Condor Hospitality Trust, Inc. a hotel-focused real estate investment trust (REIT), announced that it has closed on the acquisition of two Marriott-branded hotels for $38,800,000. The closing includes the Fairfield Inn & Suites El Paso Airport and the Residence Inn Austin Airport. The hotels will continue to be managed by Aimbridge 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 CEO. “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 Blackham.
Source: Business Wire
Image courtesy: Condor Hospitality