry’s most well-regarded brand families
including Hilton, Marriott, and InterContinental Hotels Group. For
more information or to make a hotel reservation, visit
www.condorhospitality.com.
Forward-Looking Information
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, including the use of
“fits perfectly” and “assuming”, may involve known and unknown
risks, uncertainties and other factors that may cause the actual
events, results or performance to differ from those presented in
the forward-looking statement. These forward-looking statements are
based on assumptions that management has made in light of
experience in the business in which the Company operates, as well
as other factors management believes to be appropriate under the
circumstances. As you read and consider this release, you should
understand that these statements are not guarantees of events,
performance or results. They involve risks, uncertainties (some of
which are beyond the Company’s control) and assumptions. Although
management believes that these forward-looking statements are based
on reasonable assumptions, you should be aware that many factors
could affect events, performance or results and cause them to
differ materially from those anticipated in the forward-looking
statements. These factors include among other things, risk factors
described from time to time in the Company’s filings with the
Securities and Exchange Commission. The Company cautions that any
forward-looking statement included in this press release is made as
of the date of this press release and the Company does not
undertake to update any forward-looking statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20180119005132/en/
Condor Hospitality Trust, Inc.Jonathan J. Gantt,
301-861-3305Chief Financial Officer & Senior Vice
Presidentjgantt@trustcondor.com
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