Condor Hospitality Trust Evaluates Strategic Alternatives
June 21 2021 - 7:00AM
Business Wire
Condor Hospitality Trust, Inc. (NYSE American: CDOR), a
hotel-focused real estate investment trust (REIT), today announced
that its board of directors is evaluating strategic alternatives to
enhance shareholder value.
The Company has engaged the firm of Hodges Ward Elliott to
market for sale the 15 hotels portfolio owned by the company.
Leading the Hodges Ward Elliott team in the marketing of the
outperforming high quality select service and extended stay
portfolio, located mostly in very desirable secondary markets, will
be Dan Peek, President of HWE’s Hotel Group and Clint Hodges,
Managing Director and leader of the firm’s select service team.
Although the Company expects significant interest in the marketing
initiative, there can be no assurance that a transaction will occur
at the conclusion of the process.
Bill Blackham, Condor’s Chief Executive Officer, said, “We
believe we have a high quality and superior performing portfolio of
select-service assets compared to our select service peers in the
public hotel REIT space, and now is the right time to review the
Company’s strategic alternatives to assess how best to create value
for our shareholders. During this time, the entire Condor team
working closely with our hotel managers will remain highly focused
on continuing to drive our hotel operating performance.”
The Company may engage additional brokers and financial advisors
as it deems appropriate. There can be no assurances that the
exploration of strategic alternatives will result in any
transaction or, should the board of directors approve a
transaction, no assurances of the value to the Company’s
shareholders thereof. Condor Hospitality does not intend to discuss
or disclose developments with respect to the process unless and
until otherwise determined that further disclosure is appropriate
or required by regulation or law. No formalized timetable has been
established for the completion of the strategic review.
About Condor Hospitality Trust, Inc.
Condor Hospitality Trust, Inc. (NYSE American: CDOR), is a
self-administered real estate investment trust incorporated in the
state of Maryland that specializes in the investment and ownership
of upper midscale and upscale, premium-branded select-service,
extended stay and limited-service hotels. The Company currently
owns 16 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 Group. For
more information or to make a hotel reservation, visit
www.condorhospitality.com.
Forward-Looking Information
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.
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Jill Burger Chief Financial Officer & Chief Accounting
Officer jburger@trustcondor.com (402) 371-2520
Condor Hospitality (AMEX:CDOR)
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