BETHESDA, Md.--(BUSINESS WIRE)--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 93-room Home2 Suites by Hilton located in Summerville, South Carolina, a suburb of Charleston. The hotel was purchased for $16.325 million and will be managed by our ninth management company alliance partner, Inn Ventures.
“We are very pleased to close on the purchase of our fifth Home2 Suites, the Home2 Suites Summerville-Charleston, about two months after placing it under contract. An early 2018 closing allows us to take advantage of the major demand drivers in the region. The hotel, which opened in 2017, is strategically located at the juncture of the automotive, aerospace, bioscience, technology and distribution industries. Volvo and Mercedes have both announced plans for large manufacturing facilities in the area, while the mixed-use Nexton community, a 4,500-acre swath of land near the hotel, will one-day house 7,000 single-family homes, 6 million square feet of commercial space, and a medical center. We fully expect the hotel to attain robust top-line growth driven by increasing corporate demand, strong population growth, and continuing growth in tourism. These factors make the Home2 Suites a perfect addition to our growing portfolio of high-quality new investment platform hotels,” stated Bill Blackham, Condor’s Chief Executive Officer.
“We now have acquired 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 10 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.
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 “fully expect”, “robust”, “perfect”, “increasing corporate demand” , and “strong population growth” 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.