Condor Hospitality Trust, a hotel-focused real estate investment trust headquartered and incorporated in Maryland, entered into a joint venture agreement with Three Wall Capital to acquire the 254-room Aloft Atlanta in Atlanta.
Through its operating partnership subsidiary, Condor will own 80 percent of the joint venture with Three Wall Capital owning the remaining 20 percent. The purchase price for the hotel is $43,550,000. Subsequent to the transaction's closing in the third quarter, the hotel will be managed by Boast Hotel Management Company, an affiliate of Three Wall Capital.
"This transaction represents another premium quality, select service hotel acquisition meeting the investment strategy of the company," Bill Blackham, Condor's CEO, said. "As we continue to expand our new investment platform, we have once again utilized industry contacts to source an off-market hotel acquisition that will be managed by an affiliate of the party that introduced the investment opportunity. Combining the fact that this hotel was completely renovated and converted to the very popular Aloft brand less than two years ago with the hotel's attractive location in the downtown CBD market, makes this acquisition very compelling and we expect positive returns for our shareholders.”
Condor Hospitality Trust is a self-administered real estate investment trust 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 16 states.