Four Additional Hotels Under Contract, Expected to be Sold Later This Year
Lodgian, Inc. (AMEX:LGN) announced the sale of 16 hotels to Atlanta-based Kronos Hotels & Resorts for an aggregate sales price of $64.9 million. The purchaser has signed an agreement to buy one additional hotel, which is expected to be consummated later this year. Twenty of the 27 non-core hotels, whose planned disposition was announced in November 2006, have now been sold. Of the remaining seven non-core assets, four are currently under contract and the remaining three properties are being actively marketed.
According to Ed Rohling, chief executive officer of Lodgian, "This transaction is a major part of the execution of our plan to streamline the portfolio."
1) Holiday Inn Sheffield, AL 202
2) Holiday Inn Express Dothan, AL 112
3) Holiday Inn Pensacola, FL 152
4) Holiday Inn Express Pensacola, FL 122
5) Holiday Inn Winter Haven, FL 228
6) Holiday Inn Lansing, MI 244
7) Holiday Inn Lancaster, PA 189
8) Holiday Inn Greentree Pittsburgh, PA 201
9) Holiday Inn York, PA 100
10) Crowne Plaza Cedar Rapids, IA 275
11) Clarion Hotel Louisville, KY 393
12) Quality Inn Dothan, AL 102
13) Ramada Charleston, SC 197
14) Ramada Plaza Macon, GA 297
15) Park Inn Brunswick, GA 126
16) Augusta West Inn Augusta, GA 117
Total rooms: 3,057
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