Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the
“Company”) today announced results for the third quarter ended
September 30, 2020.
THIRD QUARTER RELEASE FINANCIAL HIGHLIGHTS
- Revenue in the third quarter 2020 of $8.8 million, comprised
of $8.8 million generated entirely from New Investment Platform
Hotels, a 39.7% decrease from $14.7 million generated by New
Investment Platform Hotels in the third quarter 2019.
- Same-Store Revenue of $8.8 million for the third quarter
2020 decreased $8.9 million over the third quarter Same-Store
Revenue of $17.7 million in 2019, while Same-Store ADR for the New
Investment Platform Hotels decreased 25.9% in the third quarter of
2020 compared to the third quarter of 2019, and Same-Store RevPAR
for the New Investment Platform Hotels in the 2020 third quarter
decreased 49.5% compared to the same quarter in 2019, all adversely
affected by the COVID-19 pandemic and industry wide falloff of
travel.
- Net Earnings (Loss) Attributable to Common Shareholders of
($5.0 million), or ($0.42) per Diluted Share in the third quarter,
compared to ($2.1 million), or ($0.18) per share, in the 2019 third
quarter. Decline in Net Earnings Attributable to Common
Shareholders primarily caused by decreased revenues and the
resulting $4.3 million decrease in hotel EBITDA in the third
quarter compared to the same period in 2019 attributable to the
COVID-19 pandemic.
- Adjusted Funds from Operations was ($1.3 million), or
($0.11) per Diluted Share, a $3.9 million decrease from $2.6
million, or $0.22, in the 2019 third quarter.
- Same-Store Hotel EBITDA decreased to $1.6 million from $6.1
million in Last Year’s Third Quarter.
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“The Condor portfolio in the third quarter continued to achieve
very impressive and outperforming results through continuing
difficult market conditions. While RevPAR declined 49.5% compared
to the third quarter in 2019, it continued to improve from $29.50
in the second quarter achieving approximately $45 in July,
approximately $49 in August and over $49 in September. Occupancy
continued improving from 33.9% in the second quarter to 56.46% for
the month of September. Our hotels EBITDA margin was an impressive
17.7% given the low $47.60 RevPAR for the quarter as we achieved
significant reductions in labor costs and expenses on a per
occupied room basis such as housekeeping and complimentary food
costs. The chart that follows illustrates the continuing portfolio
improvement which is driven by our team’s efforts in capturing more
than our fair share of growing leisure demand at the primarily
drive to secondary non-urban hotel locations comprised of over 50%
extended stay hotels. During September we announced the termination
of the merger agreement and subsequent to the end of the quarter we
announced a $7 million dollar settlement.”
July
August
September
October
Same-Store ADR
$
91.62
$
89.87
$
87.42
$
90.14
Same-Store Occupancy
48.8%
54.3%
56.5%
56.8%
Same-Store RevPAR
$
44.72
$
48.78
$
49.36
$
51.21
FINANCIAL SUMMARY
At September 30, 2020, the Company’s total portfolio included 15
hotels, representing 1,908 rooms.
Total Company Financial Results
($ in millions except per share
amounts)
Three months ended September
30,
Nine months ended September
30,
2020
2019
Change
2020
2019
Change
Revenue
$
8.8
$
14.7
-39.7%
$
26.9
$
46.7
-42.5%
Net Loss Attributable to Common
Shareholders
$
(5.0
)
$
(2.1
)
NA
$
(14.5
)
$
(3.7
)
NA
Diluted Earnings (Loss) per Share
$
(0.42
)
$
(0.18
)
NA
$
(1.21
)
$
(0.31
)
NA
Funds from Operations (FFO)*
$
(2.0
)
$
0.7
NA
$
(5.6
)
$
4.8
NA
FFO per Diluted Share*
$
(0.18
)
$
0.05
NA
$
(0.51
)
$
0.37
NA
Adjusted FFO*
$
(1.3
)
$
2.6
NA
$
(3.4
)
$
9.4
NA
Adjusted FFO per Diluted Share*
$
(0.11
)
$
0.22
NA
$
(0.29
)
$
0.78
NA
Hotel EBITDA*
$
1.6
$
5.9
-73.6%
$
5.4
$
20.9
-74.3%
Adjusted EBITDAre*
$
0.7
$
4.7
-85.7%
$
2.1
$
17.1
-87.5%
*Please see the Reg. G reconciliation tables at the end of this
release.
Same Store Operational
Results**
($ in millions except per share amounts
and operating metrics)
Three months ended September
30,
Nine months ended September
30,
2020
2019
Change
2020
2019
Change
Same-Store RevPAR
$
47.60
$
94.31
-49.5%
$
53.17
$
101.71
-47.7%
Same-Store Occupancy
53.15%
78.06%
-31.9%
51.07%
80.17%
-36.3%
Same-Store ADR
$
89.56
$
120.81
-25.9%
$
104.13
$
126.87
-17.9%
Same-Store Hotel EBITDA*
$
1.6
$
6.1
-74.6%
$
5.5
$
21.7
-74.7%
Same-Store Hotel EBITDA Margin*
17.7%
34.7%
-17.0%
19.3%
38.3%
-19.0%
*Please see the Reg. G reconciliation tables at the end of this
release. **Financial results presented above include results from
prior to our ownership.
BALANCE SHEET
As of September 30, 2020, the Company had cash and cash
equivalents (including restricted cash) of $9.4 million. As of
September 30, 2020, the Company had total outstanding long-term
debt of $180.3 million with a weighted average maturity of 1.0
years and a weighted average interest rate of 3.63%.
PORTFOLIO ACTIVITY
On February 14, 2020, the Company completed the acquisition of
the remaining 20% interest in the joint venture that owned the
Atlanta Aloft property (the “Atlanta Aloft”) for $7.3 million. The
acquisition was funded with debt drawn under the Company’s Key Bank
revolving credit facility.
CAPITAL INVESTMENTS
The Company invested $0.4 million in capital improvements
throughout the portfolio in the nine months ended September 30,
2020 to upgrade its properties and maintain brand standards.
OUTLOOK AND GUIDANCE
The Company has suspended guidance until further notice.
DIVIDENDS
On March 30, 2020, the Sixth Amendment to the Key Bank credit
facility was signed which provides that no cash dividends or
distributions may be made to common or preferred shareholders for
the remaining term of the debt.
EARNINGS CALL
The Company will not be conducting a third quarter earnings
conference call.
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.
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 the actual
results to differ materially from such forward-looking statements.
They are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Factors
which could have a material adverse effect on our 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
our 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 herein, and in our filings with
the Securities and Exchange Commission (“SEC”) from time to time.
These risks and uncertainties should be considered in evaluating
any forward-looking statements.
The forward-looking statements represent Condor’s views as of
the date on which such statements were made. Condor anticipates
that subsequent events and developments may cause those views to
change. These forward-looking statements should not be relied upon
as representing Condor’s views as of any date subsequent to the
date hereof. Condor expressly disclaims a duty to provide updates
to forward-looking statements, whether as a result of new
information, future events or other occurrences.
Additional factors that may affect the Company’s business or
financial results are described in the risk factors included in the
Company’s filings with the SEC, including its Annual Report on Form
10-K for the fiscal year ended December 31, 2019, and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
SELECTED FINANCIAL DATA:
Condor Hospitality Trust, Inc.
and Subsidiaries
Consolidated Balance
Sheets
(Unaudited - In thousands,
except share and per share data)
As of
September 30, 2020
December 31, 2019
Assets
Investment in hotel properties, net
$
268,328
$
222,063
Investment in unconsolidated joint
venture
-
4,244
Cash and cash equivalents
3,297
2,584
Restricted cash, property escrows
6,081
5,811
Accounts receivable, net
966
1,099
Prepaid expenses and other assets
1,604
1,118
Derivative assets, at fair value
-
22
Total Assets
$
280,276
$
236,941
Liabilities and
Equity
Liabilities
Accounts payable, accrued expenses, and
other liabilities
$
8,280
$
5,523
Dividends and distributions payable
603
145
Land option liability
8,497
-
Derivative liabilities, at fair value
1,009
366
Convertible debt, at fair value
1,025
1,080
Long-term debt, net of deferred financing
costs
179,315
134,001
Total Liabilities
198,729
141,115
Equity
Shareholders' Equity
Preferred stock, 40,000,000 shares
authorized:
6.25% Series E, 925,000 shares authorized,
$.01 par value, 925,000 shares outstanding, liquidation preference
of $9,853 and $9,395
10,050
10,050
Common stock, $.01 par value, 200,000,000
shares authorized; 12,007,712 and 11,993,608 shares outstanding
120
120
Additional paid-in capital
233,400
233,189
Accumulated deficit
(162,067
)
(147,582
)
Total Shareholders' Equity
81,503
95,777
Noncontrolling interest in consolidated
partnership (Condor Hospitality Limited Partnership), redemption
value of $11 and $47
44
49
Total Equity
81,547
95,826
Total Liabilities and Equity
$
280,276
$
236,941
Condor Hospitality Trust, Inc.
and Subsidiaries
Consolidated Statements of
Operations
(Unaudited - In thousands,
except per share data)
Three months ended September
30,
Nine months ended September
30,
2020
2019
2020
2019
Revenue
Room rentals and other hotel services
$
8,841
$
14,666
$
26,879
$
46,746
Operating Expenses
Hotel and property operations
7,334
9,718
22,238
29,266
Depreciation and amortization
2,780
2,405
8,267
7,161
General and administrative
894
1,210
3,101
4,445
Acquisition and terminated
transactions
-
1
-
15
Strategic alternatives, net
636
1,052
860
1,886
Total operating expenses
11,644
14,386
34,466
42,773
Operating income (loss)
(2,803
)
280
(7,587
)
3,973
Net gain (loss) on disposition of
assets
(3
)
(14
)
(13
)
9
Equity in earnings (loss) of joint
venture
-
(84
)
80
595
Net gain (loss) on derivatives and
convertible debt
131
(223
)
(609
)
(916
)
Other expense, net
(4
)
(27
)
(90
)
(80
)
Interest expense
(2,103
)
(1,912
)
(6,153
)
(6,169
)
Loss before income taxes
(4,782
)
(1,980
)
(14,372
)
(2,588
)
Income tax benefit (expense)
(27
)
(8
)
340
(655
)
Net loss
(4,809
)
(1,988
)
(14,032
)
(3,243
)
Loss attributable to noncontrolling
interest
2
10
5
17
Net loss attributable to controlling
interests
(4,807
)
(1,978
)
(14,027
)
(3,226
)
Dividends declared and undeclared on
preferred stock
(169
)
(145
)
(458
)
(434
)
Net loss attributable to common
shareholders
$
(4,976
)
$
(2,123
)
$
(14,485
)
$
(3,660
)
Earnings (Loss)
per Share
Total - Basic Earnings (Loss) per
Share
$
(0.42
)
$
(0.18
)
$
(1.21
)
$
(0.31
)
Total - Diluted Earnings (Loss) per
Share
$
(0.42
)
$
(0.18
)
$
(1.21
)
$
(0.31
)
See accompanying notes to consolidated
financial statements.
Reconciliation of Non-GAAP Financial
Measures (Unaudited)
Non-GAAP financial measures are measures of our historical
financial performance that are different from measures calculated
and presented in accordance with accounting principles generally
accepted in the United States of America (“GAAP”). We report Funds
from Operations (“FFO”), Adjusted FFO (“AFFO”), Earnings Before
Interest, Taxes, Depreciation, and Amortization (“EBITDA”), EBITDA
for real estate (“EBITDAre”), Adjusted EBITDAre, and Hotel EBITDA
as non-GAAP measures that we believe are useful to investors as key
measures of our operating results and which management uses to
facilitate a periodic evaluation of our operating results relative
to those of our peers. Our non-GAAP measures should not be
considered as an alternative to U.S. GAAP net earnings as an
indication of financial performance or to U.S. GAAP cash flows from
operating activities as a measure of liquidity. Additionally, these
measures are not indicative of funds available to fund cash needs
or our ability to make cash distributions as they have not been
adjusted to consider cash requirements for capital expenditures,
property acquisitions, debt service obligations, or other
commitments.
FFO and AFFO
The following table reconciles net loss to FFO and AFFO for the
three and nine months ended September 30, 2020 and 2019 (in
thousands). All amounts presented include our portion of the
results of our unconsolidated Atlanta JV prior to our acquisition
of the remaining 20% interest from our joint venture partner on
February 14, 2020.
Three months ended September
30,
Nine months ended September
30,
Reconciliation of
Net loss to FFO and AFFO
2020
2019
2020
2019
Net loss
$
(4,809
)
$
(1,988
)
$
(14,032
)
$
(3,243
)
Depreciation and amortization expense
2,780
2,405
8,267
7,161
Depreciation and amortization expense from
JV
-
299
145
895
Net (gain) loss on disposition of
assets
3
14
13
(9
)
Net loss on disposition of assets from
JV
-
2
-
2
FFO
(2,026
)
732
(5,607
)
4,806
Dividends declared and undeclared on
preferred stock
(169
)
(145
)
(458
)
(434
)
FFO attributable to common shares and
common units
(2,195
)
587
(6,065
)
4,372
Net (gain) loss on derivatives and
convertible debt
(131
)
223
609
916
Net loss on derivatives from JV
-
-
-
1
Acquisition and terminated transactions
expense
-
1
-
15
Strategic alternatives expense, net
636
1,052
860
1,886
Stock-based compensation expense
70
141
236
901
Amortization of deferred financing
fees
284
286
829
981
Amortization of deferred financing fees
from JV
-
143
93
234
Loss on extinguishment of debt from JV
-
138
-
138
AFFO attributable to common shares and
common units
$
(1,336
)
$
2,571
$
(3,438
)
$
9,444
FFO attributable to common shares and
common units - Basic and Diluted
$
(2,195
)
$
587
$
(6,065
)
$
4,372
FFO per common share and common unit -
Basic
$
(0.18
)
$
0.05
$
(0.51
)
$
0.37
FFO per common share and common unit -
Diluted
$
(0.18
)
$
0.05
$
(0.51
)
$
0.37
Weighted average common shares and common
units - Basic FFO
11,976,008
11,919,944
11,965,915
11,901,936
Weighted average common shares and common
units - Diluted FFO
11,976,008
11,925,323
11,965,915
11,921,438
AFFO attributable to common shares and
common units - Basic
$
(1,336
)
$
2,571
$
(3,438
)
$
9,444
Convertible note interest
-
16
-
48
Preferred dividends at stated rates
-
-
-
434
AFFO attributable to common shares and
common units - Diluted
$
(1,336
)
$
2,587
$
(3,438
)
$
9,926
AFFO per common share and common unit -
Basic
$
(0.11
)
$
0.22
$
(0.29
)
$
0.79
AFFO per common share and common unit -
Diluted
$
(0.11
)
$
0.22
$
(0.29
)
$
0.78
Weighted average common shares and common
units - Basic AFFO
11,976,008
11,919,944
11,965,915
11,901,936
Weighted average common shares and common
units - Diluted AFFO
11,976,008
12,690,703
11,965,915
12,686,818
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 terminated
transaction and strategic alternatives costs, net of related
receipts. 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.
EBITDA, EBITDAre, Adjusted EBITDAre, and
Hotel EBITDA
The following table reconciles net loss to EBITDA, EBITDAre,
Adjusted EBITDAre, and Hotel EBITDA for the three and nine months
ended September 30, 2020 and 2019 (in thousands). All amounts
presented our portion of the results of our unconsolidated Atlanta
JV prior to our acquisition of the remaining 20% interest from our
joint venture partner on February 14, 2020.
Three months ended September
30,
Nine months ended September
30,
Reconciliation of
Net loss to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel
EBITDA
2020
2019
2020
2019
Net loss
$
(4,809
)
$
(1,988
)
$
(14,032
)
$
(3,243
)
Interest expense
2,103
1,912
6,153
6,169
Interest expense from JV
-
536
225
1,645
Income tax expense (benefit)
27
8
(340
)
655
Loss on extinguishment of debt from JV
-
138
-
138
Depreciation and amortization expense
2,780
2,405
8,267
7,161
Depreciation and amortization expense from
JV
-
299
145
895
EBITDA
101
3,310
418
13,420
Net loss (gain) on disposition of
assets
3
14
13
(9
)
Net loss on disposition of assets from
JV
-
2
-
2
EBITDAre
104
3,326
431
13,413
Net loss (gain) on derivatives and
convertible debt
(131
)
223
609
916
Net loss on derivative from JV
-
-
-
1
Stock-based compensation expense
70
141
236
901
Acquisition and terminated transactions
expense
-
1
-
15
Strategic alternatives expense, net
636
1,052
860
1,886
Adjusted EBITDAre
679
4,743
2,136
17,132
General and administrative expense,
excluding stock compensation expense
824
1,069
2,865
3,544
Other expense, net
4
27
90
80
Unallocated hotel and property operations
expense
55
86
278
153
Hotel EBITDA
$
1,562
$
5,925
$
5,369
$
20,909
Revenue
$
8,841
$
14,666
$
26,879
$
46,746
JV revenue
-
2,446
1,218
8,092
Condor and JV revenue
$
8,841
$
17,112
$
28,097
$
54,838
Hotel EBITDA as a percentage of
revenue
17.7
%
34.6
%
19.1
%
38.1
%
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 strategic alternatives expense, net of
related receipts, 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.
Same-Store Revenue 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 and nine months ended September 30, 2020 and 2019 (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 September 30, 2020. 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. 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.
Revenue - Reconciliation of
Actual to Same-Store
Three months ended September
30,
Nine months ended September
30,
2020
2019
2020
2019
Condor and JV Revenue - Actual
$
8,841
$
17,112
$
28,097
$
54,838
Revenue earned on properties disposed of
prior to September 30, 2020 during the period of ownership
-
-
-
(272
)
Revenue earned related to joint venture
interest in the Atlanta JV prior to acquisition of this interest on
February 14, 2020
-
612
304
2,023
Total Revenue - Same-Store
$
8,841
$
17,724
$
28,401
$
56,589
Hotel EBITDA - Reconciliation
of Actual to Same-Store
Three months ended September
30,
Nine months ended September
30,
2020
2019
2020
2019
Condor and JV Hotel EBITDA - Actual
$
1,562
$
5,925
$
5,369
$
20,909
Hotel EBITDA earned on properties disposed
of prior to September 30, 2020 during the period of ownership
-
-
-
(63
)
Hotel EBITDA earned related to joint
venture interest in the Atlanta JV prior to acquisition of this
interest on February 14, 2020
-
223
111
819
Total Hotel EBITDA - Same-Store
$
1,562
$
6,148
$
5,480
$
21,665
Hotel EBITDA Margin
Three months ended September
30,
Nine months ended September
30,
2020
2019
2020
2019
Total Hotel EBITDA Margin
17.7%
34.7%
19.3%
38.3%
Condor Hospitality Trust, Inc. Operating
Statistics
The following tables present our same-store occupancy, ADR, and
RevPAR for all our hotels owned at September 30, 2020. The
statistics for the Company’s two hotels that were temporarily
closed due to the effects of COVID-19, the Solomons Hilton Garden
Inn, which was closed on April 2, 2020 and reopened on July 1,
2020, and the Leawood Aloft, which was closed on April 9, 2020 and
reopened on July 1, 2020, include only the periods that the
properties were operational. With the exception of these COVID-19
related closures, 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.
Three months ended September
30,
2020
2019
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
Solomons Hilton Garden Inn
43.29%
$
102.56
$
44.40
81.29%
$
120.27
$
97.77
Atlanta Hotel Indigo
52.48%
$
91.93
$
48.25
73.70%
$
101.40
$
74.73
Jacksonville Courtyard by Marriott
43.14%
$
87.08
$
37.57
71.65%
$
116.27
$
83.31
San Antonio SpringHill Suites
41.60%
$
73.21
$
30.46
74.13%
$
119.90
$
88.88
Leawood Aloft
39.14%
$
79.33
$
31.05
70.38%
$
130.56
$
91.89
Lexington Home2 Suites
75.92%
$
88.80
$
67.42
86.50%
$
117.56
$
101.69
Round Rock Home2 Suites
55.73%
$
72.36
$
40.33
83.29%
$
110.62
$
92.13
Tallahassee Home2 Suites
75.16%
$
101.82
$
76.52
80.09%
$
119.11
$
95.40
South Haven Home2 Suites
86.66%
$
90.73
$
78.62
89.40%
$
122.60
$
109.60
Lake Mary Hampton Inn & Suites
41.32%
$
100.57
$
41.56
68.70%
$
126.29
$
86.76
Austin Residence Inn
69.48%
$
85.23
$
59.22
80.43%
$
127.59
$
102.62
El Paso Fairfield Inn
47.36%
$
85.67
$
40.57
88.60%
$
107.52
$
95.26
Austin TownePlace Suites
42.81%
$
74.74
$
32.00
68.32%
$
106.07
$
72.47
Summerville Home2 Suites
68.92%
$
94.56
$
65.17
82.92%
$
129.09
$
107.04
Atlanta Aloft
40.92%
$
97.91
$
40.07
79.16%
$
138.00
$
109.24
Total Same-Store Portfolio
53.15%
$
89.56
$
47.60
78.06%
$
120.81
$
94.31
Nine months ended September
30,
2020
2019
Occupancy
ADR
RevPAR
Occupancy
ADR
RevPAR
Solomons Hilton Garden Inn
50.90%
$
114.34
$
58.20
78.01%
$
122.93
$
95.90
Atlanta Hotel Indigo
53.28%
$
94.22
$
50.21
76.16%
$
107.72
$
82.04
Jacksonville Courtyard by Marriott
51.88%
$
101.92
$
52.88
76.56%
$
121.20
$
92.79
San Antonio SpringHill Suites
40.26%
$
103.57
$
41.70
80.28%
$
130.59
$
104.84
Leawood Aloft
43.54%
$
104.15
$
45.35
69.49%
$
132.42
$
92.01
Lexington Home2 Suites
55.90%
$
93.27
$
52.14
80.92%
$
116.18
$
94.01
Round Rock Home2 Suites
49.91%
$
86.23
$
43.03
84.15%
$
116.72
$
98.22
Tallahassee Home2 Suites
61.19%
$
112.80
$
69.02
89.15%
$
125.15
$
111.57
South Haven Home2 Suites
68.75%
$
97.94
$
67.34
90.70%
$
119.14
$
108.06
Lake Mary Hampton Inn & Suites
43.92%
$
125.26
$
55.01
79.09%
$
138.79
$
109.76
Austin Residence Inn
64.34%
$
104.40
$
67.17
82.91%
$
136.01
$
112.77
El Paso Fairfield Inn
49.08%
$
97.27
$
47.74
86.01%
$
105.69
$
90.90
Austin TownePlace Suites
46.70%
$
91.47
$
42.71
72.37%
$
112.11
$
81.13
Summerville Home2 Suites
62.73%
$
103.48
$
64.91
83.32%
$
130.73
$
108.92
Atlanta Aloft
39.70%
$
120.96
$
48.02
79.70%
$
154.97
$
123.52
Total Same-Store Portfolio
51.07%
$
104.13
$
53.17
80.17%
$
126.87
$
101.71
Condor Hospitality Trust, Inc.
Property List | As of September 30,
2020
New Investment Platform | Acquired from
January 1, 2012 – September 30, 2020
Hotel
Name
City
State
Rooms
Acquisition Date
Purchase
Price (in millions)
1
Hilton Garden Inn
Dowell/Solomons
MD
100
05/25/2012
$11.5
2
SpringHill Suites
San Antonio
TX
116
10/01/2015
$17.5
3
Courtyard by Marriott
Jacksonville
FL
120
10/02/2015
$14.0
4
Hotel Indigo
College Park
GA
142
10/02/2015
$11.0
5
Aloft1
Atlanta
GA
254
08/22/2016
$43.6
6
Aloft
Leawood
KS
156
12/14/2016
$22.5
7
Home2 Suites
Lexington
KY
103
03/24/2017
$16.5
8
Home2 Suites
Round Rock
TX
91
03/24/2017
$16.8
9
Home2 Suites
Tallahassee
FL
132
03/24/2017
$21.5
10
Home2 Suites
Southaven
MS
105
04/14/2017
$19.0
11
Hampton Inn & Suites
Lake Mary
FL
130
06/19/2017
$19.3
12
Fairfield Inn & Suites
El Paso
TX
124
08/31/2017
$16.4
13
Residence Inn
Austin
TX
120
08/31/2017
$22.4
14
TownePlace Suites
Austin
TX
122
01/18/2018
$19.8
15
Home2 Suites
Summerville
SC
93
02/21/2018
$16.3
Total Portfolio | As of September 30,
2020
1,908
$288.1
1 | Represents the purchase statistics
from the purchase of this hotel by the originally 80% owned
unconsolidated joint venture. The Company purchased the remaining
20% interest in the joint venture from our joint venture partner on
February 14, 2020 for $7.3 million.
55 Dispositions | For Period January 1,
2015 – September 30, 2020
Hotel
Name
City
State
Rooms
Disposition Date
Gross
Proceeds (in millions)
1
Super 8
West Plains
MO
49
01/15/2015
$1.5
2
Super 8
Green Bay
WI
83
01/29/2015
$2.2
3
Super 8
Columbus
GA
74
03/16/2015
$0.9
4
Sleep Inn & Suites
Omaha
NE
90
03/19/2015
$2.9
5
Savannah Suites
Chamblee
GA
120
04/01/2015
$4.4
6
Savannah Suites
Augusta
GA
172
04/01/2015
$3.4
7
Super 8
Batesville
AR
49
04/30/2015
$1.5
8
Days Inn
Ashland
KY
63
07/01/2015
$2.2
9
Comfort Inn
Alexandria
VA
150
07/13/2015
$12.0
10
Days Inn
Alexandria
VA
200
07/13/2015
$6.5
11
Super 8
Manhattan
KS
85
08/28/2015
$3.2
12
Quality Inn
Sheboygan
WI
59
10/06/2015
$2.3
13
Super 8
Hays
KS
76
10/14/2015
$1.9
14
Days Inn
Glasgow
KY
58
10/16/2015
$1.8
15
Super 8
Tomah
WI
65
10/21/2015
$1.4
16
Rodeway Inn
Fayetteville
NC
120
11/03/2015
$2.6
17
Savannah Suites
Savannah
GA
160
12/22/2015
$4.0
Total 2015
1,673
$54.7
18
Super 8
Kirksville
MO
61
01/04/2016
$1.5
19
Super 8
Lincoln
NE
133
01/07/2016
$2.8
20
Savannah Suites
Greenville
SC
170
01/08/2016
$2.7
21
Super 8
Portage
WI
61
03/30/2016
$2.4
22
Super 8
O'Neill
NE
72
04/25/2016
$1.7
23
Quality Inn
Culpeper
VA
49
05/10/2016
$2.2
24
Super 8
Storm Lake
IA
59
05/19/2016
$2.8
25
Clarion Inn
Cleveland
TN
59
05/24/2016
$2.2
26
Super 8
Coralville
IA
84
05/26/2016
$3.4
27
Super 8
Keokuk
IA
61
05/27/2016
$2.2
28
Comfort Inn
Chambersburg
PA
63
06/06/2016
$2.1
29
Super 8
Pittsburg
KS
64
08/08/2016
$1.6
30
Super 8
Mount Pleasant
IA
54
09/09/2016
$1.9
31
Quality Inn
Danville
KY
63
09/19/2016
$2.3
32
Super 8
Menomonie
WI
81
09/26/2016
$3.0
33
Comfort Inn
Glasgow
KY
60
10/14/2016
$2.4
34
Days Inn
Sioux Falls
SD
86
11/04/2016
$2.1
35
Comfort Inn
Shelby
NC
76
11/07/2016
$4.1
36
Comfort Inn
Rocky Mount
VA
61
11/17/2016
$2.2
37
Days Inn
Farmville
VA
59
11/17/2016
$2.4
38
Comfort Suites
Marion
IN
62
11/18/2016
$3.0
39
Comfort Inn
Farmville
VA
50
11/30/2016
$2.6
40
Quality Inn
Princeton
WV
50
12/05/2016
$2.1
41
Super 8
Burlington
IA
62
12/21/2016
$2.8
42
Savannah Suites
Atlanta
GA
164
12/22/2016
$2.9
Total 2016
1,864
$61.4
43
Comfort Inn
New Castle
PA
79
03/27/2017
$2.5
44
Super 8
Billings
MT
106
03/28/2017
$4.2
45
Comfort Inn
Harlan
KY
61
04/03/2017
$1.9
46
Comfort Suites
Lafayette
IN
62
04/18/2017
$3.9
47
Key West Inn
Key Largo
FL
40
05/17/2017
$7.6
48
Quality Inn
Morgantown
WV
81
08/30/2017
$2.6
49
Days Inn
Bossier City
LA
176
09/13/2017
$1.4
50
Comfort Inn & Suites
Warsaw
IN
71
12/20/2017
$5.0
Total 2017
676
$29.1
51
Supertel Inn/Conference Center
Creston
IA
41
01/25/2018
$2.1
52
Comfort Suites
South Bend
IN
135
03/15/2018
$6.1
53
Comfort Suites
Ft. Wayne
IN
127
05/30/2018
$7.1
54
Super 8
Creston
IA
121
08/30/2018
$5.1
Total 2018
424
$20.4
55
Quality Inn
Solomons
MD
59
03/22/2019
$4.3
Total 2019
59
$4.3
Total Dispositions
4,696
$169.9
Acquisitions | For Period January 1,
2015 – September 30, 2020
Hotel
Name
City
State
Rooms
Acquisition Date
Purchase
Price (in millions)
1
SpringHill Suites
San Antonio
TX
116
10/01/2015
$17.5
2
Courtyard by Marriott
Jacksonville
FL
120
10/02/2015
$14.0
3
Hotel Indigo
College Park
GA
142
10/02/2015
$11.0
4
Aloft1
Atlanta
GA
254
08/22/2016
$43.6
5
Aloft
Leawood
KS
156
12/14/2016
$22.5
6
Home2 Suites
Lexington
KY
103
03/24/2017
$16.5
7
Home2 Suites
Round Rock
TX
91
03/24/2017
$16.8
8
Home2 Suites
Tallahassee
FL
132
03/24/2017
$21.5
9
Home2 Suites
Southaven
MS
105
04/14/2017
$19.0
10
Hampton Inn & Suites
Lake Mary
FL
130
06/19/2017
$19.3
11
Fairfield Inn & Suites
El Paso
TX
124
08/31/2017
$16.4
12
Residence Inn
Austin
TX
120
08/31/2017
$22.4
13
TownePlace Suites
Austin
TX
122
01/18/2018
$19.8
14
Home2 Suites
Summerville
SC
93
02/21/2018
$16.3
Total Acquisitions
1,808
$276.6
1 | Represents the purchase statistics from the purchase of this
hotel by the originally 80% owned unconsolidated joint venture. The
Company purchased the remaining 20% interest in the joint venture
from our joint venture partner on February 14, 2020 for $7.3
million.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201116006035/en/
Jill Burger Interim Chief Financial Officer and Chief Accounting
Officer jburger@trustcondor.com (402) 316-1012
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