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REIT to Fork Over $60M for Three Texas Hotels
Condor Hospitality Trust entered into an agreement with Dallas-based developer Bedford Lodging to acquire a portfolio of three Marriott-branded hotels for $59.6 million. The portfolio consists of:
- The 124-room Fairfield Inn & Suites El Paso Airport, 6611 Edgemere Blvd., El Paso – Opened May 2015
- The 122-room TownePlace Suites Austin North Tech Ridge, 12427 Tech Ridge Blvd., Austin – Opened December 2016
- The 120-room Residence Inn Austin Airport, 3201 Caseybridge Court, Austin – Opened August 2016
Current property manager Aimbridge Hospitality will likely continue in that role with the new owner.
The Bethesda, MD-based Condor Hospitality plans to close the Fairfield Inn and Residence Inn in late 3Q 2017, and the TownePlace Suites in early 2018. Condor CEO Bill Blackham said that the acquisition fits the REIT’s strategy of buying newer, premium-branded, select-service assets in secondary markets. The hotels have an average age of less than two years.
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