How do I incorporate an if-statement within my array to hide/display a link?
You can use below code snippets: 

$field = $form['status'][$key]['status'];

if (strip_tags($field) == 'A') 
echo l(t('Change'), 'rooms/avail_room/' . $key . '/' . arg(1), array('attributes' =&gt; array('class' =&gt; 'room-stat-avail'))),
else{
echo "";
}