Condor amends loan for extension options, interest reserves

By Marisa Wong

Los Angeles, April 9 – Condor Hospitality Trust said it is amending its bank credit facility for extension options out to March 1, 2022, for waivers of some covenants and to establish interest reserves for near-term debt service payments.

With its credit facility amended, representing over 53% of its loans, Condor has approached three of its remaining lenders for potential changes to provide interest reserves or accruals during the second quarter.

Two lenders representing about 26% of Condor’s loans have agreed to the interest reserves. Meanwhile discussions are in process with the third lender representing roughly 15% of Condor’s loans.

Condor said it is amending the facility to mitigate the impact of recent market conditions due to Covid-19 on the company and its hotel operations.

Condor is a real estate investment trust that invests in upper midscale and upscale select-service, extended-stay and limited-service hotels in metropolitan areas.

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