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Condor Acquires TownePlace Suites in Austin for $19.8M

Bedford Lodging Sells 122-Room Hotel
February 2, 2018
Condor Hospitality Trust, Inc. (NYSE: CDOR), a Bethesda, MD-based hospitality REIT, acquired the 122-room TownePlace Suites in Austin, TX from Bedford Lodging for $19.75 million, or about $162,000 per room.

The purchase of the asset coincides with Condor’s strategy of repositioning its portfolio by acquiring newer select-service hotels, in contrast to acquiring economy hotels previously. The property will continue to be managed by Aimbridge Hospitality.

Built in 2017, the hospitality building totals 60,100 square feet and is located at 12427 Tech Ridge Blvd. Accessible via Interstate 35, TownePlace Suites is approximately 10 miles north of the University of Texas at Austin and is in close proximity to national and global firms such as Dell, Samsung, General Motors and Charles Schwab.

For more information on the transaction, please see CoStar COMPS #4111469.
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