-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QffSCtg99QhnUyrJw4R6ISKHdqNu/xDhZZ8DJ7woHMwNo+Oo3Unhv7OZljW3udLd z78w28oeoOBzp//5tqVB3Q== /in/edgar/work/0000914121-00-000863/0000914121-00-000863.txt : 20001023 0000914121-00-000863.hdr.sgml : 20001023 ACCESSION NUMBER: 0000914121-00-000863 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001020 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LODGIAN INC CENTRAL INDEX KEY: 0001066138 STANDARD INDUSTRIAL CLASSIFICATION: [7011 ] IRS NUMBER: 522093696 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14537 FILM NUMBER: 743565 BUSINESS ADDRESS: STREET 1: 3445 PEACHTREE ROAD N E SUITE 700 CITY: ATLANTA STATE: CA ZIP: 30326 BUSINESS PHONE: 4043649400 MAIL ADDRESS: STREET 1: 3445 PEACHTREE ROAD N E SUITE 700 CITY: ATLANTA STATE: CA ZIP: 30326 8-K 1 0001.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 -------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 -------------------- Date of Report: October 20, 2000 LODGIAN, INC. --------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 001-14537 52-2093696 - ---------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification Number) 3445 Peachtree Road, N.E., Suite 700, Atlanta, Georgia 30326 - ------------------------------------------------------ ---------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (404) 364-9400 ITEM 5. OTHER EVENTS. On October 20, 2000, Lodgian, Inc.(the "Company") held its 2000 annual shareholders meeting at the Resource Forum, 3340 Peachtree Road, 1000 Tower Place, Atlanta, Georgia 30326. Following the meeting, the Company issued the press release attached hereto as Exhibit 99-1 At the meeting, Robert Cole, CEO and President of the Company, made a presentation to shareholders. A copy of Mr. Cole's slide presentation is attached hereto as Exhibit 99-2. ITEM 7. EXHIBITS. EX. 99-1 Press Release dated October 20, 2000. EX. 99-2 Slide Presentation dated October 20, 2000. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. LODGIAN, INC. By /s/ Robert S. Cole ------------------------------------- Name: Robert S. Cole Title: President and Chief Executive Officer Date: October 20, 2000 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99-1 Press Release dated October 20, 2000 99-2 Slide Presentation dated October 20, 2000 EX-99.1 2 0002.txt PRESS RELEASE DATED OCTOBER 20, 2000 LODGIAN, INC. 3445 PEACHTREE ROAD ATLANTA, GA 30326 www.lodgian.com [GRAPHIC OMITTED] LODGIAN : LOD NYSE
AT LODGIAN, INC. AT THE FINANCIAL RELATIONS BOARD / BSMG (www.frbinc.com) Robert Cole Thomas Eppich Leslie Hunziker Georganne Palffy Chief Executive Officer Chief Financial Officer General Information Analysts/Investors rcole@lodgian.com teppich@lodgian.com lhunziker@frb.bsmg.com gpalffy@frb.bsmg.com (404) 365-3800 (404) 365-4469 (312) 640-6760 (312) 640-6768
FOR IMMEDIATE RELEASE FRIDAY, OCTOBER 20, 2000 LODGIAN HOSTS ANNUAL MEETING ATLANTA - OCTOBER 20, 2000 - LODGIAN, INC. (NYSE: LOD) held its annual meeting of shareholders in Atlanta today. Shareholders voted to elect two Class II directors to serve for three-year terms expiring at the 2003 annual meeting of shareholders, and to consider a proposal by William J. Yung and his affiliates that the stockholders adopt a resolution to repeal any provisions or amendments of the By-laws of the Company adopted by the Board without shareholder approval subsequent to March 9, 2000, and prior to the annual meeting. At the conclusion of the annual meeting, Lodgian, Inc. stated that voting results would be announced once the independent inspectors of election have tabulated and certified the vote, which is expected to occur in approximately 10 days. "I would like to take this opportunity to thank not only our shareholders for their patience, trust and support, but our 10,000-plus associates as well. It has been a very long and distracting proxy contest that we are glad is now behind us. It is now time to move forward and focus on the Company's sale process that has been initiated," said Robert Cole, CEO. ABOUT LODGIAN Lodgian, Inc. owns or manages a portfolio of 128 hotels with approximately 24,000 rooms in 35 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, Hilton and Westin. 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 Index, representing small cap stocks, and the Russell 3000 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, 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 -------------- EX-99.2 3 0003.txt SLIDE PRESENTATION DATED OCTOBER 20, 2000 [Graphic Omitted] LODGIAN October 20, 2000 Annual Shareholders Meeting AGENDA - -------------------------------------------------------------------------------- * Overview of Lodgian * Summary of Recent Operating Results * Key Accomplishments to Date * Renovation & Repositioning Update * Summary of Existing Strategy Who Is Lodgian? - -------------------------------------------------------------------------------- [Graphic Omitted] Crowne Plaza, Albany, NY * 117 hotels * 21,922 rooms * Over 10,000 Associates * More than $1.2 Billion in assets PREMIUM NATIONAL BRANDS - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN HOTELS RESORTS 55.6% HOLIDAY INN SELECT(R) CROWNE PLAZA HOTELS RESORTS 9.4% MARRIOTT HOTELS RESORTS SUITES 14.5% HILTON 3.4% SHERATON HOTELS & RESORTS 3.4% OTHER 13.7% Other includes - -------------- WESTIN HOTELS & RESORTS RADISSON HOTELS WORLDWIDE DOUBLETREE HOTELS SUITES RESORTS CLUBS INDEPENDENT REVPAR - 2000 - -------------------------------------------------------------------------------- Increase vs. Last Year [Graphic Omitted] 1999 2000 ---- ---- Q1 43.66 44.96 Q2 52.03 53.36 Q3 53.36 56.57(est.) *Q1 and Q2 consisted of 140,000 room nights out of order due to renovation EBITDA - -------------------------------------------------------------------------------- [Graphic Omitted] In millions -------- 1998 134* 1999 147 2000 150(est.) * Proforma Includes hotels sold during each year [Graphic Omitted] LODGIAN - -------------------------------------------------------------------------------- Key Accomplishments Year-to-Date - -------------------------------------------------------------------------------- Asset Sales -- Paying Down Debt - -------------------------------------------------------------------------------- 2000 Year to date asset sales Comfort Suites - Greenville February $ 2.9m Sheraton - West Palm Beach February $ 16.5m Office Unit/Condos - Silver Springs April $ 4.5m Comfort Inn - San Antonio April $ 4.5m Holiday Inn - St. Louis West April $ 3.325m Holiday Inn Express - Nashville May $ 2.9m Sunstone - 10 Properties August $132m Holiday Inn Express - Ft. Pierce September $ 2.5m 17 TOTAL PROPERTIES $169.1m TOTAL DEBT PAID DOWN $134.0m Financial Reporting Improvements - -------------------------------------------------------------------------------- * Developed and implemented over 30 new internal control policies * Reorganized accounting departments * Improved quality and quantity of accounting personnel * Substantially current in reconciling significant accounts * Systems integration substantially complete * Executing financial executive recruitment plan Timeline for Filings - -------------------------------------------------------------------------------- Q1 2000 - 10Q Nov. 30, 2000 Q2 2000 - 10Q Nov. 30, 2000 Q3 2000 - 10Q Dec. 31, 2000 2000 - 10K Mar. 31, 2001 Overhead Reductions - -------------------------------------------------------------------------------- * Eliminated 91 full time positions from corporate overhead * Annualized savings of approximately $6 million * Streamlined regional offices, revenue center operation, human resources, IT, among other areas Associate Satisfaction Improvements - -------------------------------------------------------------------------------- Increase from 3.00 (Oct 1999) to 3.04 (June 2000) in ASI score * 93% of employees feel they are allowed to do whatever it takes to satisfy the guest * 91% of employees say they are proud to work for their respective hotels * 90% of employees say hotel management support them when they try to satisfy the guest * 80% of employees say their benefits are as good as other hotels (16% improvement from 1999) Quality Awards - -------------------------------------------------------------------------------- * Bass Hotels & Resorts: * "Torchbearer" - Holiday Inn, Fairmont WV * "Quality Excellence" - Holiday Inn, Clarksburg, WV * "Most Improved GSTS Score" - Holiday Inn, Miami FL * "General Manager of the Year" - Holiday Inn, Austin TX * Marriott International: * "Highest Quality Score" - Courtyard, Bentonville AR * "Platinum Status Award" - Courtyard, Bentonville AR * "Best New Opening" - Marriott, Denver CO * Other: * "AAA - 4 Diamond Award" - Mayfair House, Coconut Grove FL [Graphic Omitted] LODGIAN - -------------------------------------------------------------------------------- Renovation & Repositioning Update - -------------------------------------------------------------------------------- Hotels Undergoing or Recently Received Major Renovation - 2000 - -------------------------------------------------------------------------------- * Crowne Plaza, Albany NY * Holiday Inn, Lancaster PA * Holiday Inn, Belmont MD * Holiday Inn, Greentree PA * Holiday Inn, BWI Airport MD * Holiday Inn, Rolling Meadows NY * Holiday Inn, Cromwell Bridge MD * Crowne Plaza, West Palm Beach FL * Holiday Inn, Inner Harbor MD * Holiday Inn, York PA * Holiday Inn, E. Hartford CT * Holiday Inn, Jekyll Island GA * Holiday Inn, Frederick MD * Hilton Inn, Columbia MD * Holiday Inn, Glen Burnie MD * Holiday Inn Select, Niagra Falls NY * Holiday Inn, Hilton Head * Holiday Inn, Grand Island NY Capital Expenditures 2000 - -------------------------------------------------------------------------------- [Graphic Omitted] $52 million spent through June $77 million estimated at year end COMFORT IN - BOSTON, MA (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] COURTYARD by MARRIOTT - BOSTON, MA (After) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN - FREDERICK, MD (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN - FREDERICK, MD (After) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY IN BWI AIRPORT - BALTIMORE, MD (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY IN BWI AIRPORT - BALTIMORE, MD (After) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN INNER HARBOR - BALTIMORE, MD (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN INNER HARBOR - BALTIMORE, MD (After) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN - BELMONT, MD (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] HOLIDAY INN - BELMONT, MD (After) - -------------------------------------------------------------------------------- [Graphic Omitted] CROWNE PLAZA - WEST PALM BEACH (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] CROWNE PLAZA - WEST PALM BEACH (After) - -------------------------------------------------------------------------------- [Graphic Omitted] CROWNE PLAZA - ALBANY (Before) - -------------------------------------------------------------------------------- [Graphic Omitted] CROWNE PLAZA - ALBANY (After) - -------------------------------------------------------------------------------- [Graphic Omitted] [Graphic Omitted] LODGIAN - -------------------------------------------------------------------------------- Summary of Existing Strategy - -------------------------------------------------------------------------------- Existing Strategy - -------------------------------------------------------------------------------- * Maximize Shareholder Value through Competitive Sale Process * Financial Reporting & Accounting Areas Improved * Continued Asset Sales/Debt Reduction * Continue Improving Quality of our Hotels * Internal Growth through Repositioning Efforts [Graphic Omitted] -----END PRIVACY-ENHANCED MESSAGE-----