Condor Hospitality Trust Sells Hotel Portfolio Across Multiple Markets For $305M
SOLD
$305,000,000
+ 3
Texas
See Similar DealsSingle Family Residence
Sold 11/30/2021
SOLD
Condor Hospitality Trust Sells Hotel Portfolio Across Multiple Markets For $305M
Single Family Residence
Sold 11/30/2021
+ 3
Summary
Asset Type:Single Family Residence
Transaction Type:Sale
The Condor Hospitality Portfolio, consisting of hotels located in Austin, San Antonio, El Paso, TX, Lake Mary, Jacksonville, Tallahassee, FL, Atlanta GA, Summerville, SC, Lexington, KY, Southaven, MS, Leawood, KS, and Dowell, MD, has been sold for a total price of $305,000,000. The asset type of the properties included in the portfolio is hotel.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $305,000,000
The seller of the Condor Hospitality Portfolio is Condor Hospitality Trust. The brokers involved in the transaction are Daniel C. Peek, Clint Hodges, John Bourret, Austin Brooks, Mike Tormey, and Carolina Bernal from Hodges Ward Elliott.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,083,600.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,445,855.60
Annual Debt Service$17,350,267.24
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