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16 Hotel Renovations in 2004 |
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ATLANTA, Ga., January 13, 2005 � Lodgian, Inc. (AMEX: LGN), one of
the nation�s largest independent owners and operators of full-service hotels,
today announced that it completed major renovations at 16 of its hotels
in 2004. In addition, the company said that it has major renovations
under way at 10 additional hotels, which it expects to complete in the
first half of 2005, and is in the planning/bidding stage for 13 hotels
that are part of Lodgian�s on-going renovation/upgrade program, including
franchise product improvement plans.
�We made tremendous progress in 2004, bringing to 34 the number of hotels that have completed major renovations in the past three years,� said W. Thomas Parrington, president and chief executive officer. �Including the additional projects currently under way and planned, we will have refurbished and updated approximately 75 percent of our core hotel properties by the end of 2005. �We are seeing positive benefits from the completed renovations, the timing of which has dovetailed nicely with the rebound in the hotel industry. Our renovated core hotels are now very competitive in their respective markets, and we are seeing gains in market share as travelers return to our renovated hotels. Our goal is to keep our products, including those with renovations currently in the planning stage, competitive and in good physical condition.� The Hotels The hotels listed below completed major renovations in 2004: 1. Courtyard by Marriott Atlanta Buckhead, GA
Major renovations are under way at the following hotels, including five that were damaged in the 2004 hurricane season, and are expected to be completed in the first half of 2005: 1. Radisson Phoenix, AZ
Lodgian is in the planning/bidding/contracting phase to upgrade the following hotels by year end 2005: 1. Holiday Inn Hilton Head, SC
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 |