HWE represents seller Condor Hospitality Trust in sale of the RIET's real estate portfolio, comprised of fifteen select-service hotels across the Southeast and Southwest
ATLANTA, Nov. 30, 2021 /PRNewswire/ -- Hodges Ward Elliott ("HWE"), the premier boutique real estate capital markets advisor, announced it has arranged the $305 million sale of the real estate holdings of Condor Hospitality Trust, a portfolio consisting of fifteen premium-branded,
high-performing and recent vintage select-service assets located within premier markets across the southern United States.
An HWE team led by Chief Operating Officer, Daniel C. Peek, Managing Directors, Clint Hodges and John Bourret, Director, Austin Brooks, and Senior Vice Presidents, Mike Tormey and Carolina Bernal, exclusively represented the seller, Condor Hospitality Trust, in the transaction.
The recent vintage portfolio has an average age of less than ten years and benefits from best-in-class Marriott, Hilton, and IHG brand affiliations. The well-located hotel collection spans 1,908 rooms in total, including the following assets:
Home2 Suites Austin Round Rock in Austin, TX
Residence Inn Austin Airport in Austin, TX
TownePlace Suites Austin Parmer/Tech Ridge in Austin, TX
SpringHill Suites San Antonio Downtown/Riverwalk Area in San Antonio, TX
Fairfield Inn & Suites El Paso Airport in El Paso, TX
Hampton Inn & Suites Lake Mary @ Colonial Townpark in Lake Mary, FL
Courtyard Jacksonville Flagler Center in Jacksonville, FL
Home2 Suites Tallahassee State Capitol in Tallahassee, FL
Aloft Atlanta Downtown in Atlanta, GA
Hotel Indigo Atlanta Airport - College Park in Atlanta, GA
Home2 Suites Summerville in Summerville, SC
Home2 Suites Lexington University/Medical Center in Lexington, KY
Home2 Suites Memphis – Southaven in Southaven, MS
Aloft Leawood-Overland Park in Leawood, KS
Hilton Garden Inn Solomons in Dowell, MD
"This was a great opportunity for HWE to work with the Condor management team in the sale of their real estate portfolio," noted Dan Peek, HWE's COO. "Investment market demand for higher quality select service portfolios has rarely been stronger, and this opportunity attracted a wide range of domestic and international investors."
"The select-service category of the hospitality sector continues to perform well, even throughout the recent pandemic," adds Clint Hodges, HWE. "The portfolio represented a rare opportunity to acquire fifteen premium-branded, select-service assets with high-quality construction and substantial in-place cash flow. In addition, the assets in this portfolio benefit from dynamic locations in top submarkets throughout the Southeast and Southwest, each with strong corporate migration patterns, higher operating margins, and improved lodging fundamentals."
About Hodges Ward Elliott:
Hodges Ward Elliott ("HWE") is the premier boutique real estate capital markets advisor, empowered to deliver exceptional results across a broad spectrum of business lines and product types. HWE's multi-disciplined platform includes commercial, hotel, and debt capital markets teams, with offices in Atlanta, Chicago, Dallas, Los Angeles, New York, Miami, Washington D.C., and London. As a privately held company, HWE is dedicated to cultivating long-term client relationships and takes pride in the reputation and track record established over its 46-year history. HWE has closed over $75 billion of transactions, including over $30 billion since 2015. For more information, please visit https://hodgeswardelliott.com/.
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SOURCE Hodges Ward Elliot