Condor Hospitality Trust Inc fka CDOR

[Enterprising Investor]

Use of Proceeds

Fund the $47.6 million purchase prices of the Acquisition Hotels under contract and $2.5 million of closing costs, franchise fees, costs related to the assumption of $13.2 million of existing first mortgage debt secured by the two hotels in the CHMK Hotel Portfolio and non-recurring capital expenditures

Redemption of all of the outstanding shares of the 8.00% Series A Convertible Preferred Stock, or the Series A Preferred Stock, and all of the outstanding shares of the 10.00% Series B Cumulative Preferred Stock, or the Series B Preferred Stock, and the payment of accrued and unpaid dividends thereon to the redemption date;

General corporate purposes, which may include the repayment of outstanding indebtedness and the funding of capital expenditures.