Business Wire | Nov 19, 2021 05:00PM EST

Condor Hospitality Completes Sale of Its 15 Hotels Portfolio

Nov. 19, 2021

NORFOLK, Neb.--(BUSINESS WIRE)--Nov. 19, 2021--Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the "Company"), a hotel-focused real estate investment trust ("REIT") headquartered and incorporated in the state of Maryland, today announced that it has completed the sale of the Company's 15 hotels.

The sale of the hotels was completed pursuant to the previously announced Hotel Purchase and Sale Agreement, dated September 22, 2021, between the Company and B9 Cowboy Mezz A LLC, a Delaware limited liability company and an affiliate of Blackstone Inc. (the "Buyer"), in which the Company agreed to sell the hotels to Buyer and Buyer agreed to purchase the hotels for a purchase price of $305,000,000.

About Condor Hospitality Trust, Inc.

The Company is a self-administered REIT that has specialized in the investment and ownership of upper midscale and upscale, premium-branded, select-service, extended-stay, and limited-service hotels in the top 100 Metropolitan Statistical Areas ("MSAs") with a particular focus on the top 20 to 60 MSAs. Prior to the sale, the Company owned 15 hotels in 8 states. The Company's hotels were franchised by a number of the industry's most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels.

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CONTACT: Jill Burger Interim Chief Financial Officer & Chief Accounting Officer jburger@trustcondor.com (402) 371-2520