{"id":1004189633,"date":"2017-09-06T04:20:01","date_gmt":"2017-09-06T12:20:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189633"},"modified":"2022-12-08T10:17:36","modified_gmt":"2022-12-08T18:17:36","slug":"condor-hospitality-buys-marriott-hotel-portfolio-for-39m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-buys-marriott-hotel-portfolio-for-39m\/","title":{"rendered":"Condor Hospitality Buys Marriott Hotel Portfolio for $39M"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004189634\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Residence-Inn-Austin-Airport-Austin.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004189634\" data-attachment-id=\"1004189634\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-buys-marriott-hotel-portfolio-for-39m\/residence-inn-austin-airport-austin\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Residence-Inn-Austin-Airport-Austin.jpg\" data-orig-size=\"750,402\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Residence Inn Austin Airport, Austin\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Residence-Inn-Austin-Airport-Austin.jpg?w=750\" class=\"wp-image-1004189634 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Residence-Inn-Austin-Airport-Austin.jpg\" alt=\"Residence Inn Austin Airport, Austin\" width=\"300\" height=\"161\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Residence-Inn-Austin-Airport-Austin.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Residence-Inn-Austin-Airport-Austin.jpg?resize=300,161 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004189634\" class=\"wp-caption-text\">Residence Inn Austin Airport, Austin<\/p><\/div>\n<p>Condor Hospitality Trust Inc. closed the $38.8 million acquisition of two Marriott-branded hotels: \u00a0the Fairfield Inn &amp; Suites El Paso Airport and the Residence Inn Austin Airport. The hotels will continue to be managed by Texas-based Ambridge Hospitality.<\/p>\n<p>Fairfield Inn &amp; Suites El Paso Airport is located at 6611 Edgemere Blvd. in El Paso, Texas, less than two miles from El Paso International Airport and the hub of El Paso\u2019s revitalized entertainment district. The 124-key asset offers stylish suites and guestrooms with free Wi-Fi, luxurious bedding, Smart TV and spacious work desks. Amenities include a fitness center, an outdoor pool and conference rooms.<\/p>\n<p>Located at 3201 Caseybridge Court, near Austin Airport,\u00a0Residence Inn Austin Airport hotel features 120 suites with fully equipped kitchens, large work desks, luxury bedding and a pet-friendly policy. The asset is less than 15 minutes from Downtown Austin, Austin Convention Center and Circuit of the Americas. Amenities include a picnic area, local restaurant dinner delivery, a fitness center, an outdoor swimming pool, conference rooms and free parking for guests.<\/p>\n<h2><strong>Transaction highlights<\/strong><\/h2>\n<p>\u00a0\u201c<em>These two most recently acquired hotels, with an average age of less than two years and branded under two high-quality Marriott flags, fit squarely within our investment strategy of acquiring premium-branded select-service assets in attractive secondary markets,<\/em>\u201d said Bill Blackham, Condor\u2019s CEO, in a prepared statement.<\/p>\n<p>A third Marriott hotel, the TownePlace Suites Austin North Tech Ridge, is under contract for $19.8 million. The transaction is expected to close in the first quarter of 2018.<\/p>\n<p>\u201c<em>Our extremely disciplined assemblage of a very high-quality portfolio of select-service hotels has led to strong RevPAR outperformance over the national averages, as demonstrated by our 7.4 percent RevPAR year-over-year growth in the first half of 2017 for our new investment platform hotels. Additional highlights of this transaction are that we closed the acquisition in 46 days, that we expanded our management company relationships with the addition of Aimbridge Hospitality, and that we remain under contract to acquire the TownePlace Suites Tech Ridge, expected to close in the first quarter of 2018,<\/em>\u201d he added. <\/p>\n<p>Since the fourth quarter of 2015, Condor has closed approximately $240 million of acquisitions, representing 12 hotels consisting of a total of 1,593 guestrooms, according to Blackham. The company\u2019s portfolio consists of 21 hotels totaling 2,504 guestrooms in 11 states. Earlier this year, Condor announced the expansion of its $90 million\u00a0senior secured <a href=\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-trust-boosts-acquisition-fund\/\">revolving credit facility<\/a> to $150 million.<\/p>\n<p><em>Image courtesy of Condor Hospitality Trust Inc.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company purchased the Fairfield Inn &amp; Suites El Paso Airport and the Residence Inn Austin Airport. The acquisition of a third Marriott hotel is expected to close in the first quarter of 2018.<\/p>\n","protected":false},"author":1192,"featured_media":1004189634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21743,21751,21742],"tags":[37467,35562],"class_list":["post-1004189633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-deals","category-hotel","category-latest","tag-ambridge-hospitality","tag-condor-hospitality-trust-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Condor Hospitality Buys Marriott Hotel Portfolio for $39M - 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-buys-marriott-hotel-portfolio-for-39m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Condor Hospitality Buys Marriott Hotel Portfolio for $39M\" \/>\n<meta property=\"og:description\" content=\"The company purchased the Fairfield Inn &amp; Suites El Paso Airport and the Residence Inn Austin Airport. 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