SOURCE: Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc.

May 11, 2016 16:25 ET

Condor Hospitality Trust, Inc. Announces Sale of Quality Inn

NORFOLK, NE--(Marketwired - May 11, 2016) -  Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it sold the 49-room Quality Inn located in Culpeper, Virginia, on May 10, 2016, for $2.2 million. Net proceeds from the sale will be used for general corporate purposes and future acquisitions.

"With the disposition of the Culpeper sale at an attractive valuation, we have now successfully closed on the sale of six hotels in 2016, totaling $13.3 million in gross proceeds," 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 third quarter last year. Condor currently has signed sales contracts for nine 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 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.

Contact Information