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For Immediate Release



Condor Hospitality Trust Reports First Quarter 2018 Results



BETHESDA, MD, May 9, 2018 – Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”) today announced results for the

first quarter ended March 31, 2018.  



FIRST QUARTER RELEASE FINANCIAL HIGHLIGHTS



·

Revenue of $16.7 million a 61% Increase to Revenue of $10.4 million in Last Year’s First Quarter

·

Net Earnings Attributable to Common Shareholders of $0.6 million or $0.05 per Diluted Share

·

Adjusted Funds from Operations Increased to $3.5 million, or $0.29 per Diluted Share, a 994% increase from $0.3 million in Last Year’s First Quarter

·

Hotel EBITDA Increased to $7.4 million from $4.0 million, and Adjusted EBITDAre Increased 136% Over Last Year’s First Quarter

·

Achieved 3.9%  First Quarter Same-Store RevPAR Growth over Prior Year*

·

Expanded First Quarter Same-Store Hotel EBITDA Margin by 60 Basis Points to 38.9% over Prior Year*



FIRST QUARTER PORTFOLIO ACCOMPLISHMENTS



·

Acquired Two New Investment Platform Hotels for Approximately $36.1 million

·

Sold Two Legacy Assets Generating $8.2 million in Gross Proceeds



*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:



“With the transformation of Condor substantially complete, we continued to deliver strong operating results in the first quarter of 2018 due to our differentiated acquisition strategy of acquiring relatively new high-quality select-service hotels mostly in leading secondary markets.  We achieved 3.9% same-store RevPAR growth and expanded hotel EBITDA margins by 60 bps on our new investment platform hotels.  Our differentiated investment thesis and our intensive asset management efforts are responsible for our favorable operating performance in the quarter



In addition to our strong operating results, we also achieved notable portfolio accomplishments.  In the first quarter, we sold two legacy hotel assets generating gross proceeds of $8.2 million and acquired two new investment platform hotels, located in Austin and Charleston, for $36.1 million.  We now have only three legacy hotels remaining, one of which is under contract to be sold.  Additionally, with the acquisition of the two new investment platform hotels, we have now assembled a portfolio of 15 high-quality, select-service assets in attractive growth markets with an average age of less than 4 years.”

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The following information was filed by Condor Hospitality Trust, Inc. (CDOR) on Wednesday, May 9, 2018 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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