8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

May 11, 2018

Date of report (Date of earliest event reported)

Condor Hospitality Trust, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

1-34087	52-1889548
(Commission File Number)	(IRS Employer Identification No.)
4800 Montgomery Lane, Suite 220 Bethesda, Maryland	20814
(Address of Principal Executive Offices)	(Zip Code)

(402) 371-2520

(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01. Regulation FD Disclosure.

Condor Hospitality Trust, Inc. (the “Company”) is furnishing as Exhibit 99.1 a slide presentation concerning the Company that may be used at future Company presentations, and that will also be posted on the Company website www.condorhospitality.com under “Investors – Presentations.”

Exhibit 99.1 is being furnished in accordance with Regulation FD of the Securities and Exchange Commission.

The information in this Item 7.01 is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Slide Presentation

Exhibit	Description
99.1	Slide Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Condor Hospitality Trust, Inc.
Date: May 11, 2018	By:	/s/ Arinn Cavey
	Name:	Arinn Cavey
	Title:	Chief Accounting Officer

EX-99.1

Exhibit 99.1

Condor hospitality trust, inc. Investor presentation may 2018

Safe Harbor Statement All statements included in this presentation, other than statements of historical fact, are or may be deemed to be “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. In light of these uncertainties, the events anticipated by our forward-looking statements might not occur and we caution you not to place undue reliance on any of our forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in any forward-looking statements are discussed under the heading “Risk Factors” in our publicly available reports filed with the Securities and Exchange Commission. The Company cautions that any forward-looking statement included in this presentation is made as of May 11, 2018, the date of this presentation and the Company does not undertake to update any forward-looking statement. Investor Inquiries Jonathan J. Gantt Chief Financial Officer & Senior Vice President T: 301.861.3305 E: jgantt@trustcondor.com Cover Images TownePlace Suites | Austin North Tech Ridge, TX

May 2018 Update

Condor is a Self-Administered Lodging REIT with a Differentiated Investment Strategy Hotels Located in Attractive, High-Growth Markets Mission Provide to our shareholders attractive total returns for the lodging sector through disciplined investment in high-quality select-service, limited-service, extended stay, and compact full-service hotels and intensive asset management to achieve enhanced results 18 10 Bethesda, MD $119 M(1) Hotels States Corporate Headquarters Equity Market Cap 2 2,215 4 years 7.8% 3 Guestrooms Average Age(2) Dividend Yield(1) New Investment Platform [15] Note: Legacy Assets not shown High-Quality Marriott, Hilton, & IHG Select-Service Portfolio Assembled (3) Consistent RevPAR Outperformance(4,5) 1Q18 2018 Forecast Guidance 4.5% 3.9% 3.5% 52% 2.7% 42% 3.0% 6% Condor STR Condor STR Note: Please see our reconciliation of non-GAAP measures in Appendix C of this presentation (1) Market capitalization and dividend yield based on closing share price of $10.00 on March 31, 2018 and annualized most recent quarterly dividend; market capitalization based on 11,873,139 common shares outstanding as of March 31, 2018 (2) Represents average age of New Investment Platform hotels, which consists of our current portfolio of fifteen New Investment Platform hotels, exclusive of our remaining three legacy assets 3 (3) Percent of 1Q18 Same-Store Hotel EBITDA for New Investment Platform (thirteen hotels, includes our 80% share of the Atlanta Aloft JV) (4) Smith Travel Research US lodging industry RevPAR growth as reported on Hotel News Now (5) Condor’s 1Q18 Same-Store New Investment Platform RevPAR growth reflects the performance of hotels during the entire period. The performance metrics for the hotel acquired through our Atlanta JV reflect 100% of the operating results, including our interest and the interest of our partner. Condor’s FY2018 guidance only includes the thirteen New Investment Platform hotels owned as of December 31, 2017

Condor Presents a Compelling Investment Opportunity Execution of Continued execution of strategy with completion of stated objectives Strategy 1Q18 Same-Store RevPAR growth greater than peers and national Producing average with 3.9% growth vs. STR’s 3.5% growth Outperformance [Slide 5] Hotel EBITDA margins for New Investment Platform hotels expanding Differentiated Exclusive focus on high-quality, newer select-service hotels Investment Emphasis on premium brands: Marriott, Hilton, IHG, and Hyatt flags Thesis [Slide 6] Primarily focused on top 100 MSAs, particularly MSAs 20 – 60 Closed ~$277 million since Oct 2015 representing 1,808 rooms Proven Ability to Execute Robust acquisition pipeline of over $300 million in target markets Acquisition Strategy Clearly defined investment criteria resulting in high-quality portfolio [Slide 7-8] Multiple 3rd Party Managers with attractive, non-captive agreements Highly Appealing annualized dividend representing a yield of 7.8%(1) Attractive builds scale Dividend Dividend yield provides solid return as Condor Yield (2) [Slide 9] Dividend is well-covered, representing only ~67% AFFO payout ratio Platform and team in place to increase scale and portfolio size Growth- Oriented, Healthy debt profile with capacity to support acquisitions Scalable Platform Growth-oriented capital structure to support scaling of portfolio [Slide 10] Management fully aligned with shareholders: CEO owns >$2M(3) Note: Please see our reconciliation of non-GAAP measures in Appendix C of this presentation (1) Dividend yield based on closing share price of $10.00 on March 31, 2018 and annualized most recent quarterly dividend 4 (2) Earnings in 1Q18 per diluted share was $0.05; Coverage based on 1Q18 AFFO per diluted share of $0.29 (3) Includes restricted stock grants; additionally the CEO has an incentive plan that grants in excess of $4 million based substantially upon increases in future stock price

Continued Execution of Stated Strategy Driving Outperformance Successful Completion of Key Objectives Same-Store RevPAR Outperformance Versus Peers and STR(1) Delivered 3.9% Same-Store RevPAR growth FY2017 1Q18 in 1Q18 for the New Investment Platform 5.0% hotels 3.9% 3.5% New Investment Platform including JV Hotel 3.0% EBITDA Margins were 38.9% with a 60 bps increase year-over-year in 1Q18 0.5% ~$168 million of high-quality, Marriott- and Hilton-branded assets acquired in 2017 and 2018 -0.7% Condor Peers STR Closed two legacy hotel sales since the start Differentiated, High-Quality Portfolio of 2018 with one additional asset under contract Portfolio Average Age in Years(2) Percentage of Keys by MSA Ranking(2) Closed $150M credit facility upsize in May 20 20% 60+ 18% 2017 with new banking partner, Bank of Montreal, contributing $50M 30% 53% 21-60 Refinanced $25M of floating rate debt on three New Investment Platform hotels to an effective 4 52% Top 20 fixed rate of 4.44% for five year term 27% Condor Peers Condor Peers Note: Please see our reconciliation of non-GAAP measures in Appendix C of this presentation (1) Peer RevPAR growth is an average of a subset of our select-service public primary peers from company documents (see slide 9 for our primary peers); Smith Travel Research US lodging industry RevPAR growth as reported on Hotel News Now 5 (2) Average age and Percentage of Keys by MSA calculated from S&P Global Market Intelligence and company filings

Differentiated Investment Thesis Will Continue to Drive Outperformance Expect Premium Select-Service in Secondary Lodging Markets to Drive Outsized Returns Slower Supply Growth in Strong Demand Growth for Minimal Competition Enables Targeted Secondary Markets Premium Select-Service Accretive Valuations ~62% of new room supply concentrated Upscale and upper-midscale chain Less competition because peers in only the top 20 markets(1,2) scales forecasted to grow at focused on top 20 markets compounded annual growth rates of 5.7% average room supply growth in Select-service assets provide higher 5.5% and 4.6%, respectively, through the top 20 lodging markets as (1) going-in cap rates and higher EBITDA 2021 compared to only 4.0% in markets margins resulting in (1) less volatility ranked 21-60 (1)(2) “Next generation” millennial travelers across cycles, (2) stable cash-on-cash embracing lifestyle select-service yields and (3) less reliance on cap rate Secondary markets substantially less brands such as Aloft and Home2 compression to drive investment affected by alternative lodging platforms Suites returns like Airbnb Closed / Under Contract Acquisitions Meet Well-Defined Investment Criteria Operates under leading premium franchise brands including Marriott, Hilton, Intercontinental, and Hyatt Top 100 MSAs with focus on 21-60 MSAs; Located in submarket sites with barriers to entry and reduced threat from new supply Multiple 3rd Party Managers with attractive, non-captive agreements Market exhibits favorable economic characteristics, specifically positive job and population growths Less than 10 years old or significantly renovated since 2012 to all current brand standards, which greatly minimizes required PIP investment Substantial time remaining on existing franchise license (1) Source: CBRE Hotel’s Americas Research, STR, Q4 2016 6 (2) Lodging markets ranked by CBRE as of Q4 2016

Proven Ability to Execute Acquisition Strategy with Robust Pipeline Acquired / Under Contract Pipeline ~$277 million acquired since October 2015 representing 1,808 Over $300 million of premium branded select-service assets under rooms (1) consideration, subject to capital availability, that represent the top four hotel franchises with an average age of less than 10 years Assembling Highest-Quality Portfolio of Select-Service Assets in Secondary Markets SpringHill Suites San Antonio, TX Courtyard Jacksonville, FL Hotel Indigo Atlanta, GA Aloft Atlanta, GA Aloft Leawood, KS Rooms: 116 Rooms: 120 Rooms: 142 Rooms: 254 Rooms: 156 Acquired: October 2015 Acquired: October 2015 Acquired: October 2015 Acquired: August 2016 Acquired: December 2016 Home2 Suites Lexington, KY Home2 Suites Round Rock, TX Home2 Suites Tallahassee, FL Home2 Suites Southaven, MS Rooms: 91 Hampton Inn Lake Mary, FL Rooms: 103 Rooms: 132 Rooms: 105 Acquired: March 2017 Rooms: 130 Acquired: March 2017 Acquired: March 2017 Acquired: April 2017 Acquired: June 2017 Fairfield Inn & Suites El Paso, TX Residence Inn Austin, TX TownePlace Suites Austin, TX Home2 Suites Summerville, SC Hilton Garden Inn Solomons, MD Rooms: 124 Rooms: 120 Rooms: 122 Rooms: 93 Rooms: 100 Acquired: August 2017 Acquired: August 2017 Acquired: January 2018 Acquired: February 2018 Acquired: May 2012 (2) (1) Excludes Hilton Garden Inn Solomons asset which was acquired under previous management team 7 (2) Acquired under previous management team Note: See Appendix A for case studies

Third Party Management Agreements Unlike many of our peers, Condor has no Relationships with Multiple High-Quality Management Companies captive management company and all contracts are fully arms-length Management Company Hotels City State Rooms Our third-party management agreements InnVentures Home2 Suites Summerville SC 93 include what we believe are attractive Aimbridge Hospitality Fairfield Inn and Suites El Paso TX 124 management terms: Residence Inn Austin TX 120 Typical structure is 3% base revenue fee with 2% incentive fee based on operating TownePlace Suites Austin TX 122 performance tied to unleveraged yield on Aimbridge Subtotal 366 investment Three-year term with two one-year Vista Host Inc. Home2 Suites Lexington KY 103 extension options Home2 Suites Round Rock TX 91 General termination rights include: Home2 Suites Tallahassee FL 132 an Asset: Home2 Suites Southaven MS 105 Upon Sale of 2x the monthly average TTM management fee prior to Vista Subtotal 431 sale Peachtree Hotel Group SpringHill Suites San Antonio TX 116 Upon Performance Failure: No Courtyard by Marriott Jacksonville FL 120 termination fee Hotel Indigo College Park GA 142 Closed Upon / U der Arbitrary Contract Decision Acquisitio of Condor: s Meet W Hampton Inn and Suites Lake Mary FL 130 Termination fee equal to lesser of (a) Peachtree Subtotal 508 50% of TTM management fee; or (b) 50% of TTM average base fee times the Boast Aloft Atlanta GA 254 number of months remaining in term Presidian Aloft Leawood KS 156 Cherry Cove Hilton Garden Inn Dowell/Solomons MD 100 Total New Investment Platform 1,908 8

Attractive Dividend Yield Among Highest in Public Company Lodging Industry • 7.8% dividend yield provided solid returns as Condor added scale • Dividend is well-covered, representing a ~67% payout ratio on 1Q18 AFFO per share(1) Dividend Yield Very Attractive Compared to Peers and Index Averages(2) 8.2% 7.8% 7.4% 6.9% 6.8% 6.8% 6.6% 6.3% 6.2% 5.8% 5.6% 5.3% 4.8% 4.8% 4.4% 4.4% 4.5% 4.3% 2.0% HPT CDOR AHT CLDT APLE RLJ BHR HT LHO CHSP XHR INN SHO DRH PEB RHP HST S&P 500 RMZ Condor Hospitality Trust Primary Peers Lodging Peers Key Indices Note: Please see our reconciliation of non-GAAP measures in Appendix C of this presentation Source: S&P Global Market Intelligence, Bloomberg and company filings; Market data as of March 31, 2018 9 (1) Earnings in 1Q18 per diluted share was $0.05; Coverage based on 1Q18 AFFO per diluted share of $0.29 (2) Dividend yields are based on current dividend annualized; SHO yield is based on LTM dividends

Growth-Oriented, Scalable Platform Poised to Create Shareholder Value We believe we have the platform, management team, and G&A in place to dramatically increase scale Healthy debt profile with $150M credit facility which has the ability to increase to $400M contingent upon additional lender commitments Additional liquidity available via the capital recycling of two HFS legacy assets representing potential gross proceeds of approximately $12M Management fully aligned with shareholders: CEO purchased $0.75M of the 2017 $51M public offering increasing his shares purchased to $1.25M; with restricted stock grants his ownership exceeds $2M Additionally CEO’s incentive plan grants in excess of $4M based substantially upon increases in future stock price Healthy Debt Profile with Low Weighted-Average Cost of Debt Enterprise Value Surpasses $300M Attractive Maturity Profile with Capacity to Support Growth ($M)(4) Healthy Capital Structure to Support Scale March 31, 2018(1) WACD: 4.7% Total Common Shares 11,873,139 WAM: 2.5 Years $49.4 LOC Capacity Share Price as of March 31, 2018 $10.00 Fixed: 28% Total Equity Market Capitalization $118,731,390 Floating: 72% $100.6 Total Debt Outstanding(2) $179,145,000 Less: Cash & Cash Equivalents(3) ($4,608,566) Net Debt $174,536,434 $26.4 Series E Preferred Face Value $9,250,000 $15.2 $8.9 $27.0 Total Net Debt + Preferred $183,786,434 Total Enterprise Value $302,517,824 2017 2018 2019 2020 2021 2022 2023 2024 (1) Share count and debt balances reflect March 31, 2018 values 10 (2) Excludes partner’s 20% interest in the Atlanta Aloft JV debt; includes IRSA convertible debt of $1.0M (3) Cash balance as of March 31, 2018 (4) Debt balances and LOC capacity as of March 31, 2018; chart excludes IRSA convertible debt of $1.0M as well as partner’s 20% share of Atlanta Aloft JV debt

Appendix A | Case Studies

Case Study | Peachtree Portfolio Acquisition Hotel Indigo Atlanta | 1776 Harvard Avenue Courtyard Jacksonville | 14402 Old St. Augustine Rd. Springhill Suites San Antonio | 524 S Saint Mary’s St. Acquisition Date: 10/2/2015 Acquisition Date: 10/2/2015 Acquisition Date: 10/1/2015 Flag / Brand: Hotel Indigo / IHG Flag / Brand: Courtyard / Marriott Flag / Brand: SpringHill Suites / Marriott Rooms: 142 Rooms: 120 Rooms: 116 Year Built: 2010 Year Built: 2007 Year Built: 1997 Last Renovation: N/A Last Renovation: 2014 Last Renovation: 2014 MSA Ranking: 9 MSA Ranking: 40 MSA Ranking: 24 1Q18 ADR: $108.30 1Q18 ADR: $113.26 1Q18 ADR: $143.28 1Q18 Occupancy: 81.1% 1Q18 Occupancy: 85.0% 1Q18 Occupancy: 86.4% 1Q18 RevPAR: $87.87 1Q18 RevPAR: $96.31 1Q18 RevPAR: $123.74 Atlanta ranks as the 9th largest MSA and Courtyard Jacksonville Flagler Center is located Located in the 7th largest city by population and benefits directly from a diversity of industries: close to several large demand generators: the 24th largest MSA in the nation tech, government, healthcare, and 1.4 million square foot Flagler Center San Antonio economy benefits from a prime manufacturing Baptist Medical Center South location near the Mexican border, Austin, Citi card processing headquarters ATL airport traffic has been consistent and is Dallas and Houston showing signs of growth Renovated its guestroom soft goods, updated its lobby restaurant, and painted its exterior Recent conversion to a SpringHill Suites Airport is slated for $1B in upgrades over the from November 2013 – March 2014 dramatically improves occupancy and daily next 8 years, including a possible sixth runway rates to accommodate more air/cargo traffic Features one of the most up to date hotel products in the competitive lodging market Nearby downtown and Riverwalk areas have New $100M Porsche plant and HQ is under benefitted from significant growth in new construction nearby; AMZN plans for a 300ksf housing developments and will continue to distribution center 3 miles from airport expand 12

Case Study | Vista Portfolio Acquisition Home2 Suites Lexington | 126 E. Lowry Lane Home2 Suites Southaven | 6750 Southcrest Pkwy Home2 Suites Tallahassee | 219 S. Magnolia Drive Home2 Suites Round Rock | 1000 W. Louis Henna Blvd. AcquisitionDate: 3/24/2017 AcquisitionDate: 4/14/2017 AcquisitionDate: 3/24/2017 AcquisitionDate: 3/24/2017 Flag / Brand: Home2 Suites / Hilton Flag / Brand: Home2 Suites / Hilton Flag / Brand: Home2 Suites / Hilton Flag / Brand: Home2 Suites / Hilton Rooms: 103 Rooms: 105 Rooms: 132 Rooms: 91 Year Built: 2015 Year Built: 2013 Year Built: 2015 Year Built: 2015 MSA Ranking: 106 MSA Ranking: 42 MSA Ranking: 140 MSA Ranking: 31 1Q18 ADR: $103.30 1Q18 ADR: $110.84 1Q18 ADR: $130.54 1Q18 ADR: $120.15 1Q18Occupancy: 74.5% 1Q18Occupancy: 81.3% 1Q18Occupancy: 84.2% 1Q18Occupancy: 86.5% 1Q18 RevPAR: $76.97 1Q18 RevPAR: $90.07 1Q18 RevPAR: $109.95 1Q18 RevPAR: $103.91 Located just off State Highway 27, the Located in the NW corner of MS, Located in Florida’s state capitol with Located within La Frontera, a large, main north-south connector between Southaven has experienced a 40% diverse demand generators master-planned center with multi-tenant downtown Lexington and the Beltway increase in population over the last ten offices, 1M SF of retail, three apartment years and boasts the state’s highest Diverse and substantial demand buildings, and a medical rehab hospital Major demand generators include the median income generators include: the IRS, Florida State University of Kentucky (~30,000 students) University, Florida A&M, Tallahassee Primary demand generators include: and regional medical centers (~1,000 Demand generators include Baptist Memorial Healthcare, Capital Regional Wayne Fueling Systems, Emerson hospital beds), including UK Medical Memorial Hospital, AutoZone, FedEx, Medical Center, AT&T, and multiple state Processing Center, Old Settlers Park, Center and Saint Joseph’s Healthcare, and Future Electronics, Siemens, and Terex agency headquarters Farmers Insurance, Thermo Fisher various horseracing venues including Distribution Scientific, and Houghton Mifflin Harcourt Keeneland Race Track Centered in a mixed-use development building with 100K SF of class A office Southaven location off I-55 allows for quick featuring major food/retail outlets and is space The University of Kentucky has invested access to downtown Memphis, Graceland, three miles from FSU’s football stadium $2B in new facilities in the past five years and Memphis International Airport with $4B more planned 13

Case Study | Bedford Portfolio Acquisition Fairfield Inn & Suites El Paso Airport | 6611 Edgemere Blvd. Residence Inn Austin Airport | 3201 Caseybridge Ct. TownePlace Suites Austin North Tech Ridge | 12427 Tech Ridge Blvd. Acquisition Date: 8/31/2017 Acquisition Date: 8/31/2017 Acquisition Date: 1/18/2018 Flag / Brand: Fairfield Inn & Suites / Marriott Flag / Brand: Residence Inn / Marriott Flag / Brand: TownePlace Suites / Marriott Rooms: 124 Rooms: 120 Rooms: 122 Year Built: 2011 Year Built: 2016 Year Built: 2017 Last Renovation: NA Last Renovation: NA Last Renovation: NA MSA Ranking: 68 MSA Ranking: 31 MSA Ranking: 31 1Q18 ADR: $99.69 1Q18 ADR: $135.16 1Q18 ADR: $126.63 1Q18 Occupancy: 75.9% 1Q18 Occupancy: 83.4% 1Q18 Occupancy: 82.6% 1Q18 RevPAR: $75.69 1Q18 RevPAR: $112.76 1Q18 RevPAR: $104.55 ? El Paso area is home to 70 Fortune 500 ? As a percentage, Austin grew faster than all other ? Located in Austin’s burgeoning Tech Ridge companies making the region the 4th-largest large metros in the U.S. during 4 of the past 5 region, the home to Austin’s premier tech manufacturing center on the continent; diverse according to the U.S. Census Bureau; major campuses demand generators include Western Refining, demand generators include State Capitol Exxon Mobil, Eureka, Leviton, Hoover, Boeing, business, SXSW film/music/tech festival, Austin ? Since 2015, over 1.7 million SF of Class A office and Delphi City Limits music festival, Circuit of the Americas, has been delivered within a five-miles radius of and University of Texas among others the Property. The area continues to attract notable ? Adjacent to the El Paso International Airport, a firms such as Dell, Samsung, General Motors, and gateway to West Texas, New Mexico, and ? Austin has received 465 corporate relocations Charles Schwab Northern Mexico, serving 2.8 million passengers since 2004 and boasts a booming tech job base per year via five airlines? Newest hotel in the competitive set. Additionally, ? ABIA is one of the country’s fastest growing the TownePlace Suites brand benefits from its ? El Paso is considered the medical hub of West airports. From 2012 to 2016, total passengers at Marriott affiliation, averaging 110% RevPAR Texas and Southern New Mexico with numerous the airport increased 32% to 12.4 million penetration across its North American portfolio medical centers 14

Case Study | Individual Hotel Acquisitions Aloft Downtown Atlanta | 300 Spring St. NW Aloft Leawood / Kansas City | 11620 Ash St. Hampton Inn & Suites Lake Mary | 850 Village Oak Ln. Acquisition Date: 8/22/2016 Acquisition Date: 12/14/2016 Acquisition Date: 6/19/2017 Flag / Brand: Aloft / Marriott Flag / Brand: Aloft / Marriott Flag / Brand: Hampton Inn / Hilton Rooms: 254 Rooms: 156 Rooms: 130 Year Built: 1982 Year Built: 2009 Year Built: 2003 Last Renovation: 2014 Last Renovation: NA Last Renovation: 2016 MSA Ranking: 9 MSA Ranking: 30 MSA Ranking: 23 1Q18 ADR: $152.80 1Q18 ADR: $127.49 1Q18 ADR: $154.76 1Q18 Occupancy: 79.5% 1Q18 Occupancy: 63.4% 1Q18 Occupancy: 86.2% 1Q18 RevPAR: $121.46 1Q18 RevPAR: $80.84 1Q18 RevPAR: $133.44 ? Acquired for $170K per key, nearby select-service ? Among the newest product in Leawood / ? Recent renovation included all guestrooms and hotels have sold for >$225K per key, valuing the Overland Park, a submarket of Kansas City public spaces Aloft at $14M more than it was acquired for ? Excellent location in the Park Place Village ? Located within Colonial Townpark, a mixed-use ? Excellent location, situated in downtown Atlanta development, surrounded by office park, development with 825k sf of class A office, a within walking distance to major demand residential, retail, and a convention center 450-unit apartment complex, retail, and a 12-generators; New product after $25M renovation in amenities in Park Village screen movie theatre 2014? Walkable Place including fine dining, brewery, luxury retailers, ? Demand drivers include AIG, Symantec, Wells ? Surrounded by diverse demand generators and a movie theater Fargo, AT&T, AAA, Verizon, Convergys, including Georgia World Congress Center, Centennial Olympic Park, and Georgia Aquarium in Chase, Digital Risk and Fiserv ? Demand drivers by major businesses the Atlanta is paced to exceed its room night area including IBM, Samsung, Sprint, Eriksson, ? Lake Mary is a major commerce hub with a ? target, driven by significant convention business and Black and Veatch $13.4 billion technology industry employing 53,000 people 15

Case Study | Individual Hotel Acquisitions (Continued) Home2 Suites by Hilton – Summerville, SC | 221 Holiday Dr. Acquisition Date: 2/21/2018 Flag / Brand: Home2 Suites / Hilton Rooms: 93 Year Built: 2017 Last Renovation: NA MSA Ranking: 74 1Q18 ADR: $119.94 1Q18 Occupancy: 87.3% 1Q18 RevPAR: $104.68 Charleston is the 74th largest MSA in the United States and has seen dramatic growth over the past five years as a result of corporate relocations and a rapidly growing population Volvo is investing $1 billion to build its first U.S plant along Interstate 26 between Summerville and Ridgeville The mixed-use Nexton community, a 4,500-acre swath of land at the northwest junction of Interstate 26 and U.S. Highway 17A near the hotel, will one day house 7,000 single-family homes, 6 million square feet of commercial space, and a medical center 16

Appendix B | Asset List

Condor Portfolio New Investment Platform | Acquired from January 1, 2012—May 9, 2018 # Hotel Name City State MSA Rank Rooms Acquisition Date Purchase Price ($M) 1 Hilton Garden Inn Dowell/Solomons MD 6 100 5/25/2012 $11.5 2 SpringHill Suites San Antonio TX 24 116 10/1/2015 $17.5 3 Courtyard by Marriott Jacksonville FL 40 120 10/2/2015 $14.0 4 Hotel Indigo College Park GA 9 142 10/2/2015 $11.0 5 1 Atlanta GA 9 254 8/22/2016 $43.6 Aloft 6 Aloft Leawood KS 30 156 12/14/2016 $22.5 7 Home2 Suites Lexington KY 106 103 3/24/2017 $16.5 8 Home2 Suites Round Rock TX 31 91 3/24/2017 $16.8 9 Home2 Suites Tallahassee FL 140 132 3/24/2017 $21.5 10 Home2 Suites Southaven MS 42 105 4/14/2017 $19.0 11 Hampton Inn and Suites Lake Mary FL 23 130 6/19/2017 $19.3 12 Fairfield Inn and Suites El Paso TX 68 124 8/31/2017 $16.4 13 Residence Inn Austin TX 31 120 8/31/2017 $22.4 14 TownePlace Suites Austin TX 31 122 1/18/2018 $19.8 15 Home2 Suites Summerville-Charleston SC 74 93 2/21/2018 $16.3 Total / Weighted Average New Investment Platform 41 1,908 $288.1 Current Legacy Hotel Portfolio # Hotel Name City State Rooms Acquisition Date Status2 16 Quality Inn Solomons MD 59 6/1/1986 Hold 17 Super 8 Creston IA 121 9/19/1978 HFS 18 Comfort Suites Ft. Wayne IN 127 11/7/2005 HFS/Under Contract Total Legacy Hotel Portfolio 307 Total Portfolio | As of May 9, 2018 2,215 (1) Owned 80% by Condor 18 (2) HFS indicates the asset is currently marketed for sale. These classifications are current as announced in the earnings release dated May 9, 2018.

Same-Store Portfolio Distribution by Market and Flag(1) New Investment Platform Distribution by Market—Hotels Owned as of December 31, 2017 # MSA State MSA Rank Rooms Rooms % Hotel EBITDA %2 1 Atlanta GA 9 396 23% 22% 2 Austin TX 31 211 12% 15% 4 Orlando FL 23 130 8% 12% 3 Tallahassee FL 140 132 8% 10% 5 Leawood KS 30 156 9% 4% 6 Memphis MS 42 105 6% 6% 9 El Paso TX 68 124 7% 5% 7 San Antonio TX 24 116 7% 10% 8 Jacksonville FL 40 120 7% 8% 10 Lexington KY 106 103 6% 4% 11 Washington DC 6 100 6% 5% Total / Weighted Average 40 1,693 100% 100% New Investment Platform Distribution by Brand—Hotels Owned as of December 31, 2017 # Brand Rooms Rooms % Hotel EBITDA %2 1 Marriott 890 53% 52% 2 Hilton 661 39% 42% 3 IHG 142 8% 6% Total 1,693 100% 100% New Investment Platform Distribution by Flag—Hotels Owned as of December 31, 2017 # Flag Brand Rooms Rooms % Hotel EBITDA %2 1 Home2 Suites Hilton 431 25% 25% 2 Aloft Marriott 410 24% 20% 3 Hampton Inn and Suites Hilton 130 8% 12% 4 Residence Inn Marriott 120 7% 9% 5 SpringHill Suites Marriott 116 7% 10% 6 Courtyard Marriott 120 7% 8% 7 Fairfield Inn and Suites Marriott 124 7% 5% 8 Hilton Garden Inn Hilton 100 6% 5% 9 Hotel Indigo IHG 142 8% 6% Total 1,693 100% 100% (1) Represents the thirteen New Investment Platform hotels owned as of December 31, 2017 19 (2) Represents 1Q18 Same-Store Hotel EBITDA of the thirteen New Investment Platform hotels owned as of December 31, 2017; only our share of the Atlanta Aloft is included in the Hotel EBITDA percentages

Appendix C | Non-GAAP Reconciliation

Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net earnings or loss computed in accordance with GAAP, excluding gains or losses from sales of real estate assets, impairment, and the depreciation and amortization of real estate assets. FFO is calculated both for the Company in total and as FFO attributable to common shares and common units, which is FFO reduced by preferred stock dividends. AFFO is FFO attributable to common shares and common units adjusted to exclude items we do not believe are representative of the results from our core operations, including non-cash gains or losses on derivatives and convertible debt, stock-based compensation expense, amortization of certain fees, losses on debt extinguishment, and in-kind dividends above stated rates, and cash charges for acquisition and equity transaction costs. All REITs do not calculate FFO and AFFO in the same manner; therefore, our calculation may not be the same as the calculation of FFO and AFFO for similar REITs. We consider FFO to be a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful indication of our performance. We believe that AFFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor’s understanding of our operating performance. We present FFO and AFFO per common share and common unit because our common units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to common shares and common units. 21

Non-GAAP Reconciliation: Condor Hospitality Trust, Inc. FFO and AFFO The following table reconciles net earnings (loss) to FFO and AFFO for the three months ended March 31, 2018 and 2017 (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV. Reconciliation of Net eaiuiuss (loss) to FFO and AFFO 2018 2017 Net earnings (loss) $ 792 $ (2.400) Depreciation and amortization expense 2,259 1,051 Depreciation and amortization expense from JV 285 354 Net loss on disposition of assets 24 3 Net loss on disposition of assets from JV 7 1 Impairment loss (recovery), net (93) 271 FFO 3,274 (720) Dividends declared and in kind dividends deemed on preferred stock (144) (11,603) FFO attributable to common shares and common units 3,130 (12,323) Net gain on derivatives and convertible debt (447) (175) Acquisition and terminated transactions expense 19 502 Equity transactions expense— 343 Loss on debt extmguishment 800 Stock-based compensation and LTIP expense 402 77 Amortization of deferred financing fees 353 136 Amortization of deferred financing fees from JV 45 57 Non-recumng dividends above stated rates declared and in kind dividends deemed on preferred stock 10,903 AFFO attributable to common shares and common units $ 3,502 $ 320 FFO attributable to common shares and common units—Basic Shares $ 3,130 S (12,323) Preferred dividends and fair value adjustments 111 —FFO attributable to common shares and common units—Diluted Shares $ 3,241 S (12,323) FFO per common share and common unit—Basic $ 0.26 $ (4 19) FFO per common share and common unit—Diluted $ 0.26 S (4.19) Weighted average common shares and common units—Basic FFO 11.835,279 3,089.987 Weighted average common shares and common units—Diluted FFO 12,536,203 3.089.987 AFFO attributable to common shares and common units—Basic Shares $ 3,502 S 320 Convertible note interest 16 —Preferred dividends at stated rates 144 —AFFO attributable to common shares and common units—Diluted Shares $ 3,662 S 320 AFFO per common share and common unit—Basic $ 0.30 S 0.10 .AFFO per common share and common unit—Diluted $ 0.29 S 0.10 Weighted average common shares and common units—Basic 11,835,279 3.089.987 Weighted average common shares and common units—Diluted 12,633,472 3,106.961 22

Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), EBITDAre, Adjusted EBITDAre, and Hotel EBITDA We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by adding back to net earnings or loss certain non-operating expenses and certain non-cash charges which are based on historical cost accounting that we believe may be of limited significance in evaluating current performance. We believe these adjustments can help eliminate the accounting effects of depreciation and amortization and financing decisions and facilitate comparisons of core operating profitability between periods. In calculating EBITDA, we add back to net earnings or loss interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. NAREIT adopted EBITDAre in order to promote an industry-wide measure of REIT operating performance. We adjust EBITDA by adding back net gain/loss on disposition of assets and impairment charges to calculate EBITDAre. To calculate Adjusted EBITDAre, we adjust EBITDAre to add back acquisition and terminated transactions expense and equity transactions expense, which are cash charges. We also add back stock –based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies. We believe EBITDA, EBITDAre, and Adjusted EBITDAre to be useful additional measures of our operating performance, excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization expense), and other items we do not believe are representative of the results from our core operations. The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA, as presented, may not be comparable to similarly titled measures of other companies. Hotel EBITDA is intended to isolate property level operational performance over which the Company’s hotel operators have direct control. We believe Hotel EBITDA is helpful to investors as it better communicates the comparability of our hotels’ operating results for all of the Company’s hotel properties and is used by management to measure the performance of the Company’s hotels and the effectiveness of the operators of the hotels. 23

Non-GAAP Reconciliation: Condor Hospitality Trust, Inc. EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA The following table reconciles net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months ended March 31, 2018 and 2017 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV. Three months ended March 31, Reconciliation of Net earnings (loss) to EBITDA. EBITDArr. Adjusted EBITDAre. and Hotel EBITDA 2018 2017 Net earnings (loss) $ 792 $ (2.400) Interest expense 1.928 971 Interest expense from JV 492 662 Loss on debt extinguishment—800 Income tax expense 129—Depreciation and amortization expense 2,259 1.051 Depreciation and amortization expense from A’ 285 354 EBITDA 5,885 1.438 Net loss on disposition of assets 24 3 Net loss on disposition of assets from A’ / 1 Impairment loss (recovery), net (93) 271 LBIlDArc 5,823 1.713 Net gain on derivatives and convertible debt (447) (175) Stock-based compensation and LTIP expense 402 77 Acquisition and terminated transactions expense 19 502 Equity transactions expense—343 Adjusted EBITDArc 5,797 2.460 General and administrative expense, excluding stock compensation and LTIP expense 1.467 1.415 Other expense, net 14 1 Unallocated hotel and property operations expense 89 132 Hotel EBITDA $ 7,367 $ 4,008 Revenue $ 16.679 $ 10.361 A’ revenue 2,618 2,989 Condor and A’ revenue $ 19.297 $ 13,350 Hotel EBITDA as a percentage of revenue 38.2% 30.0% 24

Non-GAAP Reconciliation: Condor Hospitality Trust, Inc. EBITDA, Adjusted EBITDA, and Hotel EBITDA The following tables present our Same-Store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three months ended March 31, 2018 and 2017 (in thousands) and reconcile these Same-Store measures to total revenue and Hotel EBITDA as presented above. Same-Store results include all our hotels owned at March 31, 2018, with the exception of the Austin TownePlace Suites, opened on January 3, 2017, and the Summerville Home2 Suites, opened on July 18, 2017 (no prior period results available) and reflect the performance of these hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. All amounts presented operations as well as our portion of the results of our unconsolidated Atlanta Aloft JV. Results for periods prior to the Company’s ownership have not been included in the Company’s actual consolidated financial statements and are included here only for comparison purposes. New Investment Platform Hotel EBITDA—Same-Store by Brand Three months ended March 31, 2018 % by Brand Marriott $ 3,263 52% Hilton 2,616 42% IHG 357 6% Total Same-Store Hotel EBITDA (Thirteen Hotels) $ 6,237 100% Note: The HFU and HFS categories reflect the classification of these hotels as of March 31, 2018 Three months ended March 31. 2018 2017 Condor and JV Revenue — Actual* $ 19,297 $ 13,350 Revenue earned on properties owned at March 31,2018 prior to the Company’s ownership, excluding the Austin TownePlace Suites and the Summerville Home2 Suites 7,094 Revenue earned on properties disposed of prior to March 31, 2018 during the period of ownership (397) (2,818) Revenue earned on Austin TownePlace Suites and Summerville Home! Suites subsequent to ownership (1,413) Total Revenue — Same-Store* S 17,487 $ 17,626 Revenue—Same-Store by Type Three months ended March 31, 2018 2017 New investment platform* $ 16,015 $ 16,119 Legacy held for use 265 379 Legacy held for sale 1,207 1,128 Total Revenue — Same-Store* $ 17,487 $ 17,626 Hotel EBITDA—Reconciliation of Same-Store to Actual Three months ended March 31, 2018 2017 Condor and JV Hotel EBITDA—Actual* $ 7,367 $ 4,008 Hotel EBITDA earned on properties owned at March 31,2018 prior to the Company’s ownership, excluding the Austin TownePlace Suites and the Summerville Home2 Suites 2,993 Hotel EBITDA earned on properties disposed of pnor to March 31, 2018 during the period of ownership (42) (436) Hotel EBITDA earned on Austin TownePlace Suites and Summerville Home2 Suites subsequent to ownership (707) Total Hotel EBITDA—Same-Store* $ 6,618 $ 6,565 Three months ended March 31, 2018 2017 New investment platform* $ 6,237 $ 6,177 Legacy held for use 43 77 Legacy held for sale 338 311 Total Hotel EBITDA—Same-Store* $ 6,618 $ 6,565 Hotel EBITDA Margin by Property Type Three months ended March 31, 2018 2017 New investment platform 38.9% 38.3% Legacy held for use 16.2% 20.3% Legacy held for sale 28.0% 27.6% Total Portfolio—Same-Store 37.8% 37.2% ’Due to differences in the allocation of JV preferred returns, JV activity was 100% attributed to Condor in the first quarter of 2017 and 80% attributed to Condor in the first quarter of 2018 New Investment Platform Hotel EBITDA—Same-Store by Brand Three months ended March 31, 2018 % by Brand Marriott $ 3,263 52% Hilton 2,616 42% IHG 357 6% Total Same-Store Hotel EBITDA (Thirteen Hotels) $ 6,237 100% Note: The HFU and HFS categories reflect the classification of these hotels as of March 31, 2018 25

Condor Hospitality Trust, Inc. Operating Performance Metrics The following tables present our Same-Store occupancy, ADR, and RevPAR for all our hotels owned at March 31, 2018, with the exception of the Austin TownePlace Suites, which was opened on January 3, 2017, and Summerville, SC Home2 Suites which was opened on July 18, 2017 (no prior period results available). Same-Store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner. Note: The HFU and HFS categories reflect the classification of these hotels as of March 31, 2018 26 (1) Excluded from the Total New Investment Platform calculation because the hotel was not operational for the entirety of the three months ended March 31, 2017 Three months ended March 31, 201S 2017 Occupancy ADR RevPAR Occupancy ADR RevPAR Solomons Hilton Garden Inn 73.41% S 125.74 S 92.30 73.58% S 118.70 S 87.33 Atlanta Hotel Indigo SI.13% S 108.30 S 87.87 74.07% S 104.45 S 77.37 Jacksonville Courtyard by Marriott 85.04% s 113.26 s 96.31 76.02% S 114.83 S 87.29 San Antonio SpringHill Suites 86.36% s 143.28 s 123.74 81.49% S 140.69 S 114.66 Leawood Aloft 63.41% s 127.49 s 80.84 74.00% S 126.10 S 93.31 Lexington Home2 Suites 74.51% s 103.30 s 76.97 74.23% S 105.56 S 78.35 Round Rock Home2 Suites 86.48% s 120.15 s 103.91 85.37% S 123.17 S 105.16 Tallahassee Home2 Suites 84.23% s 130.54 s 109.95 80.79% S 124.91 S 100.92 South Haven Home2 Suites 81.26% s 110.84 s 90.07 89.22% S 111.59 S 99.56 Lake Mary Hampton Inn & Suites 86.22% s 154.76 s 133.44 84.89% S 132.62 S 112.58 Austin Residence Inn 83.43% s 135.16 s 112.76 77.57% S 141.54 S 109.80 El Paso Fairfield Inn 75.92% s 99.69 s 75.69 77.89% S 109.61 S S5.3S Wholly owned new investment platform properties 79.78% s 123.56 s 98.57 78.84% S 121.52 S 95.80 Atlanta Aloft JV 79.49% s 152.80 s 121.46 82.52% S 135.12 S 111.50 Total new investment platform 79.74% s 127.93 s 102.01 79.39% S 123.64 S 98.16 Legacy hotels held for sale 74.44% S 71.43 S 53.17 72.78% S 67.84 S 49.3S Legacy hotels held for use 45.61% S 79.81 S 36.40 82.59% S 69.93 S 57.76 Total legacy 68.82% s 72.51 s 49.91 74.69% S 68.29 S 51.01 Total portfolio 78.06% S 120.41 S 93.99 78.67% s 115.55 s 90.90 Austin TownePlace Suites 82.56% S 126.63 s 104.55 59.71% s 108.42 s 64.73 Summerville Home2 Suites (1) 87.28% s 119.94 s 104.68—s—s