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