|
|
,
Ownership of Connecting Crowne Plaza Hotel |
Located at 1601 Belvedere Road, the property is located within one mile of Palm Beach International Airport. The two-tower, five-story office building contains approximately 98,000 square feet of office space. Cushman Wakefield of Florida, Inc. brokered the transaction for Lodgian. �We are making excellent progress on the sale of our non-core assets,� said W. Thomas Parrington, president and chief executive officer. �We have sold one small hotel and are in active negotiations on the remaining 18 hotels slated for disposition. We expect to close on several additional properties in the coming months. It appears that the hotel industry is in the early stages of a recovery, which is helping to stabilize our pricing power.� Parrington said the company also is moving aggressively forward with its extensive renovation program to enhance the competitive positions of its 77 core mid-market and first-class hotels. �We have invested $30 million through the first nine months of 2003, and expect to invest up to an additional $45 million through the end of 2004, bringing our total renovation program to approximately $75 million over a 24-month period. These renovations are having a positive impact on our hotels� bottom lines and have been well received by our guests.� About Lodgian
This press release includes forward-looking statements related to Lodgian�s operations that are based on management�s current expectations, estimates and projections. |
Contact:
Debi Ethridge Vice President, Finance & Investor Relations [email protected] (404) 365-2719 www.lodgian.com |