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ATLANTA,
Ga., January 4, 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 two hotels as part of the company’s previously announced plan to
dispose
of 19 non-strategic hotels from its hotel portfolio.
The hotels—the Holiday Inn in Memphis, Tenn.,
and the Holiday Inn in Florence, Ky.—were sold to undisclosed buyers
for an
aggregate of $3.7 million. Including
these two properties, Lodgian has sold 12 hotels since the program was
announced in 2003. The company has seven
hotels and one parcel of land remaining in its disposition program. “We
continue to aggressively market the remaining hotels
held for sale, but timing of the dispositions is difficult to predict
with any
accuracy,” said W. Thomas Parrington, Lodgian’s president and chief
executive
officer. “Our goal is to complete the
program during the first half of 2005, depending on a number of
individual
market factors.” The Sold Hotels The 105-room Holiday Inn in Below
is a reconciliation of GAAP net loss with EBITDA:
To date, the company’s disposition program
has
produced the sale of the 12 hotels, two land parcels and an office
building, which
enabled the company to reduce its debt by $42 million.
Lodgian is one of the largest
independent
owners and operators of full-service hotels in the Forward-Looking StatementsThis 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 “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. 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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Debi
Ethridge - Vice
President, Finance & Investor Relations |