TH - Target Hospitality Provides Update on South Texas Family Residential Center Located in Dilley Texas | Benzinga
THE WOODLANDS, Texas, June 10, 2024 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ:TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today received notice that the U.S. government intends to terminate the existing South Texas Family Residential Center ("STFRC") services agreement with Target's migrant programming partner ("STFRC Partner"), effective in 60 days, or on or about August 9, 2024 ("Effective Date").
As a reminder, Target provides facility and hospitality solutions to the STFRC Partner, through a lease and services agreement ("STFRC Contract") utilizing Target's owned modular assets. The STFRC Partner has provided notice to Target of their intention to terminate the STFRC Contract concurrent with the Effective Date.
Target will retain ownership of these assets enabling the Company to continue utilizing these modular solutions to support customer demand across its existing operating segments and other potential growth opportunities.
Given the notice of termination was received today, and the remaining operational logistics associated with the notice, Target intends to provide operational and financial updates giving effect to the termination prior to June 30, 2024.
About Target Hospitality
Target Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, ...