Condor Hospitality Trust Executes Agreement to Purchase Aloft Leawood-Overland Park
BETHESDA, Md., Aug. 31, 2016 (GLOBE NEWSWIRE) -- Condor Hospitality Trust, Inc. (NASDAQ:CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced that it has executed an agreement to purchase the 156 room Aloft Leawood-Overland Park located within Park Place Village at 11620 Ash Street, Leawood, KS, 66211. The purchase price for the hotel is $22,500,000. The hotel will be managed by Presidian Hotels and Resorts.
“The Aloft Leawood is a high quality hotel that fits squarely within our targeted investment strategy of acquiring premium-branded select-service assets in major secondary markets, ranked as the 21st through 60th largest by population. Kansas City is the 30th largest MSA, and the Aloft Leawood is attractively located in the Park Place Village lifestyle center adjacent to Sprint’s World Headquarters Campus and AMC Theatres’ operational headquarters. Since the hotel’s opening in 2009, guests at the Aloft have had the benefit of being contiguous to a lifestyle center that includes restaurant and retail venues serving the hotel, the adjacent office complexes, and the community in general. We are very excited to add this asset, along with the Atlanta Aloft closed last week, to our growing portfolio of new investment platform hotels,” Bill Blackham, Condor’s Chief Executive Officer stated.
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. The closing of the acquisition of the hotel is expected to occur late third quarter or early fourth quarter, but is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NASDAQ: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 31 hotels in 15 states. Condor’s hotels are franchises of a number of the industry’s most well-regarded brand families including Hilton, Marriott, InterContinental, Starwood, and Choice. 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, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the company’s filings with the Securities and Exchange Commission.
Contact for Condor Hospitality Trust, Inc.:
Jonathan Gantt
Chief Financial Officer and Senior Vice President
jgantt@trustcondor.com
(402) 371-2520
