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ATLANTA, Feb. 9, 2001 - Lodgian, Inc. (NYSE: LOD) (the �Company�) today
announced the appointment of Thomas Arasi as President, Chief Executive
Officer and a member of the Company�s Board of Directors.
Until recently, Arasi was a member of the management committee of Bass
Hotels & Resorts where he held several top operating positions.
Arasi succeeds Robert Cole who will continue as a director and has been
elected chairman of a special committee of the board that will oversee
the previously announced process for a potential sale of the company, including
the ongoing negotiations with Edgecliff Holdings.
Joseph C. Calabro, Chairman of Lodgian said, �With Tom as Chief Executive Officer, we believe Lodgian will be well-positioned to further our strategy to maximize shareholder value either through a sale of the company at an appropriate value or through the execution of a new long-term strategic plan. We are delighted that Tom has joined us. The opportunity to retain an executive of Tom�s caliber and experience in the hotel industry does not come often.� Arasi, who will assume his responsibilities immediately, said, �I look forward to leading Lodgian�s management team in its pursuit of strategic opportunities while strengthening Lodgian�s position as a leading hotel company.� Most recently, Arasi was President, Bass Hotels & Resorts � The Americas, a division consisting of 256 hotels and 66,000 guest rooms in 21 countries. In that capacity, Arasi had full operating, marketing, brand, development and asset management responsibilities for Inter-Continental and Crowne Plaza in North and Latin America and for Holiday Inn, Holiday Inn Express and Staybridge Suites in Latin America. He, furthermore, had responsibility for all company owned and managed hotels for all five Bass brands in the Americas, totaling approximately 150 properties. Lodgian, Inc. owns or manages a portfolio of 114 hotels with approximately 21,400 rooms in 32 states and Canada. Statements in this press release that are not strictly historical are �forward-looking� statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. |
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Lodgian, Inc. http://www.lodgian.com |
Also See | John Sweetwood Replacing Thomas Arasi as President of Bass Hotels & Resorts Americas Division / Sept 2000 |