SOURCE: Condor Hospitality Trust, Inc.

October 27, 2015 10:28 ET

Condor Hospitality Trust, Inc. Closes $10.0 Million Loan

NORFOLK, NE--(Marketwired - October 27, 2015) - Condor Hospitality Trust, Inc. (NASDAQ: CDOR), a hotel-focused real estate investment trust (REIT), today announced that it has successfully closed a $10.0 million mortgage loan with Huntington National Bank which will be used to refinance an existing loan with Citigroup Global Markets Realty Corp. maturing in November 2015. The new loan has a five year term, a 25 year amortization schedule and an interest rate fixed at 4.13 percent. The loan is secured by four hotels located in Indiana.

"We are delighted to close this loan with a new relationship lender and in the process refinance our last remaining significant loan maturity in 2015 which positions the company now with no 2016 loan maturities," said Bill Blackham, Condor's Chief Executive Officer. "The closing of this new loan also results in an approximately 175 basis point annual interest rate savings for the company."

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 44 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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