Condor Hospitality Trust Updates Actions Taken in Response to Changes in Economic and Industry Conditions Relating to COVID-19
Condor Hospitality Trust, Inc. (CDOR)
US:NASDAQ Investor Relations:
condorhospitality.com
Company Research
Source: Business Wire
BETHESDA, Md.--(BUSINESS WIRE)--Condor Hospitality Trust (NYSE American: CDOR) (“Condor”), owner of high-quality upper midscale and upscale hotels primarily located in secondary markets, today provided an update on measures taken to mitigate the impact on Condor and its hotels operations of recent changes in the general economic and industry conditions relating to COVID-19. Financial markets have been disrupted and there has been an industry-wide falling off of hotel occupancies. As a result, Condor is taking actions at the corporate and hotel levels including, but not limited to:Amending its Bank Credit Facility to provide extensions options out to March 1, 2022, waivers / modifications of certain covenants, and establishment of interest reserves for near term debt service payments as necessary.Asset management working with hotel management companies to reduce all hotels operating expenses including, but not limited to, closing off multiple floors, staffing reductions and furloug
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