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 121-room Super 8 in Creston, Iowa for $5.1 million. Net proceeds from the sale will be applied to outstanding debt on the Company's $150 million secured credit facility.

"Having completed the sale of the Super 8 in Creston Iowa, Condor now owns only one legacy hotel, the Quality Inn & Marina in Solomons, Maryland," said Bill Blackham, Condor's Chief Executive Officer. "This Quality Inn has been listed with a brokerage and advisory firm and is actively being marketed for sale and is expected to close late in the fourth quarter or early in the first quarter of 2019. There can be no guarantee that this planned disposition will close. Since the beginning of 2015, we have sold an aggregate of 54 legacy hotels generating over $165 million in gross proceeds and recycled the net proceeds into 14 high-quality select-service assets representing approximately $277 million in aggregate purchase consideration," 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 16 hotels in 8 states. Condor's hotels are franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels Group. For more information or to make a hotel reservation, visit www.condorhospitality.com.

Forward-Looking Information

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, including the use of "planned," may involve known and unknown risks, uncertainties and other factors that may cause the actual events, results or performance to differ from those presented in the forward-looking statement. These forward-looking statements are based on assumptions that management has made in light of experience in the business in which the Company operates, as well as other factors management believes to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of events, performance or results. They involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect events, performance or results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in the Company's filings with the Securities and Exchange Commission. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.

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