ATLANTA, Aug. 5, 2008 - Lodgian, Inc. (Amex: LGN), one of the nation's
largest independent owners and operators of full-service hotels, today
reported results for the 2008 second quarter ended June 30, 2008.
The "35 continuing operations hotels" comprise those Lodgian properties
that are not held for sale as of June 30, 2008. A list of properties included
in both continuing operations and held for sale is attached to this release.
Second Quarter 2008 Highlights for 35 Continuing Operations hotels
-
Achieved a 0.3 percent improvement in revenue per available room (RevPAR)
in the second quarter of 2008 compared to 2007 second quarter, despite
the displacement caused by five renovations ongoing in the quarter.
-
Increased total revenue 0.3 percent, from $66.7 million in the 2007 second
quarter to $66.9 million in the second quarter of 2008.
-
Increased Adjusted EBITDA (defined below) from $15.6 million to $18.4 million,
a 17.9 percent improvement.
-
Improved Adjusted EBITDA margin from 23.4 percent in 2007 second quarter
to 27.5 percent in 2008 second quarter.
-
Completed renovation work at the Marriott Denver International Airport
and continued renovation projects at four other hotels.
Statistics for 35 Continuing Operations Hotels
2Q
2Q % Change
2008* 2007*
Rooms revenue
$49,364 $49,224
0.3%
RevPAR
$81.48 $81.27
0.3%
Total revenue
$66,906 $66,678
0.3%
Income/(loss)
$284
$142 100.0%
EBITDA
$12,796 $12,105
5.7%
Adjusted EBITDA (defined
below)
$18,376 $15,590
17.9%
Consolidated Financial Results
Income/(loss) from continuing
operations
$284 $142
100.0%
Income/(loss) from
discontinued operations
$6,083 $(405)
n/m
Net income/(loss) attributable
to common stock
$6,367 $(263)
n/m
Net income/(loss) per share
attributable to common stock $0.29
$(0.01) n/m
*Dollars in thousands except for RevPAR and per share
data
In this press release, Lodgian uses the term "Adjusted EBITDA" to mean
earnings before interest, taxes, depreciation and amortization ("EBITDA"),
but excluding the effects of the following charges: impairment losses;
casualty (gains)/losses, net, for properties damaged by hurricane, fire
or flood; gain/loss on extinguishment of debt; and proceeds arising from
business interruption insurance claims.
Corporate Highlights:
-
Completed approved stock repurchase plan during April 2008 ($30 million
in 2007/2008); outstanding shares reduced by 10 percent as a result.
-
Approved and initiated a further stock repurchase of up to $10 million
before April 15, 2009; approximately 172,000 shares re-purchased under
this authority as of June 30, 2008.
-
Sold two hotels for gross proceeds of $8.1 million, with net proceeds of
$7.7 million used for general corporate purposes.
-
Received $6.1 million in final settlement from insurer, bringing the total
received to $10.1 million, for damages sustained by Marietta Holiday Inn
in January 2006, of which $5.5 million was used to release the hotel from
mortgage debt; hotel subsequently re-classified as held for sale during
the 2008 second quarter.
Second Quarter 2008 Results
Second quarter 2008 total revenue for 35 continuing operations hotels
improved 0.3 percent to $66.9 million, compared to the same period in 2007.
During the quarter, the displacement of total revenue resulting from renovations
at five properties was $0.6 million. Income from continuing operations
was $0.3 million, compared to $0.1 million in the 2007 second quarter.
Net income attributable to common shares was $6.4 million, or $0.29
per diluted share, compared to a net loss of $(0.3) million, or $(0.01)
per diluted share in the 2007 second quarter.
EBITDA from 35 continuing operations hotels improved $0.7 million, or
5.7 percent, to $12.8 million compared to the prior year. Adjusted EBITDA
for the same group of properties increased 17.9 percent, from $15.6 million
in the second quarter of 2007 to $18.4 million in the 2008 second quarter,
primarily due to a $2.2 million decrease in corporate overhead.
Management Comments
"Considering the current state of the industry and the economy in general,
our continuing operations hotels had a positive second quarter, with RevPAR
up 0.3 percent compared to the second quarter of last year," said Peter
Cyrus, Lodgian interim president and chief executive officer. "For the
quarter, RevPAR for the 28 continuing operations hotels not under renovation
in either the 2007 or 2008 second quarter increased 1.3 percent, compared
to the second quarter 2008 industry average of 1.2 percent, according to
Smith Travel Research. Our hotels not under renovation also increased their
RevPAR index over the competitive hotels by 1.0 percent in the quarter.
A reduction of $2.2 million in overhead costs, largely driven by our corporate
restructure completed in August 2007, had a significant impact on results
for the quarter."
Adjusted EBITDA margins for the 35 continuing operations hotels improved
410 basis points to 27.5 percent during the second quarter of 2008 compared
to 2007, primarily driven by the decrease in corporate overhead.
Asset Disposition Program
During the first quarter of this year, the company announced and commenced
a program to further reposition its portfolio. A total of nine properties
were identified for sale, with two hotels remaining as held for sale from
those properties announced in the 2006 fourth quarter. During the 2008
second quarter, the former Holiday Inn Marietta, Ga. was reclassified as
held for sale. Additionally, the Crowne Plaza Worcester, Mass. was reclassified
from held for sale to continuing operations during the 2008 second quarter.
An impairment charge of $4.8 million was recorded, which is included in
continuing operations.
Two hotels were sold during the quarter, the 158-room Holiday Inn Frederick,
Md. and the 156-room former Holiday Inn St. Paul/Arden Hills, Minn. Aggregate
gross proceeds were $8.1 million, with net proceeds of $7.7 million used
for general corporate purposes, including capital expenditures and share
repurchases.
As of June 30, 2008, a total of nine properties were classified as held
for sale. The company previously disclosed its expectations of receiving
aggregate gross proceeds of approximately $94 million to $102 million,
inclusive of the $8.1 million received for the two hotels sold during the
2008 second quarter and prior to the two reclassifications that also occurred
during the quarter. Given current market conditions, it is difficult for
the company to provide updated estimates of gross proceeds from these asset
sales at this time. The company will continue to report asset dispositions
as they occur.
Balance Sheet Update
As of June 30, 2008, 37 hotels were encumbered as collateral for various
mortgage debt facilities totaling approximately $352 million. A summary
of mortgage debt facilities is included in the supplemental information
attached to this release. There are no debt maturities requiring refinancing
until July 2009.
"We are beginning to examine the most appropriate and efficient strategies
for execution of next summer's refinancing," said James MacLennan, executive
vice president and chief financial officer. "Our objective continues to
be to provide maximum flexibility to the company going forward, as well
as to keep our weighted average cost of debt as low as possible. At the
end of the second quarter 2008, the company had $45.1 million in cash and
restricted cash on its balance sheet, and a further $11.4 million in deposits
held by lenders for capital expenditures, providing flexibility as we move
forward."
During the second quarter of 2008, Lodgian acquired approximately 172,000
shares of common stock at an average price of $8.51 per share, for a total
of approximately $1.5 million, as part of its previously announced plan
to repurchase up to $10 million of its common shares over a period ending
no later than April 15, 2009. The company has acquired a total of 3,375,877
shares, or approximately 13.7 percent of common stock outstanding prior
to initiating the repurchase program in May 2006, for a total cost of approximately
$36.2 million as of June 30, 2008.
Conference Call
Lodgian will hold a conference call to discuss its 2008 second quarter
results today, August 5, at 10 a.m. Eastern time. To hear the webcast,
interested parties may visit the company's Web site at http://www.lodgian.com
and click on Investor Relations and then Webcast, Q2 Earnings Conference
Call. A recording of the call will be available by telephone until midnight
on Tuesday, August 12 by dialing (800) 405-2236, reference number 11117139.
A replay of the conference call will be posted on Lodgian's Web site.
Non-GAAP Financial Measures
The historical non-GAAP financial measures included in this press release
are reconciled to the comparable GAAP measures in the schedules attached
to this press release.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP measures and should not be used
as a substitute for measures such as net income (loss), cash flows from
operating activities, or other measures computed in accordance with GAAP.
The company uses EBITDA and Adjusted EBITDA to measure its performance
and to assist in the assessment of hotel property values. EBITDA is also
a widely used industry measure which Lodgian believes provides pertinent
information to investors and is an additional indicator of the company's
operating performance.
The company defines Adjusted EBITDA as EBITDA excluding the effects
of certain charges such as impairment losses, gain/loss on extinguishment
of debt, and casualty losses or gains related to damage to and insurance
recoveries for properties damaged by hurricane, fire or flood.
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2008 December 31, 2007
(Unaudited in thousands,
except share data)
ASSETS
Current assets:
Cash and cash equivalents
$36,367 $54,389
Cash, restricted
8,716
8,363
Accounts receivable (net of
allowances:
2008 - $289; 2007 - $323)
10,690
8,794
Insurance receivable
-
2,254
Inventories
3,010
3,097
Prepaid expenses and other current
assets 17,004
18,186
Assets held for sale
55,597
8,009
--------- ---------
Total current assets
131,384 103,092
Property and equipment, net
448,148 499,986
Deposits for capital expenditures
11,444
16,565
Other assets
3,957
5,087
--------- ---------
$594,933 $624,730
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$8,307
$9,692
Other accrued liabilities
25,880
28,336
Advance deposits
2,069
1,683
Insurance advances
-
2,650
Current portion of long-term
liabilities 4,400
5,092
Liabilities related to assets
held for sale 29,765
961
--------- ---------
Total current liabilities
70,421
48,414
Long-term liabilities
321,428 355,728
--------- ---------
Total liabilities
391,849 404,142
Commitments and contingencies (Note
8)
Stockholders' equity:
Common stock, $.01 par value,
60,000,000
shares authorized; 25,071,836
and
25,008,621 issued at June
30, 2008 and
December 31, 2007, respectively
251
250
Additional paid-in capital
330,265 329,694
Accumulated deficit
(94,413) (93,262)
Accumulated other comprehensive
income 3,640
4,115
Treasury stock, at cost, 3,420,475
and
1,709,878 shares at June
30, 2008 and
December 31, 2007, respectively
(36,659) (20,209)
--------- ---------
Total stockholders'
equity
203,084 220,588
--------- ---------
$594,933 $624,730
========= =========
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008
2007
(Unaudited in thousands,
except per share data)
Revenues:
Rooms
$49,364 $49,224 $93,212 $92,045
Food and beverage
15,404 15,323 27,466 27,803
Other
2,138 2,131 4,200
3,799
------- ------- ------- -------
Total revenues
66,906 66,678 124,878 123,647
------- ------- ------- -------
Direct operating expenses:
Rooms
12,179 11,725 23,362 22,339
Food and beverage
9,851 9,918 18,670 18,753
Other
1,537 1,462 2,925
2,704
------- ------- ------- -------
Total direct operating
expenses 23,567 23,105
44,957 43,796
------- ------- ------- -------
43,339 43,573 79,921 79,851
Other operating expenses:
Other hotel operating costs
17,719 17,603 35,598 34,492
Property and other taxes, insurance,
and leases
3,760 4,418 8,112
9,242
Corporate and other
3,484 5,906 9,369 11,569
Casualty gains, net
- -
- (1,867)
Depreciation and amortization
7,989 7,098 15,458 14,075
Impairment of long-lived assets
5,580 155 7,721
314
------- ------- ------- -------
Total other operating
expenses 38,532 35,180
76,258 67,825
------- ------- ------- -------
Operating income
4,807 8,393 3,663 12,026
Other income (expenses):
Interest income and other
276 807 666
1,719
Interest expense
(4,775) (6,044) (9,947) (11,422)
Loss on debt extinguishment
- (3,330) -
(3,330)
------- ------- ------- -------
Income (loss) before income taxes
and
minority interests
308 (174) (5,618) (1,007)
Minority interests (net of taxes,
nil) -
(56) - (421)
(Provision) benefit for income taxes
-
continuing operations
(24) 372 (87)
1,079
------- ------- ------- -------
Income (loss) from continuing
operations
284 142 (5,705)
(349)
------- ------- ------- -------
Discontinued operations:
Income (loss) from discontinued
operations before income
taxes 5,986
(248) 4,629 1,961
Benefit (provision) for income
taxes -
discontinued operations
97 (157) (75) (2,032)
------- ------- ------- -------
Income (loss) from discontinued
operations
6,083 (405) 4,554
(71)
------- ------- ------- -------
Net income
(loss) attributable to
common
stock
$6,367 $(263) $(1,151) $(420)
======= ======= ======= =======
Basic net income (loss) per share
attributable to common stock
$0.29 $(0.01) $(0.05) $(0.02)
======= ======= ======= =======
Diluted net income (loss) per share
attributable to common stock
$0.29 $(0.01) $(0.05) $(0.02)
======= ======= ======= =======
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
2008
2007
Second First Fourth Third
Quarter Quarter Quarter Quarter
(Unaudited in thousands)
Revenues:
Rooms
$49,364 $43,848 $40,730 $46,942
Food and beverage
15,404 12,062 14,429 12,857
Other
2,138 2,062 1,819
2,134
----------------------------------
66,906 57,972 56,978 61,933
----------------------------------
Direct operating expenses:
Rooms
12,179 11,183 10,497 11,997
Food and beverage
9,851 8,819 9,054
9,432
Other
1,537 1,388 1,288
1,512
----------------------------------
23,567 21,390 20,839 22,941
----------------------------------
43,339 36,582 36,139 38,992
Other operating expenses:
Other hotel operating costs
17,719 17,879 16,285 17,847
Property and other taxes, insurance
and leases
3,760 4,352 4,334
4,087
Corporate and other
3,484 5,885 4,248
5,575
Casualty (gain) losses, net
- -
- -
Restructuring
- -
(25) 1,258
Depreciation and amortization
7,989 7,469 7,464
7,226
Impairment of long-lived assets
5,580 2,141 796
512
----------------------------------
Other operating expenses
38,532 37,726 33,102 36,505
----------------------------------
Operating income (loss)
4,807 (1,144) 3,037 2,487
Other income (expenses):
Business interruption
insurance
proceeds
- -
- -
Interest income and other
276 390 912
1,312
Other interest expense
(4,775) (5,172) (5,790) (5,958)
Loss on debt extinguishment
- -
- -
----------------------------------
Income (loss) before income taxes
and
minority interests
308 (5,926) (1,841) (2,159)
Minority interests (net of taxes,
nil) -
- -
-
----------------------------------
Income (loss) before income
taxes -
continuing operations
308 (5,926) (1,841) (2,159)
(Provision) benefit for income taxes
-
continuing operations
(24) (63) (2,262) 1,027
----------------------------------
Income (loss) from continuing
operations
284 (5,989) (4,103) (1,132)
----------------------------------
Discontinued operations:
Income (loss) from discontinued
operations before income
taxes 5,986
(1,357) (5,824) 1,818
Benefit (provision) for income
taxes 97 (172)
1,854 (639)
----------------------------------
Income (loss) from discontinued
operations
6,083 (1,529) (3,970) 1,179
----------------------------------
Net income (loss) attributable to
common stock
$6,367 $(7,518) $(8,073) $47
==================================
2007
2006
Second First Fourth
Third
Quarter Quarter Quarter Quarter
Revenues:
Rooms
$49,224 $42,821 $39,510 $43,757
Food and beverage
15,323 12,480 13,670 11,530
Other
2,131 1,668 1,775
1,836
-----------------------------------
66,678 56,969 54,955 57,123
-----------------------------------
Direct operating expenses:
Rooms
11,725 10,614 10,481 11,304
Food and beverage
9,918 8,835 9,161
8,607
Other
1,462 1,242 1,275
1,369
-----------------------------------
23,105 20,691 20,917 21,280
-----------------------------------
43,573 36,278 34,038 35,843
Other operating expenses:
Other hotel operating costs
17,603 16,889 15,433 16,227
Property and other taxes, insurance
and leases
4,418 4,824 4,578
5,008
Corporate and other
5,906 5,663 4,936
5,586
Casualty (gain) losses, net
- (1,867) -
(3,085)
Restructuring
- -
- -
Depreciation and amortization
7,098 6,977 6,972
7,070
Impairment of long-lived assets
155 159
147 281
-----------------------------------
Other operating expenses
35,180 32,645 32,066 31,087
-----------------------------------
Operating income (loss)
8,393 3,633 1,972
4,756
Other income (expenses):
Business interruption insurance
proceeds
- -
(47) 2,447
Interest income and other
807 912
651 770
Other interest expense
(6,044) (5,378) (5,452) (5,632)
Loss on debt extinguishment
(3,330) -
- -
-----------------------------------
Income (loss) before income taxes
and
minority interests
(174) (833) (2,876) 2,341
Minority interests (net of taxes,
nil) (56) (365)
335 100
-----------------------------------
Income (loss) before income
taxes -
continuing operations
(230) (1,198) (2,541) 2,441
(Provision) benefit for income taxes
- continuing operations
372 707 (9,154) (1,314)
-----------------------------------
Income (loss) from continuing
operations
142 (491) (11,695) 1,127
-----------------------------------
Discontinued operations:
Income (loss) from discontinued
operations before
income taxes (248)
2,209 (13,527) (2,034)
Benefit (provision) for
income taxes (157) (1,875) 4,509
1,069
-----------------------------------
Income (loss) from discontinued
operations
(405) 334 (9,018)
(965)
-----------------------------------
Net income (loss) attributable
to
common stock
$(263) $(157) $(20,713) $162
===================================
LODGIAN, INC. AND SUBSIDIARIES
Reconciliation
of EBITDA and Adjusted EBITDA (non-GAAP measures)
with Income/(Loss) from Continuing Operations (a GAAP measure)
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008
2007
($ in thousands) ($ in thousands)
Continuing operations:
Income (loss) from continuing
operations
$284 $142 $(5,705) $(349)
Depreciation and amortization
7,989 7,098 15,458 14,075
Interest income
(276) (807) (666) (1,719)
Interest expense
4,775 6,044 9,947 11,422
Provision (benefit) for income taxes
24 (372) 87
(1,079)
-------- ------- ------- -------
EBITDA from continuing operations
$12,796 $12,105 $19,121 $22,350
-------- ------- ------- -------
Adjustments to EBITDA:
Impairment of long-lived assets
$5,580 $155 $7,721
$314
Casualty (gains) losses, net
$- $-
$- $(1,867)
(Gain) loss on debt extinguishment
- 3,330 -
3,330
-------- ------- ------- -------
Adjusted EBITDA from continuing
operations
$18,376 $15,590 $26,842 $24,127
-------- ------- ------- -------
Lodgian, Inc.
Summary of Mortgage Debt as of June 30, 2008
(in $ thousands)
Number of Debt
Maturity
Interest
Hotels Balance
Date
rate
Mortgage Debt
IXIS
3 $ 21,127
Mar-09(1) LIBOR plus 2.95%,
capped at 8.45%
IXIS
1 18,647
Dec-08(1) LIBOR plus 2.90%,
capped at 8.40%
Goldman Sachs
10 130,000
May-09(2) LIBOR plus 1.50%;
capped at 8.50%
Merrill Lynch
Mortgage Lending,
Inc. - Fixed #1
4 40,016
Jul-09
6.58%
Merrill Lynch
Mortgage Lending,
Inc. - Fixed #3
8 61,106
Jul-09
6.58%
Merrill Lynch
Mortgage Lending,
Inc. - Fixed #4
7 45,795
Jul-09
6.58%
Wachovia- Pinehurst 1
3,021 Jun-10
5.78%
Wachovia- Phoenix
West
1 9,574
Jan-11
6.03%
Wachovia- Palm
Desert
1 5,824
Feb-11
6.04%
Wachovia- Worcester 1
16,666 Feb-11
6.04%
--- -------- -------
------------------
Total Mortgage
Debt
37 $351,776
5.43%(3)
=== ========
(1) Two one-year extension options
are available beyond the maturity date
(2) Three one-year extension
options are available beyond the maturity
date
(3) Annual effective weighted
average cost of debt at June 30, 2008.
Lodgian, Inc.
2008 Supplemental Operating Information
Three Months
Ended June 30,
Hotel Room
Count Count
2008 2007 Increase(Decrease)
35 6,658
All Continuing
Operations
Occupancy
75.4% 73.7%
2.3%
ADR
$108.00 $110.29 ($2.29) (2.1)%
RevPAR
$81.48 $81.27 $0.21
0.3%
RevPAR Index
100.0% 100.0%
0.0%
28 5,267
Continuing Operations
less hotels under
renovation in the
second quarter 2007 and
2008
Occupancy
76.4% 74.1%
3.1%
ADR
$105.97 $107.79 ($1.82) (1.7)%
RevPAR
$80.94 $79.89 $1.05
1.3%
RevPAR Index
99.0% 98.0%
1.0%
12 1,397
Marriott Hotels
Occupancy
77.8% 76.0%
2.4%
ADR
$112.51 $114.51 ($2.00) (1.7)%
RevPAR
$87.54 $87.02 $0.52
0.6%
RevPAR Index
111.5% 113.6%
(1.8)%
2 396
Hilton Hotels
Occupancy
72.7% 72.3%
0.6%
ADR
$114.69 $114.07 $0.62
0.5%
RevPAR
$83.42 $82.43 $0.99
1.2%
RevPAR Index
99.7% 98.8%
0.9%
17 3,990
IHG Hotels
Occupancy
75.9% 74.4%
2.0%
ADR
$108.05 $111.03 ($2.98) (2.7)%
RevPAR
$82.04 $82.63 ($0.59) (0.7)%
RevPAR Index
99.2% 98.8%
0.4%
4 875
Other Brands
Occupancy
70.7% 67.3%
5.1%
ADR
$96.74 $97.11 ($0.37) (0.4)%
RevPAR
$68.36 $65.37 $2.99
4.6%
RevPAR Index
84.6% 82.7%
2.3%
Lodgian, Inc.
2008 Supplemental Operating Information
Hotel Room
Six Months
Count Count
Ended June 30,
2008 2007 Increase(Decrease)
35 6,658
All Continuing
Operations
Occupancy
70.9% 69.4%
2.1%
ADR
$108.55 $110.10 ($1.55) (1.4)%
RevPAR
$76.92 $76.40 $0.52
0.7%
RevPAR Index
98.9% 97.9%
1.0%
26 4,711
Continuing Operations
less hotels under
renovation in the
first and second
quarters 2007 and
2008
Occupancy
72.5% 70.2%
3.2%
ADR
$105.48 $106.35 ($0.87)
0.8%
RevPAR
$76.44 $74.65 $1.79
2.4%
RevPAR Index
99.2% 96.9%
2.4%
12 1,397
Marriott Hotels
Occupancy
72.0% 71.0%
1.4%
ADR
$113.45 $114.58 ($1.13) (1.0)%
RevPAR
$81.67 $81.34 $0.33
0.4%
RevPAR Index
110.8% 113.5%
(2.4)%
2
396 Hilton Hotels
Occupancy
65.8% 64.4%
2.2%
ADR
$112.59 $112.97 ($0.38) (0.3)%
RevPAR
$74.12 $72.80 $1.32
1.8%
RevPAR Index
97.5% 94.7%
3.0%
17 3,990
IHG Hotels
Occupancy
71.4% 70.3%
1.6%
ADR
$108.35 $109.73 ($1.38) (1.3)%
RevPAR
$77.36 $77.12 $0.24
0.3%
RevPAR Index
98.8% 96.8%
2.1%
4
875 Other Brands
Occupancy
68.9% 65.0%
6.0%
ADR
$99.56 $102.82 ($3.26) (3.2)%
RevPAR
$68.60 $66.83 $1.77
2.6%
RevPAR Index
81.5% 80.4%
1.4%
Lodgian, Inc.
Continuing Operations Hotel Portfolio
as of June 30, 2008
Location
Brand
Rooms
Bentonville, AR Courtyard by
Marriott
90
Little Rock, AR Residence Inn
by Marriott
96
Phoenix, AZ
Crowne Plaza
299
Phoenix, AZ
Radisson
159
Palm Desert, CA Holiday Inn Express
129
Denver, CO
Marriott
238
Melbourne, FL Crowne
Plaza
270
West Palm Beach, FL Crowne Plaza
219
Atlanta, GA
Courtyard by Marriott
181
Ft. Wayne, IN Hilton
244
Florence, KY
Courtyard by Marriott
78
Paducah, KY
Courtyard by Marriott
100
Kenner, LA
Radisson
244
Lafayette, LA Courtyard
by Marriott
90
Dedham, MA
Residence Inn by Marriott
81
Worcester, MA Crowne
Plaza
243
Baltimore (BWI
Airport), MD Holiday
Inn
260
Baltimore (Inner
Harbor), MD
Holiday Inn
375
Columbia, MD
Hilton
152
Silver Spring, MD Crowne Plaza
231
Pinehurst, NC Springhill
Suites by Marriott 107
Merrimack, NH Fairfield
Inn by Marriott
115
Santa Fe, NM
Holiday Inn
130
Albany, NY
Crowne Plaza
384
Strongsville, OH Holiday Inn Select
303
Tulsa, OK
Courtyard by Marriott
122
Monroeville, PA Holiday Inn
187
Philadelphia, PA Four Points by Sheraton
190
Pittsburgh -
Washington, PA Holiday Inn
138
Pittsburgh, PA Crowne Plaza
193
Hilton Head, SC Holiday Inn
202
Myrtle Beach, SC Holiday Inn
133
Abilene, TX
Courtyard by Marriott
99
Dallas (DFW Airport),
TX
Wyndham
282
Houston, TX
Crowne Plaza
294
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6,658
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Lodgian, Inc.
Assets Held for Sale
Location
Brand
Rooms
Phoenix, AZ
Holiday Inn
144
Frisco, CO
Holiday Inn
217
East Hartford, CT Holiday Inn
130
Marietta, GA
Independent
193
Glen Burnie, MD Holiday Inn
127
Towson, MD
Holiday Inn
139
Troy, MI
Hilton
191
Memphis, TN
Independent
105
Windsor,
Ontario, Canada Holiday Inn Select
214
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About Lodgian
Lodgian is one of the largest independent owners and operators of full-
service hotels in the United States. The company currently owns and manages
a portfolio of 44 hotels with 8,118 rooms located in 23 states and Canada.
Of the company's 44-hotel portfolio, 23 are InterContinental Hotels Group
brands (Crowne Plaza, Holiday Inn, Holiday Inn Select and Holiday Inn Express),
12 are Marriott brands (Marriott, Courtyard by Marriott, SpringHill Suites
by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott),
three are Hilton brands, and four are affiliated with nationally recognized
franchisors including Starwood, Wyndham, and Carlson. Two hotels are independent,
unbranded properties, both of which are currently closed and held for sale.
For more information about Lodgian, visit the company's Web site: http://www.lodgian.com.
Forward-Looking Statements
This press release includes forward-looking statements related to Lodgian's
operations that are based on management's current expectations, estimates
and projections. These statements are not guarantees of future performance
and actual results could differ materially. The words "guidance," "may,"
"should," "expect," "believe," "anticipate," "project," "estimate," "plan,"
and similar expressions are intended to identify forward-looking statements.
Certain factors are not within the company's control and readers are cautioned
not to put undue reliance on forward-looking statements. These statements
involve risks and uncertainties including, but not limited to, the company's
ability to generate sufficient working capital from operations and other
risks detailed from time to time in the company's SEC reports, including
the company's annual report on Form 10-K for the year ended December 31,
2007. The company undertakes no obligations to update events to reflect
changed assumptions, the occurrence of unanticipated events or changes
to future results over time.
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