Market Overview

Condor Hospitality Trust Announces Sale of Non-Core Legacy Hotel


Condor Hospitality Trust, Inc. (NYSE: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. (NYSE: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

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.

View Comments and Join the Discussion!