Hotel News Resource - Lodgian Hotel Industry News

Lodgian, Inc. (NYSE Amex Equities: LGN) today announced that the audit report of its independent registered public accounting firm, Deloitte & Touche LLP, included in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, while expressing an unqualified opinion regarding the company's audited financial statements, identified matters which raise substantial doubt about the company's ability to continue as a going concern.

Fourth quarter 2009 total revenue for our 33 continuing operations hotels declined approximately 18.2 percent to $41.8 million, compared to the 2008 fourth quarter.

Lodgian, Inc. (NYSE Alternext US:LGN) announced it has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds (Lone Star), in a transaction valued at approximately $270 million, including assumed debt.

Third quarter 2009 total revenue for continuing operations declined 17.6 percent to $50.6 million, compared to the same period in 2008.

Lodgian Reports 2009 Second Quarter Results

Obtains 30-day extension on mortgage pool, continues negotiations for longer-term solution

Peter T. Cyrus Resigns as Interim President and Chief Executive Officer and Member of Board of Directors

First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period.

The audit report raised substantial doubt about the company's ability to continue as a going concern because approximately $128 million of the company's mortgage debt is scheduled to mature in July 2009.

Fourth quarter 2008 total revenue for 35 continuing operations hotels declined approximately 5.0 percent to $54.2 million, compared to the 2007 fourth quarter.