NATIONAL REPORT—Hotel Business has been rounding up recent deals in the industry. Here’s what we found:
Condor Closes Legacy Hotel Deal
Condor Hospitality Trust Inc. has sold a legacy hotel asset, the 41-room Supertel Inn, located at 800 Laurel St. in Creston, IA, for $2.1 million. Net proceeds from the sale will be applied to outstanding debt on the company’s $150 million secured credit facility.
The Preiss Company Beats 2016 Activity
In 2018, The Preiss Company had 13 transactions completed or underway for a total, all-in cost of $550-plus million, essentially equal to its record 2016 activity.
Xenia Upsizes Credit Facility, more
Xenia Hotels & Resorts Inc. has amended, restated and upsized its senior unsecured revolving credit facility, repriced its $125-million term loan maturing in October 2022 and obtained a new $65-million mortgage loan. The credit facility was upsized from $400 million to $500 million and the maturity was extended three years to February 2022, with two additional six-month extension options. The company also obtained a new $65-million mortgage loan collateralized by The Ritz-Carlton Pentagon City. The loan bears an interest rate of LIBOR plus 210 basis points and matures in January 2025. The company used the proceeds from this loan to repay the outstanding balance on its credit facility and for general corporate purposes.