SOURCE: Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc.

November 03, 2015 15:30 ET

Condor Hospitality Trust, Inc. Announces Sale of Non-Core Asset

NORFOLK, NE--(Marketwired - November 03, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it sold the Rodeway Inn in Fayetteville, North Carolina on November 3, 2015, for $2.6 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.

"This hotel sale brings our year-to-date dispositions to 16 hotels as we continue to accelerate our capital recycling strategy," said Bill Blackham, Condor's Chief Executive Officer. "We expect there will be another two or three hotel sales during the remainder of the calendar year. It is noteworthy that the hotel was not encumbered by debt and therefore all net sales proceeds are available for acquisitions, investments and general corporate purposes," he said.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NASDAQ: CDOR), formerly known as Supertel Hospitality, Inc., 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 43 hotels in 20 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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