ATLANTA, May 5 /PRNewswire-FirstCall/ -- Lodgian, Inc. (Amex: LGN), one of
the nation's largest independent owners and operators of full-service hotels,
today reported results for the first quarter ended March 31, 2008. The
company will host a 10 a.m. ET conference call today to discuss results.
The "35 Continuing Operations hotels" comprise all Lodgian properties
except its held for sale portfolio (eleven hotels at March 31, 2008).
First Quarter 2008 Highlights for 35 Continuing Operations hotels
-- Achieved a 1.9 percent improvement in revenue per available room
(RevPAR) in the first quarter of 2008 compared to 2007 first quarter,
despite the displacement caused by ongoing renovations at five hotels
in the quarter.
-- Increased total revenue 2.2 percent, from $54.8 million in the 2007
first quarter to $56.0 million in the first quarter of 2008.
-- Increased Adjusted EBITDA (defined below) from $8.2 million to $8.8
million, a 6.8 percent improvement.
-- Improved Adjusted EBITDA margin from 15.0 percent in 2007 first quarter
to 15.6 percent in 2008 first quarter.
-- Continued the renovation of the Wyndham DFW and the Four Points by
Sheraton Philadelphia, and began the renovation of the Marriott Denver
Airport.
Statistics for 35 Continuing Operations hotels
1Q 1Q %
2008* 2007* Change
Rooms revenue $42,789 $41,540 3.0%
RevPAR $73.30 $71.96 1.9%
Total revenue $56,006 $54,790 2.2%
Loss from continuing
operations $(5,437) $(484) n/m
EBITDA $6,612 $9,912 (33.3)%
Adjusted EBITDA (defined below) $8,753 $8,198 6.8%
Consolidated Financial Results
Loss from continuing
operations $(5,437) $(484) n/m
Income/(loss) from
discontinued operations $(2,081) $327 n/m
Net income/(loss)
attributable to common stock $(7,518) $(157) (46.9)%
Net income/(loss) per share
attributable to common stock $(0.33) $(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 in April 2008 a $30 million stock re-purchase plan, which
reduced outstanding shares by 10 percent.
-- Authorized further stock re-purchases of up to $10 million before April
15, 2009.
-- Progressed listing and sales process related to the disposition of an
additional nine hotels.
First Quarter 2008 Results
First quarter 2008 total revenue for 35 continuing operations hotels
improved 2.2 percent to $56.0 million, compared to the 2007 same period.
During the quarter, the displacement of total revenue related to renovations
at five properties was $0.8 million. Loss from continuing operations was
$(5.4) million, compared to a loss of $(0.5) million in the 2007 first
quarter. The loss was primarily the result of $2.1 million of impairment
charges in the 2008 first quarter related largely to the write-off of assets
that were replaced during renovation but had remaining book value and a $0.7
million increase in depreciation expense. The variance from the prior year
was also attributed to a $1.9 million casualty gain recognized in the 2007
first quarter.
Net loss attributable to common shares was $(7.5) million, or a loss of
$(0.33) per diluted share, compared to a net loss of $(0.2) million, or
$(0.01) per diluted share in the 2007 first quarter.
EBITDA from 35 continuing operations hotels declined $3.3 million to $6.6
million compared to the prior year, primarily due to the impairment and
casualty gain previously mentioned. Adjusted EBITDA for the same group of
properties increased 6.8 percent, from $8.2 million in the first quarter of
2007, to $8.8 million in the 2008 first quarter.
Management Comments
"Our continuing operations hotels had a strong first quarter with RevPAR
up 1.9 percent compared to the first quarter of last year," said Peter Cyrus,
Lodgian interim president and chief executive officer. "During the quarter,
five hotels were under renovation and one remained closed. Excluding the
results of those six properties, RevPAR for the 29 continuing operations
hotels which were open and not being renovated increased 4.4 percent, compared
to the first quarter 2008 industry average of 1.9 percent, according to Smith
Travel Research. We also achieved RevPAR index growth of 3.7 percent for this
same group of 29 hotels during a seasonally slow quarter."
Adjusted EBITDA margins for the 35 continuing operations hotels improved
60 basis points to 15.6 percent during the first quarter of 2008 compared to
2007, primarily driven by the company's sales initiatives and reduction in
property insurance costs.
Asset Disposition Program
During the first quarter of this year, the company commenced a program to
further reposition its portfolio, resulting in nine additional properties
being identified for sale. One additional hotel is currently held for sale.
In April 2008, the 158-room Holiday Inn in Frederick, Md. was sold for a sale
price of $5 million. Net proceeds of $4.7 million will be used for general
corporate purposes. A list of the properties held for sale as of May 1, 2008
is included in the supplemental information attached to this release.
The company anticipates receiving aggregate gross proceeds for the 10
remaining hotels of approximately $89 million to $96 million, with net
proceeds after debt reduction and closing costs of $34 million to $41 million.
Balance Sheet Update
As of March 31, 2008, 38 hotels were encumbered as collateral for various
mortgage debt facilities totaling approximately $358 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. "The combination of a very low weighted average cost of debt, at
5.63 percent at March 31, 2008, and approximately $38 million in cash and
restricted cash, reflects the strength of our balance sheet," said James
MacLennan, executive vice president and chief financial officer.
The company spent approximately $14 million during the quarter on capital
expenditures. Projects included five hotel renovations and the installation
of state-of-the-art high speed Internet systems at 30 properties.
During the first quarter of 2008, Lodgian acquired approximately 1.4
million shares of common stock at an average price of $9.61 per share, for a
total of approximately $13 million, as part of its previously announced plan
to repurchase its common shares. Since initiating its stock repurchase
program in May 2006, the company has acquired a total of 3,076,531 shares, or
approximately 12 percent of its common stock, for a total cost of
approximately $33.3 million as of March 31, 2008.
As announced in April 2008, the Board of Directors has authorized the
repurchase of an additional $10 million of its common stock over a period
ending no later than April 15, 2009.
Conference Call
Lodgian will hold a conference call to discuss its 2008 first quarter
results today, May 5, at 10 a.m. Eastern time. To hear the webcast,
interested parties may visit the company's Web site at 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 Monday,
May 12 by dialing (800) 218-0204, reference number 11112074. 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; casualty losses or gains related to properties damaged by hurricane,
fire or flood; and proceeds arising from business interruption insurance
claims.
About Lodgian
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 45 hotels with 8,274 rooms located in 24 states and Canada. Of
the company's 45-hotel portfolio, 24 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 and Residence Inn by Marriott), three are Hilton brands, and four are
affiliated with three other nationally recognized franchisors. Two hotels are
independent, unbranded properties. One hotel is owned by a partnership, in
which Lodgian has a 51 percent equity interest, and is the operating partner.
For more information about Lodgian, visit the company's Web site:
www.lodgian.com.
Forward-Looking Statements
This press release includes forward-looking statements, within the meaning
of the Private Litigation Securities Reform Act of 1995, 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, the timing and
amount of receipt of insurance proceeds, the marketability of the company's
assets held for sale, the company's ability to refinance its debt obligations
in the ordinary course of business, the company's ability to successfully
pursue alternative uses for certain of its properties, the realization of
expected improvements in results of operations, the absence of industry-wide
disruptions, 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.
Contact:
Debi Ethridge
Vice President, Finance & Investor Relations
dethridge@lodgian.com
(404) 365-2719
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2008 December 31, 2007
--------------- -----------------
(Unaudited in thousands,
except share data)
ASSETS
Current assets:
Cash and cash equivalents $29,844 $54,389
Cash, restricted 8,590 8,363
Accounts receivable (net of allowances:
2008 - $333; 2007 - $323) 10,465 8,794
Insurance receivable 2,387 2,254
Inventories 2,673 3,097
Prepaid expenses and other current assets 16,531 18,186
Assets held for sale 80,246 8,009
--------------- -----------------
Total current assets 150,736 103,092
Property and equipment, net 435,524 499,986
Deposits for capital expenditures 15,889 16,565
Other assets 4,128 5,087
--------------- -----------------
$606,277 $624,730
=============== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $9,022 $9,692
Other accrued liabilities 27,330 28,336
Advance deposits 2,091 1,683
Insurance advances 2,650 2,650
Current portion of long-term liabilities 4,159 5,092
Liabilities related to assets held for sale 50,236 961
--------------- -----------------
Total current liabilities 95,488 48,414
Long-term liabilities 311,578 355,728
--------------- -----------------
Total liabilities 407,066 404,142
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $.01 par value, 60,000,000
shares authorized; 25,062,835 and
25,008,621 issued at March 31, 2008 and
December 31, 2007, respectively 251 250
Additional paid-in capital 330,051 329,694
Accumulated deficit (100,780) (93,262)
Accumulated other comprehensive income 3,433 4,115
Treasury stock, at cost, 3,119,056
and 1,709,878 shares at March 31, 2008
and December 31, 2007, respectively (33,744) (20,209)
--------------- -----------------
Total stockholders' equity 199,211 220,588
--------------- -----------------
$606,277 $624,730
=============== =================
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
-----------------------------
2008 2007
------------- ------------
(Unaudited in thousands,
except per share data)
Revenues:
Rooms $42,789 $41,540
Food and beverage 11,265 11,650
Other 1,952 1,600
---------- ----------
Total revenues 56,006 54,790
---------- ----------
Direct operating expenses:
Rooms 10,860 10,263
Food and beverage 8,254 8,259
Other 1,324 1,212
---------- ----------
Total direct operating expenses 20,438 19,734
---------- ----------
35,568 35,056
Other operating expenses:
Other hotel operating costs 17,226 16,131
Property and other taxes, insurance,
and leases 4,218 4,698
Corporate and other 5,371 5,664
Casualty gains, net - (1,867)
Depreciation and amortization 7,481 6,831
Impairment of long-lived assets 2,141 153
---------- ----------
Total other operating expenses 36,437 31,610
---------- ----------
Operating (loss) income (869) 3,446
Other income (expenses):
Interest income and other 390 912
Interest expense (4,958) (5,154)
---------- ----------
Loss before income taxes and minority
interests (5,437) (796)
Minority interests (net of taxes, nil) - (365)
(Provision) benefit for income taxes -
continuing operations - 677
---------- ----------
Loss from continuing operations (5,437) (484)
---------- ----------
Discontinued operations:
(Loss) income from discontinued
operations before income taxes (1,846) 2,172
Provision for income taxes -
discontinued operations (235) (1,845)
---------- ----------
(Loss) income from discontinued operations (2,081) 327
---------- ----------
---------- ----------
Net loss attributable to common stock $(7,518) $(157)
========== ==========
Basic and diluted net loss per share
attributable to common stock $(0.33) $(0.01)
========== ==========
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
2008 2007
------- ----------------------------------
First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter
------- ------- ------- ------- -------
(Unaudited in thousands)
Revenues:
Rooms $42,789 $39,468 $45,549 $47,809 $41,540
Food and beverage 11,265 13,319 12,033 14,231 11,650
Other 1,952 1,694 1,994 2,038 1,600
------- ------- ------- ------- -------
56,006 54,481 59,576 64,078 54,790
------- ------- ------- ------- -------
Direct operating expenses:
Rooms 10,860 10,129 11,605 11,363 10,263
Food and beverage 8,254 8,380 8,878 9,245 8,259
Other 1,324 1,210 1,436 1,406 1,212
------- ------- ------- ------- -------
20,438 19,719 21,919 22,014 19,734
------- ------- ------- ------- -------
35,568 34,762 37,657 42,064 35,056
Other operating expenses:
Other hotel operating costs 17,226 15,624 17,171 16,906 16,131
Property and other taxes,
insurance and leases 4,218 4,210 3,967 4,291 4,698
Corporate and other 5,371 4,250 5,577 5,905 5,664
Casualty (gain) losses, net - - - - (1,867)
Restructuring - (26) 1,258 - -
Depreciation and
amortization 7,481 7,329 7,077 6,955 6,831
Impairment of long-lived
assets 2,141 470 395 141 153
------- ------- ------- ------- -------
Other operating expenses 36,437 31,857 35,445 34,198 31,610
------- ------- ------- ------- -------
Operating (loss) income (869) 2,905 2,212 7,866 3,446
Other income (expenses):
Business interruption
insurance proceeds - - 299 272 -
Interest income and other 390 913 1,312 807 912
Other interest expense (4,958) (5,567) (5,730) (5,816) (5,154)
Loss on debt extinguishment - - - (3,329) -
------- ------- ------- ------- -------
(Loss) income before income
taxes and minority interests (5,437) (1,749) (1,907) (200) (796)
Minority interests (net of
taxes, nil) - - - (56) (365)
------- ------- ------- ------- -------
(Loss) income before income
taxes - continuing
operations (5,437) (1,749) (1,907) (256) (1,161)
(Provision) benefit for
income taxes - continuing
operations - (2,114) 907 392 677
------- ------- ------- ------- -------
(Loss) income from continuing
operations (5,437) (3,863) (1,000) 136 (484)
------- ------- ------- ------- -------
Discontinued operations:
(Loss) income from
discontinued operations
before income taxes (1,846) (5,916) 1,566 (222) 2,172
Benefit (provision) for
income taxes (235) 1,706 (519) (177) (1,845)
------- ------- ------- ------- -------
Income (loss) from
discontinued operations (2,081) (4,210) 1,047 (399) 327
------- ------- ------- ------- -------
Net (loss) income attributable
to common stock $(7,518) $(8,073) $47 $(263) $(157)
======= ======= ======= ======= =======
2006
-------------------------------
Fourth Third Second
Quarter Quarter Quarter
------- ------- -------
(Unaudited in thousands)
Revenues:
Rooms $38,202 $42,219 $45,441
Food and beverage 12,726 10,792 13,007
Other 1,700 1,736 1,807
------- ------- -------
52,628 54,747 60,255
------- ------- -------
Direct operating expenses:
Rooms 10,117 10,907 11,025
Food and beverage 8,537 8,116 8,655
Other 1,234 1,320 1,451
------- ------- -------
19,888 20,343 21,131
------- ------- -------
32,740 34,404 39,124
Other operating expenses:
Other hotel operating costs 14,809 15,564 15,452
Property and other taxes, insurance
and leases 4,950 4,902 3,961
Corporate and other 4,942 5,587 5,259
Casualty (gain) losses, net - (3,085) 34
Restructuring - - -
Depreciation and amortization 6,780 6,939 6,762
Impairment of long-lived assets 147 281 13
------- ------- -------
Other operating expenses 31,628 30,188 31,481
------- ------- -------
Operating (loss) income 1,112 4,216 7,643
Other income (expenses):
Business interruption insurance
proceeds 530 2,706 695
Interest income and other 652 770 835
Other interest expense (5,225) (5,403) (5,153)
Loss on debt extinguishment - - -
------- ------- -------
(Loss) income before income taxes and
minority interests (2,931) 2,289 4,020
Minority interests (net of taxes, nil) 335 100 (136)
------- ------- -------
(Loss) income before income taxes -
continuing operations (2,596) 2,389 3,884
(Provision) benefit for income taxes -
continuing operations (2,121) (1,315) (2,004)
------- ------- -------
(Loss) income from continuing
operations (4,717) 1,074 1,880
------- ------- -------
Discontinued operations:
(Loss) income from discontinued
operations before income taxes (13,472) (1,982) 2,776
Benefit (provision) for income taxes (2,524) 1,070 (655)
------- ------- -------
Income (loss) from discontinued
operations (15,996) (912) 2,121
------- ------- -------
Net (loss) income attributable to
common stock $(20,713) $162 $4,001
======= ======= =======
LODGIAN, INC. AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures)
with Income/(Loss) from Continuing Operations (a GAAP measure)
(UNAUDITED)
Three Months Ended March 31,
----------------------------
2008 2007
------------ -----------
-
($ in thousands)
Continuing operations:
(Loss) income from continuing operations $(5,437) $(484)
Depreciation and amortization 7,481 6,831
Interest income (390) (912)
Interest expense 4,958 5,154
Provision (benefit) for income taxes - (677)
------------ ------------
EBITDA from continuing operations $6,612 $9,912
------------ ------------
Adjustments to EBITDA:
Impairment of long-lived assets $2,141 $153
Casualty (gains) losses, net - (1,867)
------------ ------------
Adjusted EBITDA from continuing operations $8,753 $8,198
------------ ------------
Lodgian, Inc.
Summary of Mortgage Debt as of March 31, 2008
(in $ thousands)
Number
of Debt Maturity
Hotels Balance Date Interest Rate
------ ------- -------- ---------------------------------
Mortgage Debt
IXIS 3 $21,201 Mar-09 [1] LIBOR plus 2.95%, capped at 8.45%
IXIS 1 18,706 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 5 45,749 Jul-09 6.58%
Merrill Lynch
Mortgage
Lending, Inc.
- Fixed #3 8 61,393 Jul-09 6.58%
Merrill Lynch
Mortgage
Lending, Inc.
- Fixed #4 7 46,029 Jul-09 6.58%
Wachovia-
Pinehurst 1 3,037 Jun-10 5.78%
Wachovia-
Phoenix West 1 9,620 Jan-11 6.03%
Wachovia-
Palm Desert 1 5,852 Feb-11 6.04%
Wachovia-
Worcester 1 16,745 Feb-11 6.04%
------ ------- -------- ---------------------------------
Total
Mortgage
Debt 38 $358,332 5.63% [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 March 31, 2008.
Lodgian, Inc.
2008 Supplemental Operating Information
Three Months Ended
March 31,
Hotel Room ------------------
Count Count 2008 2007 Increase (Decrease)
----- ----- -------- ------ -------------------
34 6,415 All Continuing Operations
less one hotel closed
in 2006 due to fire
Occupancy 67.0% 65.3% 2.6%
ADR $109.33 $110.21 ($0.88) (0.8)%
RevPAR $73.30 $71.96 $1.34 1.9%
RevPAR Index 97.9% 95.7% 2.3%
29 5,149 Continuing Operations
less one hotel closed
in 2006 due to fire
and hotels under
renovation in the
first quarter 2007
and 2008
Occupancy 68.4% 65.3% 4.7%
ADR $108.00 $108.51 ($0.51) (0.5)%
RevPAR $73.91 $70.81 $3.10 4.4%
RevPAR Index 99.1% 95.6% 3.7%
12 1,397 Marriott Hotels
Occupancy 66.2% 65.9% 0.5%
ADR $114.57 $114.66 ($0.09) (0.1)%
RevPAR $75.81 $75.60 $0.21 0.3%
RevPAR Index 110.2% 113.5% (2.9)%
2 396 Hilton Hotels
Occupancy 58.9% 56.5% 4.2%
ADR $110.00 $111.55 ($1.55) (1.4)%
RevPAR $64.82 $63.08 $1.74 2.8%
RevPAR Index 94.8% 89.8% 5.6%
16 3,747 IHG Hotels less one
hotel closed in 2006
due to fire
Occupancy 68.2% 66.6% 2.4%
ADR $108.94 $108.70 $0.24 0.2%
RevPAR $74.30 $72.40 $1.90 2.6%
RevPAR Index 98.8% 94.5% 4.6%
4 875 Other Brands (1)
Occupancy 67.1% 62.6% 7.2%
ADR $102.52 $109.03 ($6.51) (6.0)%
RevPAR $68.84 $68.30 $0.54 0.8%
RevPAR Index 78.5% 78.3% 0.3%
Lodgian, Inc.
Continuing Operations Hotel Portfolio as of May 1, 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
Marietta, GA Holiday Inn 193 [1]
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
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
-------
6,608
=======
[1] Hotel remains closed after fire suffered in January 2006
Lodgian, Inc.
Assets Held for Sale
Location Brand Rooms
-------- ----- -----
Held for sale as of
December 31, 2007
St. Paul/Arden Hills, MN former Holiday Inn 156
Added to held for sale during 2008
first quarter:
Phoenix, AZ Holiday Inn 144
Frisco, CO Holiday Inn 217
East Hartford, CT Holiday Inn 130
Worcester, MA Crowne Plaza 243
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
SOURCE Lodgian, Inc.
