Condor Hospitality Declares Quarterly Dividend on Series D Convertible Preferred Stock

NORFOLK, NE--(Marketwired - May 18, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that its board of directors declared a quarterly dividend of $0.182292 per share on the privately held 6.25% Series D Convertible Preferred Stock for the dividend period from March 16, 2016, the issuance date of the shares, to June 30, 2016. The dividend is payable June 30, 2016 to shareholders of record on June 15, 2016.

"This dividend payment represents the first quarterly payment on our newly issued Series D preferred shares that were issued in March through the $30.0 million private placement with StepStone and the conversion of the Series C preferred shares," said Bill Blackham, Condor's Chief Executive Officer. "With the recent redemption of the former Series A and Series B preferred stock, and this quarterly dividend, all preferred stock accrued dividends will be current through June 30, 2016."

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NASDAQ: CDOR), is a self-administered real estate investment trust that specializes in the investment and ownership of upper midscale and upscale, premium-branded select-service, extended stay and limited-service hotels. The company currently owns 36 hotels in 17 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, InterContinental Hotels Group, Choice and Wyndham. For more information or to make a hotel reservation, visit www.condorhospitality.com.

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statement. These risks are discussed in the company's filings with the Securities and Exchange Commission.