{"id":1004176896,"date":"2017-05-16T01:36:19","date_gmt":"2017-05-16T09:36:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004176896"},"modified":"2022-12-04T13:30:13","modified_gmt":"2022-12-04T21:30:13","slug":"condor-hospitality-trust-boosts-acquisition-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-trust-boosts-acquisition-fund\/","title":{"rendered":"Condor Hospitality Trust Boosts Acquisition Fund"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

Hotel-focused REIT Condor Hospitality Trust Inc<\/a>., of Bethesda, Md., has closed the expansion of its $90 million senior secured revolving credit facility to $150 million, Condor announced last Friday.<\/p>\n

\"Home2<\/a>

Home2 Suites by Hilton Austin Round Rock<\/p><\/div>\n

KeyBanc Capital Markets, BMO Capital Markets and Huntington National Bank were the joint lead arrangers for the credit facility, with KeyBank N.A. serving as administrative agent and Huntington National Bank and BMO Capital Markets serving as co-syndication agents.<\/p>\n

The credit facility now provides for up to $150 million of committed borrowings capacity and continues to include an accordion feature that would allow Condor to increase the facility to up to $400 million with additional lender commitments.<\/p>\n

The facility matures in 2020 and has two one-year extension options following additional capital achievements. Borrowings will continue to bear interest at a rate determined by a leverage-based pricing grid.<\/p>\n

\u201cThe increase to our credit facility will enable us to accelerate the closing of additional acquisitions, and we plan to utilize the facility to close the previously announced acquisition of the Lake Mary Hampton Inn and Suites<\/em>,\u201d Jonathan Gantt, Condor\u2019s CFO, said in a prepared statement. \u201cWe believe the expansion of the facility is another strong indicator of Condor\u2019s standing within the industry as a leading hotel REIT.<\/em>\u201d<\/p>\n

Gantt noted Condor\u2019s strategy, which is \u201cfocused on building the highest quality portfolio of premium-branded, select-service hotels primarily located in the top 100 MSAs.<\/em>\u201d<\/p>\n

Condor declined to provide additional information requested by Commercial Property Executive<\/em>.<\/p>\n

The REIT\u2019s portfolio comprises 19 properties in 11 states: 16 high-quality select-service hotels and three \u201clegacy holdings\u201d that Condor is marketing for sale.<\/p>\n

The former include Home2 Suites properties in Southaven, Miss.; Tallahassee, Fla.; Lexington, Ky.; and Round Rock, Texas; and Aloft properties in Leawood, Kan., and Atlanta.<\/p>\n

The latter are the Key West Inn, Key Largo, Fla. (which is under contract); a Quality Inn in Morgantown, W.V.; and a Days Inn in Bossier City, La. Proceeds from these sales will be \u201credeployed into the upscale, select-service segment,\u201d according to Condor.<\/p>\n

The Lake Mary Hampton Inn and Suites referenced by Gantt is a 130-key property in metro Orlando, Fla., that Condor is buying for approximately $19.3 million.<\/p>\n

Image courtesy of Condor Hospitality Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

KeyBanc Capital Markets, BMO Capital Markets and Huntington National Bank were the joint lead arrangers of the additional $60 million to the company\u2019s credit facility.<\/p>\n","protected":false},"author":882,"featured_media":1004176914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21751,23891,21742],"tags":[35564,35562,32861,35563],"class_list":["post-1004176896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-hotel","category-national","category-latest","tag-bmo-capital-markets-corporation","tag-condor-hospitality-trust-inc","tag-huntington-bank","tag-keybanc-capital-markets"],"acf":[],"yoast_head":"\nCondor Hospitality Trust Boosts Acquisition Fund - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-trust-boosts-acquisition-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Condor Hospitality Trust Boosts Acquisition Fund\" \/>\n<meta property=\"og:description\" content=\"KeyBanc Capital Markets, BMO Capital Markets and Huntington National Bank were the joint lead arrangers of the additional $60 million to the company\u2019s credit facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-trust-boosts-acquisition-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-16T09:36:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T21:30:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Home2-Suites-by-Hilton-Austin-Round-Rock.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-trust-boosts-acquisition-fund\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-trust-boosts-acquisition-fund\/\",\"name\":\"Condor Hospitality Trust Boosts Acquisition Fund - 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