Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel

Condor Hospitality Trust, Inc. CDOR, a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, today announced the closing on the sale of a legacy hotel asset, the 176-room Days Inn located at 200 John Wesley Blvd., Bossier City, LA 71112 for $1.4 million. Net proceeds from the sale will be applied to outstanding debt on the Company's $150 million secured credit facility.

"We are pleased to announce our seventh legacy hotel sale in 2017 as part of our ongoing capital recycling initiative," said Bill Blackham, Condor's Chief Executive Officer. "With the sale of the Days Inn, we have achieved our objective of selling seven legacy hotel assets during 2017. The seven dispositions have generated gross proceeds of approximately $24.1 million. Condor currently has only six remaining legacy assets, four of which have been recently designated as held for sale subsequent to the recent acquisition of the Fairfield Inn & Suites El Paso and the Residence Inn Austin hotels with the goal of having these additional legacy hotels either sold or under contract for sale by year-end," Mr. Blackham continued.

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. 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 19 hotels in 9 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott/Starwood, 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170918005339/en/