in Miami Sold for $14.7 million
|ATLANTA - May 18, 2004 -- Lodgian, Inc. (AMEX:
LGN), one of the nation's largest independent owners and operators of full-service
hotels, today announced that it has sold the landmark Mayfair House Hotel
in Miami, Fla. to an affiliate of the Falor Companies for $14.7 million.
The company said it plans to use the net proceeds of $13.7 million to further
reduce its long-term debt.
The sale is part of a previously announced plan to divest 19 non-strategic hotels, an office building and three parcels of land from its portfolio. Since the program's inception in October 2003, the company has disposed of nine hotels and the office building. Lodgian has used the proceeds from the asset sales to reduce debt by $35.5 million.
The 179-room upscale Mayfair House Hotel is located near the beach and the Coconut Grove Convention Center at 3000 Florida Avenue in Miami. HWE Florida, Inc., a subsidiary of Hodges Ward Elliott, represented the seller.
"The Mayfair is an extraordinary hotel, but it did not fit into our long-term strategy," said Thomas Parrington, Lodgian president and CEO. "We continue to aggressively market the remaining 10 hotels and the three parcels of land. We remain on schedule to complete the disposition program by year end."
Lodgian is one of the largest independent owners and operators of full-service hotels in the United States. The company currently manages a portfolio of 88 hotels with 16,627 rooms located in 30 states and Canada.
|Also See:||Coconut Grove's Mayfair House Hotel, Aging Monument to High-Flying Miami of 1980s, Attracts Buyer/ April 2004|
|Lodgian Sells West Palm Beach Office Building, Retains Ownership of Connecting Crowne Plaza Hotel / December 2003|