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For Immediate Release



Condor Hospitality Trust Reports 2017 Third Quarter Results



BETHESDA, MD, November 6, 2017 – Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results for the third quarter ended September 30, 2017.  



THIRD QUARTER RELEASE HIGHLIGHTS



·

Revenue Growth of 15.1% over Prior Year to $15.6 Million

·

Net Loss Attributable to Common Shareholders of $1.2 Million

·

Adjusted Funds From Operations Growth of 179.1% over Prior Year to $3.3 Million

·

Achieved 5.5% Same-Store RevPAR Growth over Prior Year*

·

Expanded Same-Store Hotel EBITDA Margin by 50 Basis Points to 36.4% over Prior Year*

·

Acquired Two and Signed One Agreement for Hotels in Texas for $58.6 Million

·

Sold Two Non-Core Legacy Assets for $4.0 Million

·

Refinanced $26.5 Million of Debt on Three Hotels to Increase Ratio of Fixed Debt and Availability on Credit Facility (Subsequent to quarter end)



*New investment platform hotels only; Includes results prior to our ownership to illustrate same-store performance



MANAGEMENT COMMENTARY



Bill Blackham, Condor’s Chief Executive Officer, commented:



“We continue to fire on all cylinders having achieved 5.5% RevPAR growth for our new investment platform hotels combined with a 50 bps expansion in hotel EBITDA margin over last year.  Our 5.5% RevPAR growth significantly outperforms both the industry and our direct public hotel REIT peer group. This is the third consecutive quarter of RevPAR outperformance and our YTD RevPAR growth of 5.8% appears to be impressive in the industry. Given that our portfolio is primarily composed of young, high-quality assets mostly located in secondary markets that are still ramping and gaining market share, we project that this momentum should continue as we progress through the balance of 2017 and beyond.

 

We also had continued success in the quarter with the transition of our portfolio having closed two acquisitions and two legacy asset sales.  We have only six of our legacy assets remaining and one of these hotels is already under contract to be sold with three more listed with marketing initiatives in process. Our investment thesis that we are in the right markets, primarily secondary, with the right asset type, young-in- age select-service, in order to outperform at this stage of the lodging cycle continues to prove out. We continue to execute on our stated strategy and are excited to expand our platform and create additional shareholder value.”

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The following information was filed by Condor Hospitality Trust, Inc. (CDOR) on Monday, November 6, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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