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TownePlace Suites Austin North Tech Ridge Sold for $19.75 Million

TownePlace Suites Hotel - Exterior

TownePlace Suites Austin North Tech Ridge Sold for $19.75 million

Condor Hospitality Trust, Inc. (NYSE American: CDOR) 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.

Condor Hospitality Trust, Inc. (NYSE American: CDOR) 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.

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.

Posted by on January 19, 2018.

Categories: Hotel Industry News

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