August 2, 2016
Condor Hospitality Trust Inc. has entered into a joint venture with Three Wall Capital to acquire the 254-room Aloft Atlanta. The partners will pay $43.5 million for ownership rights of the downtown hotel at 300 Spring St. NW. The seller is DeBartolo Development of Tampa, FL.
As part of the agreement, Condor will own 80% of the asset, with Three Wall Capital owning the remaining 20%. The hotel will be managed by Boast Hotel Management Co., Three Wall Capital’s affiliate.
“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,” said Bill Blackham, Condor’s CEO.
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