Condor Hospitality announces modification of its loan facility

NORFOLK, Neb .– () – Condor Hospitality Trust, Inc. (US NYSE: CDOR) (the “Society“), filed a Form 8-K on November 19, 2020 with the Securities and Exchange Commission on the closing of an amendment to its loan facility led by KeyBank with participants Bank of Montreal and Huntington National Bank. The Company has Also made available a November Investor Presentation on the Condor Hospitality Trust website providing a brief description of the transaction with additional information additional to the October Investor Presentation and the October Supplementary Presentation.

J. William Blackham, President and CEO, said: “Condor has completed a significant modification to the existing bank facility which offers a number of favorable terms such as an extended maturity date, further delay in compliance financial commitments, the relaxation of financial commitments and acceleration over time once applicable; and the availability of additional capital for Condor among other favorable changes. “The concurrent closing of the amending agreement was a new bridge loan providing fully utilized proceeds for the reduction of the bank facility with a potential future conversion of the bridge loan balance into common shares of Condor. “The November investor presentation provides a summary description of each transaction as well as the potential positive financial implications on liquidity of the loan facility modification. ”

About Condor Hospitality Trust, Inc.

Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a self-directed real estate investment trust that specializes in investing and owning mid-range and high-end, premium branded, select service, extended stay property and limited service. hotels in the top 100 metropolitan statistical areas (“MSA”) With particular emphasis on the first 20 to 60 MSA. The Company currently has 15 hotels in 8 states. Condor hotels are franchised by a number of the industry’s most successful brand families, including Hilton, Marriott and InterContinental Hotels.

Forward-looking statement

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by the use of forward-looking statements. terms such as “may”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “believe”, “continue”, “plan”, “plan” , the negative version of these words or other similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements.

All forward-looking statements speak only as of the date hereof and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those statements. prospective. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Factors that could have a material adverse effect on our operations and future prospects include, without limitation, changes in economic conditions in general and the real estate market in particular, legislative / regulatory changes (including changes in laws governing the taxation of real estate investment trusts), availability of capital, risks associated with debt financing, interest rates, competition, supply and demand for hotel rooms in our current markets and proposed, the policies and guidelines applicable to real estate investment trusts, the risks associated with uncertainty and disruption in economic markets due to COVID-19 (commonly referred to as the coronavirus), and other risks and uncertainties described in the present, and in our filings with the SEC from time to time. These risks and uncertainties must be taken into account in evaluating any forward-looking statement.

Forward-looking statements represent the views of Condor as of the date such statements were made. Condor expects subsequent events and developments to change these views. These forward-looking statements should not be taken as representing the views of Condor as of any date subsequent to the date hereof. Condor expressly disclaims any obligation to provide updates to any forward-looking statements, whether as a result of new information, future events or other events.

Additional factors that may affect the business or financial results of the Company are described in the risk factors included in the documents filed by the Company with the SEC, including its annual report on Form 10-K for the year ended. December 31, 2019, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K.

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