Close

Cart

Total $0.00

Checkout

BETHESDA, Md.--January 19, 2018--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

Contact: Jonathan J. Gantt

jgantt@trustcondor.com / 301-861-3305

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. 

Related News

Pageant Beach Hotel and Aimbridge Hospitality Plan 351-Room Grand Hyatt Grand Cayman Hotel & Residences

Aimbridge Hospitality Names Adrian Nieto as Director of Sales for The Statler

Bedford Lodging and Aimbridge Hospitality Open Dual-Branded Fairfield Inn & Suites and Residence Inn in Broomfield, Colorado

Aimbridge Hospitality Opens New Embassy Suites by Hilton Houston West - Katy in Houston, Texas

Condor Hospitality Trust Executes Agreement to Purchase the Home2 Suites Summerville/Charleston in South Carolina for $16,325,000

Aimbridge Hospitality Adds 13 Courtyard by Marriott Hotels to Management Portfolio

Aimbridge Hospitality Opens New 109-Key TownePlace Suites by Marriott in Chandler, Arizona

Aimbridge Hospitality Appoints Harold Mirambell General Manager of DoubleTree Evansville

Centurion American Development Group Reopens Iconic Dallas Property, The Statler, Following $255 Million Redevelopment

Aimbridge Hospitality Opens New Home2 Suites by Hilton Dallas Downtown at Baylor Scott & White in Texas

Owned by Mac Haik Enterprises and Managed by Aimbridge Hospitality, Embassy Suites by Hilton Opens in College Station, Texas

X Fund Properties Limited and Aimbridge Hospitality Unveil Jewel Grande Montego Bay Resort & Spa

Owned by New Era Partners and Managed by Aimbridge Hospitality, Courtyard by Marriott Set to Open in Flower Mound, Texas

Condor Hospitality Trust Completes Acquisition of Residence Inn Austin Airport and Fairfield Inn & Suites El Paso Airport for $38 Million

Roch Capital Acquires Hyatt Regency Louisville; Aimbridge Hospitality Selected to Manage

Aimbridge Hospitality to Manage Historic The Warwick Hotel Rittenhouse Square in Philadelphia

Aimbridge Hospitality Appoints David Weston General Manager of Embassy Suites by Hilton Baton Rouge

Aimbridge Hospitality Hires Seth Williams as Head of Asian Capital Markets

Aimbridge Hospitality Names Evan Danziger General Manager and Jennifer Wasserman Director of Sales and Marketing for The Statler

Aimbridge Hospitality Promotes Brad Frazier to Senior Vice President of Sales-Premium Select Service and Channel Point

All News »

Please login or register to post a comment.