Condor Hospitality Trust, Inc. (the “Company”), a hotel-focused real estate investment trust (REIT) headquartered and incorporated in the state of Maryland, provided an update on its response to COVID-19.
J. William Blackham, Chief Executive Officer said, “There have been significant changes in business and economic conditions generally in the United States and in the lodging industry in particular as the COVID-19 crisis continues.
As many others in the lodging industry have determined, the Company has determined that it is advisable and in the best business practice for the Company to cause temporary closures of 30 to 90 days of two of its hotels located in Solomons, MD and Leawood, KS, and the Company is evaluating on a daily basis similar temporary closures of hotels located in Lake Mary, FL, San Antonio, TX and Round Rock, TX. We will continue to assess the reopenings of these hotels, and potential temporary closings of other Company hotels, based on specific market trends.”
“The Company is taking these additional actions to address operating costs and to better position the Company in the current lodging environment,” said Mr. Blackham.