Supertel Hospitality Signs Agreement to Acquire Three Premium-Branded Hotels
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Supertel Hospitality (SPPR) to Acquire Three Hotels for $42.5M: Will Rename as 'Condor Hospitality Trust'
July 15, 2015 7:55 AM EDTSupertel Hospitality (Nasdaq: SPPR)(Nasdaq: CDOR) has signed agreements to acquire three, premium-branded hotels in an off-market transaction for $42.5 million. The properties are the 116-room SpringHill Suites by Marriott, San Antonio, Texas, the 142-room Hotel Indigo adjacent to the Hartsfield-Jackson Atlanta International Airport in Atlanta, Georgia, and the 120-room Courtyard by Marriott in Jacksonville, Florida.
The acquisitions are subject to completion of satisfactory due diligence and financing. The transactions are expected to close in 2015 during the third quarter and are projected to be accretive to 2015 fourth... More
