Condor Hospitality Trust, Inc. Announces Stockholder Approval of Proposed Plan of Liquidation
December 01 2021 - 3:15PM
Business Wire
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the
“Company”), a hotel-focused real
estate investment trust (“REIT”)
headquartered and incorporated in the state of Maryland held a
special meeting of stockholders on November 12, 2021 and adjourned
the meeting until December 1, 2021 for the limited purpose of
allowing additional time for stockholders to vote on the
liquidation proposal to approve the dissolution and liquidation of
the Company. The Company today announced that at the reconvened
special meeting of stockholders on December 1, 2021 the Company
stockholders approved the liquidation proposal, as set forth in the
Company’s Definitive Proxy Statement as filed with the Securities
and Exchange Commission (“SEC”) on
October 18, 2021, pursuant to which the Company will sell all or
substantially all of the Company’s assets and be dissolved.
About Condor Hospitality Trust, Inc.
The Company is a self-administered REIT that previously
specialized in the investment and ownership of upper midscale and
upscale, premium-branded, select-service, extended-stay, and
limited-service hotels in the top 100 Metropolitan Statistical
Areas (“MSAs”) with a particular focus
on the top 20 to 60 MSAs. Prior to the Company’s portfolio sale on
November 19, 2021, the Company owned 15 hotels in 8 states. The
Company’s hotels were franchised by a number of the industry’s most
well-regarded brand families including Hilton, Marriott, and
InterContinental Hotels.
Cautionary Statement Regarding Forward-Looking
Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, which are based on current
expectations, estimates and projections about the industry and
markets in the Company, operates and beliefs of and assumptions
made by the Company’s management, involve uncertainties that could
significantly affect the financial or operating results of the
Company. Words such as “expects,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “estimates,” “will,” “should,” “may,”
“projects,” “could,” “estimates” or variations of such words and
other similar expressions are intended to identify such
forward-looking statements, which generally are not historical in
nature, but not all forward-looking statements include such
identifying words. All statements that address operating
performance, events or developments that we expect or anticipate
will occur in the future — including statements relating to
creating value for shareholders, benefits of the proposed
transaction to shareholders and employees — are forward-looking
statements. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Although we believe the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, we can give no assurance that our
expectations will be attained and therefore, actual outcomes and
results may differ materially from what is expressed or forecasted
in such forward-looking statements. For example, these
forward-looking statements could be affected by factors including,
without limitation, risks associated with (i) national,
international, regional and local economic climates; (ii) the
potential liability for a failure to meet regulatory requirements,
including the maintenance of real estate investment trust status;
(iii) risks associated with the ability to consummate the
transaction; (iv) potential changes to tax legislation; (v) the
potential impact of announcement of the proposed transaction or
consummation of the proposed transaction and Plan of Liquidation on
relationships, including with employees; (vi) the unfavorable
outcome of any legal proceedings that may be instituted against the
Company; (vii) impacts relating to COVID-19 or other pandemics or
catastrophic events; and (viii) those additional risks and factors
discussed in reports filed with the SEC by the Company from time to
time, including those discussed under the heading “Risk Factors” in
its filed reports on Form 10-K and 10-Q. Except to the extent
required by applicable law or regulation, the Company disclaims any
duty to update any forward-looking statements contained in this
communication or to otherwise update any of the above-referenced
factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20211201006099/en/
Jill Burger Interim Chief Financial Officer & Chief
Accounting Officer jburger@trustcondor.com (402) 371-2520
Condor Hospitality (AMEX:CDOR)
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