Condor Hospitality Trust Provides Update on Its Response To COVID-19
April 03 2020 - 8:00AM
Business Wire
Condor Hospitality Trust, Inc. (the “Company”) (NYSE American:
CDOR), a hotel-focused real estate investment trust (REIT)
headquartered and incorporated in the state of Maryland, provided
an update today on its response to COVID-19.
J. William Blackham, Chief Executive Officer said, “There have
been significant changes in business and economic conditions
generally in the United States and in the lodging industry in
particular as the COVID-19 crisis continues. As many others in the
lodging industry have determined, the Company has determined that
it is advisable and in the best business practice for the Company
to cause temporary closures of 30 to 90 days of two of its hotels
located in Solomons, MD and Leawood, KS, and the Company is
evaluating on a daily basis similar temporary closures of hotels
located in Lake Mary, FL, San Antonio, TX and Round Rock, TX. We
will continue to assess reopenings of these hotels, and potential
temporary closings of other Company hotels, based on specific
market trends.”
“The Company is taking these additional actions to address
operating costs and to better position the Company in the current
lodging environment,” said Mr. Blackham.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a
self-administered real estate investment trust that specializes 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. The Company currently
owns 15 hotels in 8 states. Condor’s hotels are franchised by a
number of the industry’s most well-regarded brand families
including Hilton, Marriott, and InterContinental Hotels.
Forward-Looking Statement
This news 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 terminology such as “may”, “will”, “expect”,
“intend”, “anticipate”, “estimate”, “believe”, “continue”,
“project”, “plan”, the negative version of these words or other
similar expressions. Readers are cautioned not to place undue
reliance on any such forward-looking statements.
These forward-looking statements are based on assumptions that
management has made in light of experience in the business in which
the Company operates, as well as management’s perceptions of
historical trends, current conditions, expected future
developments, and other factors believed to be appropriate under
the circumstances. These statements are not guarantees of
performance or results. They involve risks, uncertainties (some of
which are beyond the Company’s control), and assumptions.
Management believes that these forward-looking statements are based
on reasonable assumptions.
Factors which could have a material adverse effect on the
Company’s operations and future prospects include, but are not
limited to, changes in economic conditions generally and the real
estate market specifically, legislative/regulatory changes
(including changes to 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 the Company’s current and proposed market areas,
policies and guidelines applicable to real estate investment
trusts, risks related to uncertainty and disruption in global
economic markets as a result of COVID-19 (commonly referred to as
the coronavirus), and other risks and uncertainties described in
the Company’s filings with the Securities and Exchange Commission.
These risks and uncertainties should be considered in evaluating
any forward-looking statements contained or incorporated by
reference herein. The Company cautions readers not to place undue
reliance on any forward-looking statements included in this press
release which speak only as of the date of this press release, and
disclaims a duty to provide an update to forward-looking
statements, whether as a result of new information, future events
or other occurrences.
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version on businesswire.com: https://www.businesswire.com/news/home/20200403005058/en/
Arinn Cavey Chief Financial Officer acavey@trustcondor.com (402)
316-1008
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