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Condor Hospitality Trust has filed a Form 15 with the SEC to voluntarily deregister its common stock, suspending reporting obligations under the Exchange Act. This move is expected to reduce expenses related to filing requirements. The company is continuing a shareholder-approved liquidation plan following the sale of its hotel operating assets, which included a special dividend liquidation distribution of $7.94 per share on December 30, 2021. The winding-up process is anticipated to complete by the last quarter of 2022, pending claims settlement.
Condor Hospitality Trust, Inc. (CDOR) has announced a special dividend liquidation distribution of $7.94 per share to stockholders of record as of December 27, 2021, payable on December 30, 2021. This distribution is part of the Company’s voluntary Plan of Liquidation. Additionally, CDOR has notified the NYSE American of its intent to delist its Common Stock, with trading expected to be suspended on or about December 31, 2021, and the official delisting effective the same day.
Condor Hospitality Trust, Inc. (CDOR) announced that stockholders approved a liquidation proposal during a special meeting held on December 1, 2021. This decision allows the Company to dissolve and liquidate its assets, following its previous meeting on November 12, 2021. Before this resolution, Condor owned 15 hotels across 8 states, focusing on midscale and upscale properties. The plan comes after a significant downturn in the hospitality sector and reflects the Company’s strategic shift. It is critical for investors to monitor the liquidation process and potential impacts on share value.
Condor Hospitality Trust, Inc. (AMEX: CDOR) has successfully completed the sale of its 15 hotels for $305 million. This transaction was part of a Hotel Purchase and Sale Agreement established on September 22, 2021, with B9 Cowboy Mezz A LLC, an affiliate of Blackstone Inc.. The hotels were located across 8 states and included brands like Hilton and Marriott. As a self-administered REIT, Condor focuses on upper midscale and upscale hotels in top Metropolitan Statistical Areas.
Condor Hospitality Trust (CDOR) announced the partial results of its Special Meeting of Stockholders held on November 12, 2021. Stockholders approved three out of four proposals, including the sale of its hotel portfolio for $305 million. The meeting was adjourned regarding a liquidation proposal, which will reconvene virtually on December 1, 2021. This decision allows time for additional voting on the dissolution of the Company. The record date for eligible stockholders remains October 13, 2021.
Condor Hospitality Trust (CDOR) reported a significant rebound in third-quarter 2021, with Same-Store RevPAR rising 74.4% to $83.00. Average Daily Rate (ADR) increased 31.5% to $117.79, and occupancy improved by 32.6% to 70.47% year over year. Despite a net loss of $6.1 million, Adjusted EBITDAre surged 514.6% to $4.2 million. The portfolio continues to face labor availability challenges, but cost-saving measures have led to improved margins. Condor's strategic focus on premium hotels in secondary markets remains a key driver of performance.
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP announced its representation of Condor Hospitality Trust in a $305 million sale of its entire portfolio to Blackstone Real Estate Partners. The transaction, anticipated to close by year-end 2021, includes nearly 2,000 hotel rooms across eight states, enhancing shareholder value as part of a liquidation and dissolution plan. JMBM has supported Condor since 2015, guiding them through the bidding and due diligence processes, ultimately negotiating the sale. The deal represents a significant strategic move for Condor's future.
Condor Hospitality Trust (NYSE: CDOR) has entered an agreement to sell its entire hotel portfolio for $305 million in an all-cash transaction with Blackstone Real Estate Partners. Closing is anticipated in Q4 2021, pending shareholder approval. The transaction has support from shareholders holding approximately 60% of common shares. Additionally, the company's Board has approved a Plan of Liquidation to wind down operations and distribute net proceeds to shareholders after satisfying liabilities. More information will be filed with the SEC.
Condor Hospitality Trust (CDOR) reported significant recovery in Q2 2021, with Same-Store RevPAR rising 161.7% to $77.22. Average Daily Rate (ADR) increased by 22.5% to $106.62, and occupancy surged by 113.7% to 72.43% year-over-year. Despite a net loss of $9.9 million ($0.82 per share), Adjusted EBITDAre soared 588.5% to $6.2 million. Initiatives in cost reduction and strategic investments have positively influenced Hotel EBITDA margins, now at 35.2%. The company continues evaluating strategic alternatives to enhance shareholder value.
Condor Hospitality Trust (NYSE American: CDOR) announced its board is exploring strategic alternatives to enhance shareholder value. The company has engaged Hodges Ward Elliott to market its 15-hotel portfolio, which it believes is superior in performance among public hotel REITs. CEO Bill Blackham emphasized the need for this review to maximize shareholder value. However, there are no guarantees of a successful transaction, and no fixed timetable has been set for this strategic review. The company operates 16 hotels across 8 states, franchised by major brands like Hilton and Marriott.
