BETHESDA, Md., Jan. 23, 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 a portfolio of four Home2 Suites hotels for $73,750,000. The portfolio includes the following hotels: the Home2 Suites Memphis/Southaven, the Home2 Suites Austin/Round Rock, the Home2 Suites Lexington University/Medical Center (Kentucky), and the Home2 Suites Tallahassee State Capitol. It is expected that the hotels will continue to be managed by Vista Host, Inc.
“This acquisition was a very unique opportunity to acquire a portfolio of high-quality hotels that fit squarely within our investment strategy of acquiring newer, premium-branded select-service assets in secondary markets. The Home2 Suites brand by Hilton is one of the most successful and fastest growing brands in the upper midscale segment and we are very pleased to have the opportunity to acquire these relatively new hotels that have an average age of less than three years,” stated Bill Blackham, Condor’s Chief Executive Officer. “Including the Aloft Atlanta Downtown and the Aloft Leawood, both of which closed in 2016, Condor will have acquired or signed contracts in the last five quarters for approximately $185 million, representing nine high-quality premium-branded select-service hotels flagged under five of the leading hotel brands, Aloft by Marriott, Home2 Suites by Hilton, Hotel Indigo by IHG, SpringHill Suites by Marriott, and Courtyard by Marriott,” 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 this acquisition is expected to occur in the first quarter of 2017 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 12 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.