Condor Hospitality Trust Going Concern Press Release
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the
“Company”), pursuant to the disclosure requirements of the NYSE
American Company Guidelines Sections 401(h) and 610(b), the Company
advises that its audited financial statements for the fiscal year
ended December 31, 2020, included in its Annual Report on Form 10-K
for the fiscal year ended December 31, 2020 as filed with the
Securities and Exchange Commission, contains an audit opinion from
its independent registered public accounting firm that due to
circumstances related to a loan includes an explanatory paragraph
related to the Company’s ability to continue as a going concern.
Matters relating to this item are set forth in the Form 10-K, where
the Company expresses its views with respect to third party actions
related to a specific loan, the underlying reason for the going
concern paragraph. This advisement does not represent any change or
amendment to the Company’s financial statements or to its Annual
Report on Form 10-K for the fiscal year ended December 31,
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.
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, 2020, and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
version on businesswire.com: https://www.businesswire.com/news/home/20210409005475/en/
Jill Burger Interim Chief Financial Officer and Chief Accounting
Officer firstname.lastname@example.org (402) 316-1012