Development

Aloft Hotel in Leawood sells for $22.5 million

The Leawood Aloft Hotel at 11620 Ash Street.
The Leawood Aloft Hotel at 11620 Ash Street.

Condor Hospitality Trust, a publicly-traded real estate investment trust based in Bethesda, Md., has purchased the Aloft Hotel in Leawood’s Park Place development for $22.5 million.

Presidian Hotels and Resorts, which sold the 156-room Aloft that opened in 2009, will continue to manage the property. The deal closed on Dec. 14.

“We anticipate that the new owner will continue to benefit from the strong performance that the seller enjoyed the past several years,” Robert Wiemer, senior vice president of The Plasencia Group, said in a written statement. The Plasencia Group advised Presidian Hotels and Resorts on the sale of the property.

In 2015, Condor raised $110.9 million in gross proceeds through the sale of 40 hotels in its portfolio. It then used that money to acquire five hotels, which included the Leawood Aloft. The acquisition of the Leawood Aloft included a $15.9 million mortgage loan from Great Western Bank, according to a filing with the U.S. Securities and Exchange Commission.

“The Aloft is attractively located within an upscale lifestyle center containing luxury residences, trendy dining, upscale shopping, and modern office spaces,” Condor CEO Bill Blackham said in a written statement. “Additionally, the hotel is located adjacent to AMC Theaters’ corporate headquarters and Sprint world headquarters.”

Steve Vockrodt: 816-234-4277, @st_vockrodt

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