Condor Hospitality Completes Sale of Its 15 Hotels Portfolio

Norfolk, November 19, 2021– (BUSINESS WIRE) – Condor Hospitality Trust, Inc (NYSE: CDOR) (“a company“), a real estate investment fund focused on hotels (“Rit‘), which is headquartered and incorporated in Maryland, today announced the completion of the sale of 15 of the company’s hotels.

The sale of the hotels was completed pursuant to a previously announced Hotel Purchase and Sale Agreement, dated September 22, 2021, between the Company and B9 Cowboy Mezz A LLC, a Delaware LLC and an affiliate of Blackstone Inc. (“buyer‘), whereby the company agreed to sell the hotels to the buyer and the buyer agreed to buy the hotels at a purchase price of $305,000,000.

About Condor Hospitality Trust, Inc.

The company is a self-managed REIT that specializes in investment and ownership of premium, upscale, branded, limited-service, extended-stay and limited-stay hotels in the top 100 metropolitan statistical areas (“””MSAs‘) with a particular focus on the top 20 to 60 MSA’s. Prior to the sale, the company owned 15 hotels in 8 states. The company’s hotels have been franchised by a number of the industry’s most recognized brand families including Hilton, Marriott, and InterContinental Hotels .

View the source version on businesswire.com: https://www.businesswire.com/news/home/20211119005737/en/

Contacts

Jill Burger
Interim Financial Director and Head of Accounting
jburger@trustcondor.com
(402) 371-2520

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