Condor Hospitality Picking Up Downtown's Aloft
A Bethesda hotel REIT is ready to pick up a majority stake in one of Atlanta's newer hotels. Condor Hospitality Trust is under contract to buy the 254-room Aloft hotel in Downtown Atlanta in a JV with NYC-based Three Wall Capital. Condor will control 80% of the asset, which will trade for $43.5M. Boast Hotel Management has been tapped to manage the property, which opened in 2014, for the new owners. Condor states that more than $33M of the purchase price will be financed through a loan.