US: Condor Hospitality Trust has completed the sale of its 15-hotel portfolio.
The sale of the hotels was completed following an agreement in September between Condor, a REIT, and B9 Cowboy Mezz A LLC, a Delaware limited liability company and an affiliate of Blackstone.
The purchase price for the extended stay and select service portfolio across eight US states was $305,000,000. The portfolio includes extended stay properties under the Home2 Suites, Towneplace Suites, Residence Inn, Fairfield Inn & Suites, Hampton Inn & Suites, and SpringHill Suites flags.
Bill Blackham, Condor CEO, said: ”We believe that this is an extremely attractive transaction for company’s shareholders with a highly credible and very experienced buyer. The company portfolio is highly attractive as evidenced by the strong buyer interest that surfaced during the marketing process and appears to fit very well into the investment profile of our buyer.”
Scott Trebilco, managing director of Blackstone Real Estate Partners, said: “The portfolio is complementary to our existing select service hotels and is demonstrating strong performance, which we look forward to building on as travel continues to recover.”
Condor will now implement “an orderly wind down of the company’s business affairs”.
