ATLANTA, May 6 /PRNewswire-FirstCall/ -- Lodgian, Inc. (NYSE
Alternext US: LGN), one of the nation's largest independent hotel
owners and operators, today reported results for the 2009 first
quarter ended March 31, 2009. The company will host a 10 a.m.
Eastern time conference call today to discuss results for the 2009
first quarter. The "35 continuing operations hotels" comprise those
Lodgian properties that were not held for sale as of March 31,
2009. Lists of properties, both continuing operations and held for
sale, are attached to this press release. First Quarter 2009
Highlights -- Revenue per available room (RevPAR) Index
(performance compared to pre-defined competitors in the markets in
which the company operates) held steady in a highly competitive
market. -- Reduced corporate overhead by $1.8 million compared to
the 2008 first quarter, of which $1.1 million related to severance
costs incurred in 2008. -- Sold one hotel in the 2009 first quarter
and a second hotel early in the 2009 second quarter. Statistics for
35 Continuing Operations Hotels 1Q 1Q % Change 2009* 2008* Rooms
revenue $36,635 $43,848 -16.5% RevPAR $61.17 $72.37 -15.5% Total
revenue $49,176 $57,972 -15.2% Loss from continuing operations
$(6,131) $(5,989) -2.4% EBITDA $6,328 $6,325 0.0% Adjusted EBITDA
(defined below) $6,874 $8,466 -18.8% Consolidated Financial Results
Loss from continuing operations $(6,131) $(5,989) -2.4% Loss from
discontinued operations $(951) $(1,529) 37.8% Net loss attributable
to common stock $(6,922) $(7,518) 7.9% Net loss per share
attributable to common stock $(0.32) $(0.33) 3.0% *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; restructuring expenses; gains/losses on debt
extinguishment; and casualty (gains)/losses, net, for properties
damaged by events such as hurricane, fire or flood. First Quarter
2009 Results First quarter 2009 total revenue for continuing
operations declined 15.2 percent to $49.2 million, compared to the
same 2008 period. During the 2009 first quarter, the displacement
of total revenue resulting from renovations at three properties was
$0.7 million, compared to $0.9 million in the 2008 first quarter.
Loss from continuing operations was $(6.1) million in the 2009
first quarter, compared to $(6.0) million in the 2008 first
quarter. Net loss attributable to common shares was $(6.9) million,
or $(0.32) per diluted share in the 2009 first quarter, compared to
a net loss of $(7.5) million, or $(0.33) per diluted share in the
2008 first quarter. EBITDA from continuing operations was flat to
the prior year's first quarter at $6.3 million. Adjusted EBITDA for
the same group of properties decreased 18.8 percent, from $8.5
million in the 2008 first quarter to $6.9 million in the 2009 first
quarter. Adjusted EBITDA margins for the continuing operations
hotels decreased by 60 basis points to 14.0 percent during the 2009
first quarter compared to the 2008 first quarter, due to lower
revenues. Management Comments "Our hotels fared reasonably well in
a poor market in January and February, posting RevPAR index
increases in each of those two months, giving us 10 consecutive
months of improvement," said Peter Cyrus, Lodgian interim president
and chief executive officer. "Discount pricing intensified in
March, resulting in a relatively flat RevPAR Index for the quarter,
off just 20 basis points compared to the 2008 first quarter," he
said. "We continue to be very focused on cost control and revenue
improvement. In the first quarter, we reduced total rooms payroll
by over 10 percent and increased our food and beverage margins by
260 basis points," he said. "We have renegotiated pricing with
numerous vendors at both the corporate and property levels and are
beginning to see the benefits of those efforts." Asset Disposition
Program During the first quarter, the Holiday Inn in East Hartford,
Conn. was sold for gross proceeds of $3.5 million. There were no
net proceeds from the sale of this hotel due to seller financing
and the cost of buying out the land lease. Following the close of
the first quarter, the Holiday Inn Select in Windsor, Ontario was
sold for gross proceeds of CAD$7.0 million (USD$5.6 million). The
net proceeds of USD$5.2 million were used for general corporate
purposes. As of May 1, 2009, a total of four properties remained
classified as held for sale and were in varying stages of the sale
process. One of these hotels is the Holiday Inn in Phoenix, Ariz.
To date, the company's efforts to sell this property have been
unsuccessful, and the hotel's operating performance continues to
decline, primarily due to oversupply in the local market.
Management has concluded that the hotel's market value is less than
the $9.4 million of mortgage debt which encumbers the property.
Accordingly, the company recently began discussions with the lender
aimed at returning the property on a consensual basis by a deed in
lieu of foreclosure. The mortgage debt on this hotel is
non-recourse to Lodgian, except in certain limited circumstances
and is not cross-collateralized with any other of the company's
mortgage debt. The company does not believe the debt recourse
provisions of this loan will be triggered by this transaction.
Balance Sheet Update As of March 31, 2009, 35 hotels were
encumbered as collateral for various mortgage debt facilities
totaling approximately $331.5 million. A summary of mortgage debt
facilities is included in the supplemental information attached to
this release. "In connection with the upcoming debt maturities in
July 2009, we continue to pursue a number of options, including
refinancing of the existing encumbered hotels, financing certain
unencumbered assets and seeking an extension of the current
facilities," said James MacLennan, executive vice president and
chief financial officer. "To date, however, we have been unable to
secure refinancing, and we expect it will remain difficult to
refinance the debt prior to the July 1 maturity date. We are
currently engaged in discussions with the servicers of the maturing
debt to seek extensions to allow us additional time to secure
financing. We cannot currently predict whether our efforts to
obtain extensions will be successful." Reverse Stock Split Update
On April 29, 2009, the company's shareholders approved a reverse
split of the company's common stock at split ratios ranging from
1-for-5 to 1-for-10 in half share increments. However, at this
time, the Board of Directors has elected to defer a decision on
effecting the reverse stock split pending resolution of the
company's efforts to extend or refinance the debt that matures in
July of this year. Conference Call Lodgian will hold a conference
call to discuss its 2009 first quarter results today, May 6, 2009
at 10 a.m. Eastern time. To hear the webcast, interested parties
may visit the company's website at http://www.lodgian.com/ and
click on Investor Relations and then Webcast, Q1 Earnings
Conference Call. A recording of the call will be available by
telephone until midnight on Wednesday, May 13, 2009 by dialing
(800) 405-2236, reference number 11129330. A replay of the
conference call will be posted on Lodgian's website. 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; restructuring expenses; gains/losses on debt
extinguishment; and casualty losses or gains related to damage to
and insurance recoveries for properties damaged by events such as
hurricane, fire or flood. RevPAR Index RevPAR Index is computed by
dividing the company's RevPAR for a particular period by the
market's RevPAR over the same period. To derive the market's
RevPAR, we identify the hotels that the company considers to be
competing hotels for each market in which the company operates. The
group of hotels in each market is known as the competitive set. We
then obtain RevPAR for each competitive set from Smith Travel
Research, a leading provider of lodging industry data. We believe
that RevPAR Index is a meaningful indicator of our performance
because it measures our hotels in relation to our competitors. We
use RevPAR Index to determine if our hotels are increasing market
share, which is one of our key business objectives. 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 39 hotels with 7,218 rooms located
in 22 states. Of the company's 39-hotel portfolio, 19 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), two are
Hilton brands, and five are affiliated with other nationally
recognized franchisors including Starwood, Wyndham and Carlson. One
hotel is an independent, unbranded property, which is currently
closed and held for sale. For more information about Lodgian, visit
the company's website: http://www.lodgian.com/. Forward-Looking
Statements This press release may contain forward-looking
statements within the meaning of the federal securities laws. All
statements, other than statements of historical facts, including,
among others, statements regarding Lodgian's future financial
position, business strategy, projected performance and financing
needs, are forward-looking statements. Those statements include
statements regarding the intent, belief or current expectations of
Lodgian and members of its management team, as well as the
assumptions on which such statements are based, and generally are
identified by the use of words such as "may," "will," "seeks,"
"anticipates," "believes," "estimates," "expects," "plans,"
"intends," "should" or similar expressions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that actual results may differ materially
from those contemplated by such forward-looking statements. Many of
these factors are beyond the company's ability to control or
predict. Such factors include, but are not limited to, the effects
of regional, national and international economic conditions, our
ability to refinance mortgage debt that matures on July 1, 2009,
competitive conditions in the lodging industry and increases in
room supply, requirements of franchise agreements (including the
right of franchisors to immediately terminate their respective
agreements if we breach certain provisions), our ability to
complete planned hotel dispositions, the effects of unpredictable
weather events such as hurricanes, the financial condition of the
airline industry and its impact on air travel, the effect of
self-insured claims in excess of our reserves and our ability to
obtain adequate insurance at reasonable rates, and other factors
discussed under Item IA (Risk Factors) in Lodgian's Form 10-K for
the year ended December 31, 2008. We assume no duty to update these
statements. Management believes these forward-looking statements
are reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current
expectations. All written and oral forward-looking statements
attributable to Lodgian or persons acting on its behalf are
qualified in their entirety by these cautionary statements.
Further, forward-looking statements speak only as of the date they
are made, and the company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results over time unless otherwise required by law.
Contact: Debi Neary Ethridge Vice President, Finance & Investor
Relations (404) 365-2719 LODGIAN, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2009 December 31,
2008 -------------- ----------------- ($ in thousands, except share
data) ASSETS Current assets: Cash and cash equivalents $19,064
$20,454 Cash, restricted 8,110 8,179 Accounts receivable (net of
allowances: 2009 - $300; 2008 - $263) 9,491 7,115 Inventories 3,044
2,983 Prepaid expenses and other current assets 17,178 21,257
Assets held for sale 30,513 33,021 ------ ------ Total current
assets 87,400 93,009 Property and equipment, net 446,438 447,366
Deposits for capital expenditures 9,171 11,408 Other assets 5,218
3,631 ----- ----- $548,227 $555,414 ======= ======= LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $7,297
$7,897 Other accrued liabilities 23,220 22,897 Advance deposits
2,196 1,293 Current portion of long-term liabilities 124,133
124,955 Liabilities related to assets held for sale 16,562 16,167
------ ------ Total current liabilities 173,408 173,209 Long-term
liabilities 194,455 194,800 ------- ------- Total liabilities
367,863 368,009 Commitments and contingencies Stockholders' equity:
Common stock, $.01 par value, 60,000,000 shares authorized;
25,144,364 and 25,075,837 issued at March 31, 2009 and December 31,
2008, respectively 252 251 Additional paid-in capital 331,077
330,785 Accumulated deficit (112,168) (105,246) Accumulated other
comprehensive income 1,051 1,262 Treasury stock, at cost, 3,825,417
and 3,806,000 at March 31, 2009 and December 31, 2008, respectively
(39,688) (39,647) ------ ------ Total stockholders' equity
attributable to common stock 180,524 187,405 Noncontrolling
interest (160) 0 ---- - Total stockholders' equity 180,364 187,405
------- ------- $548,227 $555,414 ======= ======= LODGIAN, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31, ---------------------------- 2009 2008
---- ---- ($ in thousands, except share data) Revenues: Rooms
$36,635 $43,848 Food and beverage 10,838 12,062 Other 1,703 2,062
----- ----- Total revenues 49,176 57,972 ------ ------ Direct
operating expenses: Rooms 10,082 11,183 Food and beverage 7,638
8,819 Other 1,298 1,388 ----- ----- Total direct operating expenses
19,018 21,390 ------ ------ 30,158 36,582 Other operating expenses:
Other hotel operating costs 15,628 17,879 Property and other taxes,
insurance, and leases 4,211 4,352 Corporate and other 3,605 5,885
Casualty losses, net 81 - Depreciation and amortization 8,493 7,469
Impairment of long-lived assets 465 2,141 --- ----- Total other
operating expenses 32,483 37,726 ------ ------ Operating loss
(2,325) (1,144) Other income (expenses): Interest income and other
45 390 Interest expense (3,779) (5,172) ------ ------ Loss before
income taxes and noncontrolling interest (6,059) (5,926) Provision
for income taxes - continuing operations (72) (63) -- -- Loss from
continuing operations (6,131) (5,989) ----- ----- Discontinued
operations: Loss from discontinued operations before income taxes
(927) (1,357) Provision for income taxes - discontinued operations
(24) (172) -- --- Loss from discontinued operations (951) (1,529)
--- ----- Net loss (7,082) (7,518) Less: Net loss attributable to
noncontrolling interest 160 - --- - Net loss attributable to common
stock $(6,922) $(7,518) ===== ===== Basic and diluted net loss per
share attributable to common stock $(0.32) $(0.33) ==== ====
LODGIAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS BY QUARTER (UNAUDITED) 2009 2008 ---- ---- First Fourth
Third Second First Quarter Quarter Quarter Quarter Quarter -------
------- ------- ------- ------- Revenues: Rooms $36,635 $38,732
$46,679 $49,364 $43,848 Food and beverage 10,838 13,532 12,545
15,404 12,062 Other 1,703 1,886 2,176 2,138 2,062 ----- ----- -----
----- ----- 49,176 54,150 61,400 66,906 57,972 ------ ------ ------
------ ------ Direct operating expenses: Rooms 10,082 11,026 12,200
12,179 11,183 Food and beverage 7,638 9,015 9,070 9,851 8,819 Other
1,298 1,333 1,548 1,537 1,388 ----- ----- ----- ----- ----- 19,018
21,374 22,818 23,567 21,390 ------ ------ ------ ------ ------
30,158 32,776 38,582 43,339 36,582 Other operating expenses: Other
hotel operating costs 15,628 16,075 18,287 17,719 17,879 Property
and other taxes, insurance and leases 4,211 4,223 4,226 3,760 4,352
Corporate and other 3,605 3,063 4,373 3,484 5,885 Casualty losses
(gains), net 81 1,152 (57) - - Restructuring - - - - - Depreciation
and amortization 8,493 8,352 8,120 7,989 7,469 Impairment of long-
lived assets 465 354 1,393 5,580 2,141 --- --- ----- ----- -----
Other operating expenses 32,483 33,219 36,342 38,532 37,726 ------
------ ------ ------ ------ Operating (loss) income (2,325) (443)
2,240 4,807 (1,144) Other income (expenses): Interest income and
other 45 147 241 276 390 Other interest expense (3,779) (4,577)
(4,821) (4,775) (5,172) Loss on debt extinguishment - - - - - ---
--- --- --- --- (Loss) income before income taxes (6,059) (4,873)
(2,340) 308 (5,926) (Provision) benefit for income taxes -
continuing operations (72) (74) 81 (24) (63) --- --- -- --- ---
(Loss) income from continuing operations (6,131) (4,947) (2,259)
284 (5,989) ------ ------ ------ --- ------ Discontinued
operations: (Loss) income from discontinued operations before
income taxes (927) 199 (3,870) 5,986 (1,357) (Provision) benefit
for income taxes (24) 98 (54) 97 (172) --- -- --- -- ---- (Loss)
income from discontinued operations (951) 297 (3,924) 6,083 (1,529)
---- --- ------ ----- ------ Net (loss) income $(7,082) $(4,650)
$(6,183) $6,367 $(7,518) Less: Net loss (income) attributable to
noncontrolling interest 160 - - - - --- --- --- --- --- Net (loss)
income attributable to common stock $(6,922) $(4,650) $(6,183)
$6,367 $(7,518) ===== ===== ===== ==== ===== 2007 ---- Fourth Third
Second Quarter Quarter Quarter ------- ------- ------- Revenues:
Rooms $40,730 $46,942 $49,224 Food and beverage 14,429 12,857
15,323 Other 1,819 2,134 2,131 ----- ----- ----- 56,978 61,933
66,678 ------ ------ ------ Direct operating expenses: Rooms 10,497
11,997 11,725 Food and beverage 9,054 9,432 9,918 Other 1,288 1,512
1,462 ----- ----- ----- 20,839 22,941 23,105 ------ ------ ------
36,139 38,992 43,573 Other operating expenses: Other hotel
operating costs 16,285 17,847 17,603 Property and other taxes,
insurance and leases 4,334 4,087 4,418 Corporate and other 4,248
5,575 5,906 Casualty losses (gains), net - - - Restructuring (25)
1,258 - Depreciation and amortization 7,464 7,226 7,098 Impairment
of long- lived assets 796 512 155 --- --- --- Other operating
expenses 33,102 36,505 35,180 ------ ------ ------ Operating (loss)
income 3,037 2,487 8,393 Other income (expenses): Interest income
and other 912 1,312 807 Other interest expense (5,790) (5,958)
(6,044) Loss on debt extinguishment - - (3,330) --- --- -----
(Loss) income before income taxes (1,841) (2,159) (174) (Provision)
benefit for income taxes - continuing operations (2,262) 1,027 372
----- ----- --- (Loss) income from continuing operations (4,103)
(1,132) 198 ----- ----- --- Discontinued operations: (Loss) income
from discontinued operations before income taxes (5,824) 1,818
(248) (Provision) benefit for income taxes 1,854 (639) (157) -----
--- --- (Loss) income from discontinued operations (3,970) 1,179
(405) ----- ----- --- Net (loss) income $(8,073) $47 $(207) Less:
Net loss (income) attributable to noncontrolling interest - - (56)
--- --- -- Net (loss) income attributable to common stock $(8,073)
$47 $(263) ===== == === LODGIAN, INC. AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures)
with Income/(Loss) from Continuing Operations (a GAAP measure)
(UNAUDITED) Three Months Ended March 31, ---------------- 2009 2008
---- ---- ($ in thousands) Continuing operations: Loss from
continuing operations $(6,131) $(5,989) Net loss attributable to
noncontrolling interest 160 - --- --- Loss from continuing
operations attributable to common stock $(5,971) $(5,989)
Depreciation and amortization 8,493 7,469 Interest income (45)
(390) Interest expense 3,779 5,172 Provision for income taxes 72 63
-- -- EBITDA from continuing operations $6,328 $6,325 ------ ------
Adjustments to EBITDA: Impairment of long-lived assets $465 $2,141
Casualty losses, net 81 - -- --- Adjusted EBITDA from continuing
operations $6,874 $8,466 ------ ------ Lodgian, Inc. Summary of
Mortgage Debt as of March 31, 2009 ($ in thousands) (UNAUDITED)
Number of Debt Maturity Hotels Balance Date Interest rate ------
------- ---- ------------- Mortgage Debt IXIS 3 $20,903 Mar-10(1)
LIBOR plus 2.95%, capped at 7.45% IXIS 1 18,471 Dec-09(1) LIBOR
plus 2.90%, capped at 7.90% Goldman Sachs 10 130,000 May-10(2)
LIBOR plus 1.50%; capped at 8.50% Merrill Lynch Mortgage Lending,
Inc. - Fixed #1 4 39,016 Jul-09 6.58% Merrill Lynch Mortgage
Lending, Inc. - Fixed #3 7 52,747 Jul-09 6.58% Merrill Lynch
Mortgage Lending, Inc. - Fixed #4 6 35,775 Jul-09 6.58% Wachovia-
Pinehurst 1 2,971 Jun-10 5.78% Wachovia- Phoenix West 1 9,427
Jan-11 6.03% Wachovia- Palm Desert 1 5,736 Feb-11 6.04% Wachovia-
Worcester 1 16,412 Feb-11 6.04% - ------ ---- Total Mortgage Debt
35 $331,458 4.38%(3) == ======== (1) Upon the satisfaction of
certain conditions, a one-year extension option is available beyond
the maturity date. (2) Upon the satisfaction of certain conditions,
two one-year extension options are available beyond the maturity
date. (3) Annual effective weighted average cost of debt at March
31, 2009. Lodgian, Inc. 2009 Supplemental Operating Information
(UNAUDITED) Three months ended Hotel Room March 31, March 31,
Increase Count Count 2009 2008 (Decrease) ------ ------ ---- ----
-------- 35 6,645 All Continuing Operations hotels Occupancy 61.1%
66.3% (7.8)% ADR $100.16 $109.17 ($9.01) (8.3)% RevPAR $61.17
$72.37 ($11.20) (15.5)% RevPAR Index 96.6% 96.8% (0.2)% (0.2)%
Continuing Operations less hotels under renovation in the first
quarter 27 4,775 2008 or 2009 Occupancy 62.9% 68.8% (8.6)% ADR
$98.99 $108.11 ($9.12) (8.4)% RevPAR $62.22 $74.41 ($12.19) (16.4)%
RevPAR Index 97.6% 97.9% (0.3)% (0.3)% 12 1,398 Marriott Hotels
Occupancy 64.9% 66.2% (2.0)% ADR $103.92 $114.57 ($10.65) (9.3)%
RevPAR $67.39 $75.81 ($8.42) (11.1)% RevPAR Index 115.3% 110.3%
5.0% 4.5% 2 396 Hilton Hotels Occupancy 56.1% 58.9% (4.8)% ADR
$108.50 $110.00 ($1.50) (1.4)% RevPAR $60.92 $64.82 ($3.90) (6.0)%
RevPAR Index 96.4% 94.8% 1.6% 1.7% 17 3,976 IHG Hotels Occupancy
58.9% 66.9% (12.0)% ADR $101.58 $108.69 ($7.11) (6.5)% RevPAR
$59.83 $72.69 ($12.86) (17.7)% RevPAR Index 92.9% 96.9% (4.0)%
(4.1)% Other Brands - Radisson, Wyndham and Four Points 4 875 by
Sheraton Occupancy 67.1% 67.1% 0.0% ADR $85.54 $102.52 ($16.98)
(16.6)% RevPAR $57.39 $68.84 ($11.45) (16.6)% RevPAR Index 84.7%
78.5% 6.2% 7.9% Lodgian, Inc. Continuing Operations Hotel Portfolio
As of May 1, 2009 Location Brand Rooms -------- ----- -----
Bentonville, AR Courtyard by Marriott 90 Little Rock, AR Residence
Inn by Marriott 96 Phoenix, AZ Crowne Plaza 295 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 365 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 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
100 Dallas (DFW Airport), TX Wyndham 282 Houston, TX Crowne Plaza
294 --- 6,645 ===== Lodgian, Inc. Assets Held for Sale As of May 1,
2009 Location Brand Rooms -------- ----- ----- Phoenix, AZ Holiday
Inn 144 Towson, MD Holiday Inn 139 Troy, MI Ramada Plaza 185
Memphis, TN Independent 105 (1) --- 573 === (1) This property is
closed. DATASOURCE: Lodgian, Inc. CONTACT: CONTACT: Debi Neary
Ethridge, Vice President, Finance & Investor Relations of
Lodgian, Inc., +1-404-365-2719, Web Site: http://www.lodgian.com/
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