Bill Blackham, CEO of Condor Hospitality Trust (NYSE: CDOR), joined Nareit for a video interview at REITworld 2017.
Condor currently owns 19 hotels in nine states. Condor’s hotels are franchised by brand families that include Hilton, Marriott/Starwood, and InterContinental Hotels Group.
Blackham said Condor’s acquisition pipeline remains “robust,” with about $300 million of individual assets that are in various stages of evaluation. Condor focuses on assets in secondary markets, where competition is not as stiff as in primary markets, according to Blackham.
Condor’s aim is to acquire hotels in the top 100 metropolitan statistical areas (MSAs), with a concentration on MSAs ranked 20 through 60, Blackham said. Condor also looks for markets with population and job growth that exceeds national averages. So far, those markets have tended to be in the South, Southwest and Pacific Northwest, he noted.
As for dispositions, Blackham said Condor has a “rapidly diminishing” legacy hotel portfolio with just six hotels remaining.
Looking ahead, Blackham said he is keeping a close eye on the transformation of some of the existing hotel brands as they seek to become more aligned with millennials.