Condor Hospitality Announces Special Dividend Liquidation Distribution on Common Stock and Plan to Delist From NYSE American Stock Exchange

NORFOLK, Neb.–(BUSINESS WIRE)–Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”), incorporated in the state of Maryland, today announced that its Board of Directors has approved a special dividend liquidation distribution of $7.94 per share of the Company’s common stock (the “Common Stock”), to its stockholders of record as of the close of business on December 27, 2021. The special dividend liquidation distribution will be paid on December 30, 2021. This special dividend liquidation distribution is being made in accordance with the Company’s voluntary Plan of Liquidation previously approved by its stockholders, whereby the Company is engaged in its winding-up process. Upon completion of the winding-up process and dissolution, if any funds remain, such funds will be distributed to stockholders.

The Company also announced that it notified the NYSE American of its intent to delist its Common Stock from the NYSE American stock exchange. The Company expects to file a Form 25 (Notification of Removal from Listing) with the Securities and Exchange Commission (the “SEC”) and NYSE American relating to the delisting of the Common Stock on or about December 20, 2021 and that its Common Stock will be suspended from trading on the NYSE American on or about December 31, 2021. The Company does not expect that a trading market will develop for its Common Stock following suspension of trading on NYSE American. The Company expects that the official delisting of its Common Stock will be effective on or about December 31, 2021.

About Condor Hospitality Trust, Inc.

The Company is a self-administered real estate investment trust that previously 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 Company’s portfolio sale on November 19, 2021, 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.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on current expectations, estimates and projections about the industry and markets in the Company, operates and beliefs of and assumptions made by the Company’s management, involve uncertainties that could significantly affect the financial or operating results of the Company. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “should,” “may,” “projects,” “could,” “estimates” or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. All statements that address events or developments that we expect or anticipate will occur in the future — including statements relating to this announcement — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. For example, these forward-looking statements could be affected by factors including, without limitation, risks associated with (i) national, international, regional and local economic climates; (ii) the potential liability for a failure to meet regulatory requirements; (iii) potential changes to tax legislation; (iv) the potential impact of this announcement on the Plan of Liquidation; (v) the unfavorable outcome of any legal proceedings that may be instituted against the Company; (vi) impacts relating to COVID-19 or other pandemics or catastrophic events; and (vii) those additional risks and factors discussed in reports filed with the SEC by the Company from time to time, including those discussed under the heading “Risk Factors” in its filed reports on Form 10-K and 10-Q. Except to the extent required by applicable law or regulation, the Company disclaims any duty to update any forward-looking statements contained in this communication or to otherwise update any of the above-referenced factors.

Contacts

Jill Burger

Interim Chief Financial Officer & Chief Accounting Officer

[email protected]
(402) 371-2520