Condor Hospitality Trust (CDOR) reported a net loss of $2.4 million in Q1 2021, an improvement from a $3.2 million loss in Q1 2020. RevPAR for the portfolio decreased 33.1% to $53.16, with occupancy down 7.1% to 59.46%. Adjusted Funds from Operations were ($1.3 million) compared to $1.1 million in the prior year. Despite challenges due to the COVID-19 pandemic, hotel EBITDA remains positive since May 2020. The company experienced a cash burn of $1.4 million, consistent with previous quarters, and all hotels are operational with enhanced health measures.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) disclosed that its audited financial statements for the fiscal year ended December 31, 2020, include an audit opinion from its accounting firm highlighting concerns regarding the Company's ability to continue as a going concern. This is attributed to matters related to a specific loan. The company owns 15 hotels in 8 states, focusing on upper midscale and upscale segments in major metropolitan areas. Despite these challenges, there are no amendments to the financial statements in the Annual Report.
Condor Hospitality Trust (CDOR) reported significant declines in its financial performance for Q4 and the full year 2020, driven by the COVID-19 pandemic's impact on the hospitality industry. Fourth quarter RevPAR dropped 50.1% to $44.71, while Net Loss attributable to common shareholders expanded to $5.2 million. Full year Adjusted EBITDAre fell 89.7% to $2.2 million. Despite these challenges, the company managed to maintain positive cash flow from May 2020 onward and enhanced liquidity through a credit facility amendment, allowing access to $13.4 million in revolving credit.
Condor Hospitality Trust, Inc. (CDOR) has scheduled its Annual Meeting of Shareholders for December 15, 2020, with a record date of November 5, 2020. Shareholders can submit proposals for inclusion in the proxy materials, but must do so by November 2, 2020. The meeting details will be available in the proxy statement. Condor specializes in owning upscale hotels in key Metropolitan Statistical Areas and currently owns 15 hotels across 8 states, affiliated with brands like Hilton and Marriott.
Condor Hospitality Trust, Inc. (CDOR) announced a settlement with NexPoint Advisors and related parties, following the termination of a merger agreement. The settlement involves three payments totaling $7 million, with the first payment due within two business days. If payments are delayed, an additional amount of nearly $5 million may be owed. The agreement releases both parties from claims related to the merger.
Condor, specializing in midscale and upscale serviced hotels, operates 15 hotels across 8 states, focusing on top metropolitan areas.