SOURCE: Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc.

May 31, 2016 08:00 ET

Condor Hospitality Trust Announces Sale of Four Non-Core Hotels

BETHESDA, MD --(Marketwired - May 31, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closings on the sale of an additional 4 legacy hotels:

  • 59-room Super 8 located in Storm Lake, Iowa, sold May 19, 2016 for $2.80 million
  • 59-room Clarion Inn located in Cleveland, Tennessee, sold May 24, 2016 for $2.13 million
  • 84-room Super 8 located in Iowa City (Coralville), Iowa, sold May 26, 2016 for $3.38 million
  • 61-room Super 8 located in Keokuk, Iowa, sold May 27, 2016 for $2.05 million

The combined net proceeds from the sales will be used for general corporate purposes and for future acquisitions of hotels that meet the Company's new investment strategy.

"In continuing with our accelerated disposition of legacy hotels at attractive valuations, we have now closed on the sale of 10 hotels in 2016, totaling $23.7 million in gross proceeds," said Bill Blackham, Condor's Chief Executive Officer. "Our capital recycling initiative that commenced in the third quarter last year will result in at least 20 legacy hotels being sold in 2016 with the net sales proceeds reinvested into higher quality, select-service lodging assets consistent with our new investment strategy. The Company currently has signed sales contracts for 6 additional legacy hotels although there can be no guarantee that all of these transactions will actually close."

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NASDAQ: CDOR), is a self-administered real estate investment trust incorporated in the state of Maryland 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 32 hotels in 16 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.

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