ATLANTA, Dec. 29 /PRNewswire/ -- Lodgian, Inc. (NYSE: LOD) today announced
the sale of two properties -- one hotel under development and one land
parcel -- in line with its asset disposition program implemented primarily to
reduce debt as well as improve working capital. Total proceeds from these two
recent transactions were approximately $18.0 million, bringing total
properties sold in 2000 to 23 and total gross proceeds generated from asset
sales to approximately $209 million.
-- On December 15th, the Company sold a full-service Marriott hotel being
developed in Richmond, Virginia. The hotel is approximately 65 percent
complete, and Lodgian will provide construction management services to
the new owner until the hotel opens.
-- On December 29th, Lodgian sold its land parcel in Anaheim, California.
Lodgian owned this property for approximately three years and the sale
resulted in a modest gain based on its original purchase price.
Lodgian reported earlier that it made its required December 31, 2000,
$25 million debt amortization payment on its primary bank facility through
asset sale proceeds.
About Lodgian
Lodgian, Inc. owns or manages a portfolio of 114 hotels with approximately
21,400 rooms in 32 states and Canada. The hotels are primarily full service,
providing food and beverage service, as well as meeting facilities.
Substantially all of Lodgian's hotels are affiliated with nationally
recognized hospitality brands such as Holiday Inn, Crowne Plaza, Marriott,
Sheraton, and Hilton.
Lodgian's common shares are listed on the New York Stock Exchange under
the symbol LOD. Lodgian is a component of both the Russell 2000(R) Index,
representing small cap stocks, and the Russell 3000(R) Index, representing the
broader market.
Forward-Looking Statements
Note: Statements in this press release that are not strictly historical
are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks, which may cause
the Company's actual results in the future to differ materially from expected
results. These risks include, among others: competition within the lodging
and contract service industries; the relationship between supply and demand
for hotel rooms; the effects of economic conditions; issues associated with
the ongoing integration of the former Servico, Inc. and Impac Hotel Group,
LLC; the acquisition and renovation of existing hotels and the development of
new hotels; operating risks; the cyclical nature of the lodging industry;
risks associated with the dependence on franchisers of the Company's lodging
properties; and the availability of capital to finance planned growth, as
described in the Company's filings with the Securities and Exchange
Commission.
For more information on Lodgian toll-free via fax, dial 1-800-PRO-INFO
(1-800-776-4636), follow the voice menu prompts and enter the company ticker
LOD (or 563) or visit the Lodgian page on the FRB web site at www.frbinc.com .
Visit Lodgian at www.lodgian.com .
SOURCE Lodgian, Inc.
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