Condor Hospitality Trust, a hotel-focused real estate investment trust, completed the previously announced acquisition of three premium-branded hotels for $42.5 million.
The company said it funded the acquisitions with cash on hand, primarily from prior legacy hotel dispositions, and with debt financing including the assumption of an existing loan and a newly originated loan with GE Capital Franchise Finance.
The three properties are comprised of the following:
- 116-room SpringHill Suites Downtown in San Antonio, TX
- 142-room Hotel Indigo Atlanta Airport in College Park, GA
- 120-room Courtyard Jacksonville Flagler Center in Jacksonville, FL
“The acquisition of these three relatively new, high-quality hotels provides a vision of the company’s portfolio of the future and aligns perfectly with the new investment strategy underway,” said Bill Blackham, Condor Hospitality’s CEO. “These hotels are located in vibrant markets with solid growth potential and enjoy the benefit of premier brands.”
Condor Hospitality Trust, formerly known as Supertel Hospitality, is a self-administered real estate investment trust that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels.