Condor buys Austin extended stay hotel for $19.75 million

George Sell George Sell Uploaded 21 January 2018

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US: Condor Hospitality Trust has closed on the purchase of a 122-room TownePlace Suites located in the North Tech Ridge area of Austin, Texas.

Bill Blackham, CEO of Condor, which is a Maryland-based hotel-focused real estate investment trust (REIT) said: "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." 

"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 Blackham.

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