The TownePlace Suites, located in the North Tech Ridge submarket of Austin, Texas, has been acquired for $19.75 million by Condor Hospitality Trust. Changing hands for just over $161,885 per room key, the 122-room property will continue to be managed by Aimbridge Hospitality. The REIT currently owns 19 hotels in 9 states. Condor’s hotels are franchised by a number of the industry’s most well-regarded brands including Hilton, Marriott, and InterContinental Hotels Group.
“The TownePlace Suites represents the youngest select-service product in the North Tech Ridge submarket, which has numerous and diverse local demand drivers, including Dell’s corporate campus, Samsung’s semiconductor Facility, and General Motors’ IT innovation facility. This new asset fits perfectly within our acquisition strategy of acquiring newer select-service hotels in fast-growing, top-100 MSAs,” stated Bill Blackham, Condor’s Chief Executive Officer.
