SOURCE: Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc.

April 25, 2016 08:00 ET

Condor Hospitality Trust, Inc. Announces Sale of Non-Core Super 8

NORFOLK, NE--(Marketwired - April 25, 2016) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it sold the 72-room Super 8 in O'Neill, Nebraska, on April 22, 2016, for $1.73 million. The Company will use net proceeds from the sale for general corporate purposes and for future acquisitions.

"We have closed on the sale of five legacy hotels so far this year," said Bill Blackham, Condor's Chief Executive Officer. "Our accelerated dispositions initiative, launched last year, will likely result in at least 20 legacy hotels being sold this year and the net sales proceeds recycled into higher quality, select-service lodging assets consistent with our new investment strategy that was commenced in the second half of last year. Condor currently has signed sales contracts for eight 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), 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 37 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.

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