EX-99.1 2 g16399exv99w1.htm EX-99.1 EX-99.1
Exhibit 99.1
(LODGIAN LOGO)
For Immediate Release
Contact:
Debi Neary Ethridge
Vice President, Finance & Investor Relations
dethridge@lodgian.com
(404) 365-2719
Lodgian Reports 2008 Third Quarter Results
          ATLANTA, Ga., November 5, 2008—Lodgian, Inc. (AMEX: LGN), one of the nation’s largest independent owners and operators of full-service hotels, today reported results for the 2008 third quarter ended September 30, 2008.
          The company will host an 11 a.m. E.T. conference call today to discuss results.
          The “35 continuing operations hotels” comprise those Lodgian properties that are not held for sale as of September 30, 2008. Lists of properties included in both continuing operations and held for sale are attached to this release.
Third Quarter 2008 Highlights for 35 Continuing Operations hotels
  •   RevPAR index increased 2.4 percentage points to 102.0 percent.
 
  •   Increased Adjusted EBITDA (defined below) from $11.5 million to $11.7 million, a 1.9 percent improvement.
 
  •   Improved Adjusted EBITDA margin from 18.5 percent in 2007 third quarter to 19.0 percent in 2008 third quarter.
 
  •   Reduced corporate overhead by $1.4 million compared to the 2007 third quarter.

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Lodgian
Page 2
Statistics for 35 Continuing Operations Hotels
                         
    3Q   3Q    
    2008*   2007*   % Change
Rooms revenue
   $ 46,679     $ 46,942       -0.6 %
RevPAR
   $ 76.24     $ 76.66       -0.5 %
Total revenue
   $ 61,400     $ 61,933       -0.9 %
Loss from continuing operations
   $ (2,259 )   $ (1,132 )     n/m  
EBITDA
   $ 10,360     $ 9,713       6.7 %
Adjusted EBITDA (defined below)
   $ 11,696     $ 11,483       1.9 %
Consolidated Financial Results
                         
Loss from continuing operations
   $ (2,259 )   $ (1,132 )     n/m  
(Loss)/income from discontinued operations
   $ (3,924 )   $ 1,179       n/m  
Net (loss)/income attributable to common stock
   $ (6,183 )   $ 47       n/m  
Net (loss)/income per share attributable to common stock
   $ (0.29 )   $ 0.00       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; restructuring expenses; gains/losses on debt extinguishment; and casualty (gains)/losses, net, for properties damaged by events such as hurricane, fire or flood.
Corporate Highlights:
  •   Sold one hotel for gross proceeds of $3.3 million.
 
  •   Repurchased approximately 382,000 shares of common stock at an average price of $7.74 per share.

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Lodgian
Page 3
Third Quarter 2008 Results
          Third quarter 2008 total revenue for 35 continuing operations hotels declined 0.9 percent to $61.4 million, compared to the same period in 2007. During the quarter, the displacement of total revenue resulting from renovations at four properties was $0.4 million. Loss from continuing operations was $(2.3) million, compared to $(1.1) million in the 2007 third quarter.
          Net loss attributable to common shares was $(6.2) million, or $(0.29) per share, compared to net income of $47,000, or $0.00 per diluted share in the 2007 third quarter.
          EBITDA from 35 continuing operations hotels improved $0.6 million, or 6.7 percent, to $10.4 million compared to the prior year. Adjusted EBITDA for the same group of properties increased 1.9 percent, from $11.5 million in the third quarter of 2007 to $11.7 million in the 2008 third quarter. Adjusted EBITDA margins for the 35 continuing operations hotels improved 50 basis points to 19.0 percent during the third quarter of 2008 compared to 2007.
Management Comments
          “The current turmoil in the United States economy is having a profound impact on the industry in general, as both corporate and leisure travelers tighten their belts and reduce operating budgets,” said Peter Cyrus, Lodgian interim president and chief executive officer. “This effect was reflected in our third quarter results; however, Lodgian’s 35 continuing operations hotels fared positively compared to competitors in their respective markets. RevPAR index improved 2.4 percent to 102.0 percent, reflecting improved market share in the aggregate.
          “Further, the company’s cost containment efforts at property, regional and corporate levels are also evidenced by the improvement in Adjusted EBITDA margin in the 2008 third quarter compared to the same period last year. Year to date, corporate overhead of $13.1 million was $3.8 million lower than in the first nine months of 2007.”

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Lodgian
Page 4
Asset Disposition Program
          During the quarter, the former Holiday Inn in Marietta, Ga. was sold for gross proceeds of $3.3 million. The net proceeds were used for general corporate purposes.
          As of September 30, 2008, a total of eight properties remained classified as held for sale and were in varying stages of the sale process.
Balance Sheet Update
          As of September 30, 2008, 36 hotels were encumbered as collateral for various mortgage debt facilities totaling approximately $341 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.
          “In connection with the upcoming refinance, we have engaged a mortgage banker and, together with them, we are examining how best to retain flexibility for Lodgian, maximize proceeds and keep the cost of debt as low as possible,” said James MacLennan, executive vice president and chief financial officer.
          During the third quarter of 2008, Lodgian acquired approximately 382,000 shares of common stock at an average price of $7.74 per share, for a total of approximately $3.0 million, as part of its previously announced plan to repurchase up to $10 million of its common shares over a period ending no later than April 15, 2009. The company has acquired a total of 3,757,735 shares, or approximately 15.3 percent of common stock outstanding prior to initiating the repurchase program in May 2006, for a total cost of approximately $39.1 million as of September 30, 2008.

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Lodgian
Page 5
Conference Call
          Lodgian will hold a conference call to discuss its 2008 third quarter results today, November 5, at 11 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, Q3 Earnings Conference Call. A recording of the call will be available by telephone until midnight on Wednesday, November 12 by dialing (800) 405-2236, reference number 11121025. 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; restructuring expenses; gains/losses on debt extinguishment; and casualty losses or gains related to damage to and insurance recoveries for properties damaged by events such as hurricane, fire or flood.

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Lodgian
Page 6
About Lodgian
          Lodgian is one of the largest independent owners and operators of full-service hotels in the United States. The company currently owns and manages a portfolio of 42 hotels with 7,794 rooms located in 23 states and Canada. Of the company’s 42-hotel portfolio, 22 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, Residence Inn by Marriott and Fairfield Inn by Marriott), three are Hilton brands, and four are affiliated with nationally recognized franchisors including Starwood, Wyndham, and Carlson. One hotel is an independent, unbranded property, which is currently closed and held for sale. For more information about Lodgian, visit the company’s Web site: www.lodgian.com.
Forward-Looking Statements
          This press release includes forward-looking statements 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 and other risks detailed from time to time in the company’s SEC reports, including the company’s annual report on Form 10-K for the year ended December 31, 2007. The company undertakes no obligations to update events to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time.
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LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                 
    September 30, 2008     December 31, 2007  
    (Unaudited in thousands, except share data)  
ASSETS
                
Current assets:
                
Cash and cash equivalents
   $ 20,552     $ 54,389  
Cash, restricted
     9,496       8,363  
Accounts receivable (net of allowances: 2008 — $387; 2007 — $323)
     9,889       8,794  
Insurance receivable
     —       2,254  
Inventories
     3,200       3,097  
Prepaid expenses and other current assets
     20,617       18,186  
Assets held for sale
     47,822       8,009  
 
            
Total current assets
     111,576       103,092  
 
                
Property and equipment, net
     446,826       499,986  
Deposits for capital expenditures
     12,370       16,565  
Other assets
     3,789       5,087  
 
            
 
   $ 574,561     $ 624,730  
 
            
 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY
                
 
                
Current liabilities:
                
Accounts payable
   $ 7,148     $ 9,692  
Other accrued liabilities
     26,747       28,336  
Advance deposits
     1,700       1,683  
Insurance advances
     —       2,650  
Current portion of long-term liabilities
     127,668       5,092  
Liabilities related to assets held for sale
     22,537       961  
 
            
Total current liabilities
     185,800       48,414  
 
                
Long-term liabilities
     195,109       355,728  
 
            
Total liabilities
     380,909       404,142  
Commitments and contingencies (Note 8)
                
Stockholders’ equity:
                
Common stock, $.01 par value, 60,000,000 shares authorized; 25,075,837 and 25,008,621 issued at September 30, 2008 and December 31, 2007, respectively
     251       250  
Additional paid-in capital
     330,561       329,694  
Accumulated deficit
     (100,596 )     (93,262 )
Accumulated other comprehensive income
     3,083       4,115  
Treasury stock, at cost, 3,420,475 and 1,709,878 shares at September 30, 2008 and December 31, 2007, respectively
     (39,647 )     (20,209 )
 
            
Total stockholders’ equity
     193,652       220,588  
 
            
 
   $ 574,561     $ 624,730  
 
            

 

 

LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 
    Three Months Ended September 30,     Nine Months Ended September 30,  
    2008     2007     2008     2007  
    (Unaudited in thousands, except per share data)  
 
                                
Revenues:
                                
Rooms
   $ 46,679     $ 46,942     $ 139,891     $ 138,987  
Food and beverage
     12,545       12,857       40,011       40,660  
Other
     2,176       2,134       6,376       5,933  
 
                        
Total revenues
     61,400       61,933       186,278       185,580  
 
                        
 
                                
Direct operating expenses:
                                
Rooms
     12,200       11,997       35,562       34,336  
Food and beverage
     9,070       9,432       27,740       28,185  
Other
     1,548       1,512       4,473       4,216  
 
                        
Total direct operating expenses
     22,818       22,941       67,775       66,737  
 
                        
 
     38,582       38,992       118,503       118,843  
 
                                
Other operating expenses:
                                
Other hotel operating costs
     18,287       17,847       53,885       52,339  
Property and other taxes, insurance, and leases
     4,226       4,087       12,338       13,329  
Corporate and other
     4,373       5,575       13,742       17,144  
Casualty gains, net
     (57 )     —       (57 )     (1,867 )
Restructuring
     —       1,258       —       1,258  
Depreciation and amortization
     8,120       7,226       23,578       21,301  
Impairment of long-lived assets
     1,393       512       9,114       826  
 
                        
Total other operating expenses
     36,342       36,505       112,600       104,330  
 
                        
Operating income
     2,240       2,487       5,903       14,513  
 
                                
Other income (expenses):
                                
Interest income and other
     241       1,312       907       3,031  
Interest expense
     (4,821 )     (5,958 )     (14,768 )     (17,380 )
Loss on debt extinguishment
     —       —       —       (3,330 )
 
                        
Loss  before income taxes and minority interests
     (2,340 )     (2,159 )     (7,958 )     (3,166 )
Minority interests (net of taxes, nil)
     —       —       —       (421 )
Benefit (provision) for income taxes — continuing operations
     81       1,027       (6 )     2,106  
 
                        
Loss from continuing operations
     (2,259 )     (1,132 )     (7,964 )     (1,481 )
 
                        
 
                                
Discontinued operations:
                                
(Loss) income from discontinued operations before income taxes
     (3,870 )     1,818       759       3,779  
Provision for income taxes — discontinued operations
     (54 )     (639 )     (129 )     (2,671 )
 
                        
(Loss) income from discontinued operations
     (3,924 )     1,179       630       1,108  
 
                        
 
                                
Net (loss) income  attributable to common stock
   $ (6,183 )   $ 47     $ (7,334 )   $ (373 )
 
                        
 
                                
Basic net loss per share attributable to common stock
   $ (0.29 )   $ —     $ (0.33 )   $ (0.02 )
 
                        
Diluted net loss per share attributable to common stock
   $ (0.29 )   $ —     $ (0.33 )   $ (0.02 )
 
                        

 

 

LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
                                                                 
    2008     2007     2006  
    Third     Second     First     Fourth     Third     Second     First     Fourth  
    Quarter     Quarter     Quarter     Quarter     Quarter     Quarter     Quarter     Quarter  
    (Unaudited in thousands)  
Revenues:
                                                                
Rooms
   $ 46,679     $ 49,364     $ 43,848     $ 40,730     $ 46,942     $ 49,224     $ 42,821     $ 39,510  
Food and beverage
     12,545       15,404       12,062       14,429       12,857       15,323       12,480       13,670  
Other
     2,176       2,138       2,062       1,819       2,134       2,131       1,668       1,775  
 
                                                
 
     61,400       66,906       57,972       56,978       61,933       66,678       56,969       54,955  
 
                                                
Direct operating expenses:
                                                                
Rooms
     12,200       12,179       11,183       10,497       11,997       11,725       10,614       10,481  
Food and beverage
     9,070       9,851       8,819       9,054       9,432       9,918       8,835       9,161  
Other
     1,548       1,537       1,388       1,288       1,512       1,462       1,242       1,275  
 
                                                
 
     22,818       23,567       21,390       20,839       22,941       23,105       20,691       20,917  
 
                                                
 
     38,582       43,339       36,582       36,139       38,992       43,573       36,278       34,038  
 
                                                                
Other operating expenses:
                                                                
Other hotel operating costs
     18,287       17,719       17,879       16,285       17,847       17,603       16,889       15,433  
Property and other taxes, insurance and leases
     4,226       3,760       4,352       4,334       4,087       4,418       4,824       4,578  
Corporate and other
     4,373       3,484       5,885       4,248       5,575       5,906       5,663       4,936  
Casualty (gain) losses, net
     (57 )     —       —       —       —       —       (1,867 )     —  
Restructuring
     —       —       —       (25 )     1,258       —       —       —  
Depreciation and amortization
     8,120       7,989       7,469       7,464       7,226       7,098       6,977       6,972  
Impairment of long-lived assets
     1,393       5,580       2,141       796       512       155       159       147  
 
                                                
Other operating expenses
     36,342       38,532       37,726       33,102       36,505       35,180       32,645       32,066  
 
                                                
Operating income (loss)
     2,240       4,807       (1,144 )     3,037       2,487       8,393       3,633       1,972  
 
                                                                
Other income (expenses):
                                                                
Business interruption insurance proceeds
     —       —       —       —       —       —       —       (47 )
Interest income and other
     241       276       390       912       1,312       807       912       651  
Interest expense
     (4,821 )     (4,775 )     (5,172 )     (5,790 )     (5,958 )     (6,044 )     (5,378 )     (5,452 )
Loss on debt extinguishment
     —       —       —       —       —       (3,330 )     —       —  
 
                                                
(Loss) income before income taxes and minority interests
     (2,340 )     308       (5,926 )     (1,841 )     (2,159 )     (174 )     (833 )     (2,876 )
Minority interests (net of taxes, nil)
     —       —       —       —       —       (56 )     (365 )     335  
 
                                                
(Loss) income before income taxes — continuing operations
     (2,340 )     308       (5,926 )     (1,841 )     (2,159 )     (230 )     (1,198 )     (2,541 )
Benefit (provision) for income taxes — continuing operations
     81       (24 )     (63 )     (2,262 )     1,027       372       707       (9,154 )
 
                                                
(Loss) income from continuing operations
     (2,259 )     284       (5,989 )     (4,103 )     (1,132 )     142       (491 )     (11,695 )
 
                                                
Discontinued operations:
                                                                
(Loss) income from discontinued operations before income taxes
     (3,870 )     5,986       (1,357 )     (5,824 )     1,818       (248 )     2,209       (13,527 )
Provision (benefit) for income taxes
     (54 )     97       (172 )     1,854       (639 )     (157 )     (1,875 )     4,509  
 
                                                
(Loss) income from discontinued operations
     (3,924 )     6,083       (1,529 )     (3,970 )     1,179       (405 )     334       (9,018 )
 
                                                
Net (loss) income attributable to common stock
   $ (6,183 )   $ 6,367     $ (7,518 )   $ (8,073 )   $ 47     $ (263 )   $ (157 )   $ (20,713 )
 
                                                

 

 

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 September 30,     Nine Months Ended September 30,  
    2008     2007     2008     2007  
    ($ in thousands)     ($ in thousands)  
Continuing operations:
                                
Income (loss) from continuing operations
   $ (2,259 )   $ (1,132 )   $ (7,964 )   $ (1,481 )
Depreciation and amortization
     8,120       7,226       23,578       21,301  
Interest income
     (241 )     (1,312 )     (907 )     (3,031 )
Interest expense
     4,821       5,958       14,768       17,380  
Provision (benefit) for income taxes
     (81 )     (1,027 )     6       (2,106 )
 
                        
EBITDA from continuing operations
   $ 10,360     $ 9,713     $ 29,481     $ 32,063  
 
                        
Adjustments to EBITDA:
                                
Impairment of long-lived assets
   $ 1,393     $ 512     $ 9,114     $ 826  
Restructuring expenses
     —       1,258       —       1,258  
Casualty (gains) losses, net
     (57 )     —       (57 )     (1,867 )
(Gain) loss on debt extinguishment
     —       —       —       3,330  
 
                        
Adjusted EBITDA from continuing operations
   $ 11,696     $ 11,483     $ 38,538     $ 35,610  
 
                        

 

 

 
Lodgian, Inc.
Summary of Mortgage Debt as of September 30, 2008
(in $ thousands)
                         
    Number     Debt     Maturity    
    of Hotels     Balance     Date   Interest rate
 
                        
Mortgage Debt
                        
IXIS
     3     $ 21,052     Mar-09[1]   LIBOR plus 2.95%, capped at 8.45%
IXIS
     1       18,588     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
     4       39,715     Jul-09   6.58%
Merrill Lynch Mortgage Lending, Inc. — Fixed #3
     8       60,814     Jul-09   6.58%
Merrill Lynch Mortgage Lending, Inc. — Fixed #4
     6       36,183     Jul-09   6.58%
Wachovia- Pinehurst
     1       3,005     Jun-10   5.78%
Wachovia- Phoenix West
     1       9,527     Jan-11   6.03%
Wachovia- Palm Desert
     1       5,797     Feb-11   6.04%
Wachovia- Worcester
     1       16,585     Feb-11   6.04%
 
                  
Total Mortgage Debt
     36     $ 341,266         5.40% [3]
 
                    
 
[1] —   Upon the satisfaction of certain conditions, two one-year extension options are available beyond the maturity date
 
[2] —   Upon the satisfaction of certain conditions, three one-year extension options are available beyond the maturity date
 
[3] —   Annual effective weighted average cost of debt at September 30, 2008.

 

 

Lodgian, Inc.
2008 Supplemental Operating Information
                                                 
                    Three Months Ended    
Hotel   Room       September 30,    
Count   Count       2008   2007   Increase (Decrease)
  35       6,654    
All Continuing Operations
                                
               
Occupancy
     71.7 %     71.9 %             (0.3 )%
               
ADR
   $ 106.37     $ 106.58       ($0.21 )     (0.2 )%
               
RevPAR
   $ 76.24     $ 76.66       ($0.42 )     (0.5 )%
               
RevPAR Index
     102.0 %     99.6 %             2.4 %
  30       5,763    
Continuing Operations less hotels under renovation in the third quarter 2007 and 2008
                                
               
Occupancy
     72.4 %     74.2 %             (2.4 )%
               
ADR
   $ 107.97     $ 108.15       ($0.18 )     (0.2 )%
               
RevPAR
   $ 78.16     $ 80.30       ($2.14 )     (2.7 )%
               
RevPAR Index
     103.1 %     102.6 %             0.5 %
  12       1,397    
Marriott Hotels
                                
               
Occupancy
     77.1 %     74.9 %             2.9 %
               
ADR
   $ 114.09     $ 113.27     $ 0.82       0.7 %
               
RevPAR
   $ 87.99     $ 84.83     $ 3.16       3.7 %
               
RevPAR Index
     110.5 %     111.1 %             (0.5 )%
  2       396    
Hilton Hotels
                                
               
Occupancy
     68.3 %     74.9 %             (8.8 )%
               
ADR
   $ 112.15     $ 108.55     $ 3.60       3.3 %
               
RevPAR
   $ 76.63     $ 81.28       ($4.65 )     (5.7 )%
               
RevPAR Index
     100.2 %     98.7 %             1.5 %
  17       3,986    
IHG Hotels
                                
               
Occupancy
     71.0 %     73.2 %             (3.0 )%
               
ADR
   $ 106.20     $ 106.57       ($0.37 )     (0.3 )%
               
RevPAR
   $ 75.42     $ 77.99       ($2.57 )     (3.3 )%
               
RevPAR Index
     102.6 %     99.5 %             3.1 %
  4       875    
Other Brands
                                
               
Occupancy
     67.5 %     60.1 %             12.3 %
               
ADR
   $ 90.44     $ 92.24       ($1.80 )     (2.0 )%
               
RevPAR
   $ 61.02     $ 55.46     $ 5.56       10.0 %
               
RevPAR Index
     87.0 %     79.8 %             9.0 %

 

 

Lodgian, Inc.
2008 Supplemental Operating Information
                                                 
                    Nine Months Ended    
Hotel   Room       September 30,    
Count   Count       2008   2007   Increase (Decrease)
  35       6,654    
All Continuing Operations
                                
               
Occupancy
     71.1 %     70.2 %             1.3 %
               
ADR
   $ 107.81     $ 108.89       ($1.08 )     (1.0 )%
               
RevPAR
   $ 76.69     $ 76.49     $ 0.20       0.3 %
               
RevPAR Index
     99.7 %     98.3 %             1.4 %
  25       4,577    
Continuing Operations less hotels under renovation in the first, second and third quarters 2007 and 2008
                                
               
Occupancy
     71.9 %     71.0 %             1.3 %
               
ADR
   $ 104.58     $ 104.61       ($0.03 )     0.0 %
               
RevPAR
   $ 75.22     $ 74.29     $ 0.93       1.3 %
               
RevPAR Index
     99.4 %     97.3 %             2.2 %
  12       1,397    
Marriott Hotels
                                
               
Occupancy
     73.7 %     72.3 %             1.9 %
               
ADR
   $ 113.68     $ 114.12       ($0.44 )     (0.4 )%
               
RevPAR
   $ 83.79     $ 82.52     $ 1.27       1.5 %
               
RevPAR Index
     110.7 %     112.9 %             (1.9 )%
  2       396    
Hilton Hotels
                                
               
Occupancy
     66.7 %     68.0 %             (1.9 )%
               
ADR
   $ 112.44     $ 111.33     $ 1.11       1.0 %
               
RevPAR
   $ 74.96     $ 75.66       ($0.70 )     (0.9 )%
               
RevPAR Index
     98.4 %     96.1 %             2.4 %
  17       3,986    
IHG Hotels
                                
               
Occupancy
     71.3 %     71.3 %             0.0 %
               
ADR
   $ 107.63     $ 108.64       ($1.01 )     (0.9 )%
               
RevPAR
   $ 76.71     $ 77.41       ($0.70 )     (0.9 )%
               
RevPAR Index
     99.8 %     97.3 %             2.6 %
  4       875    
Other Brands
                                
               
Occupancy
     68.4 %     63.4 %             7.9 %
               
ADR
   $ 96.54     $ 99.44       ($2.90 )     (2.9 )%
               
RevPAR
   $ 66.05     $ 63.00     $ 3.05       4.8 %
               
RevPAR Index
     83.1 %     80.2 %             3.6 %

 

 

Lodgian, Inc.
Continuing Operations Hotel Portfolio as of September 30, 2008
             
Location   Brand   Rooms
Bentonville, AR
  Courtyard by Marriott     90  
Little Rock, AR
  Residence Inn by Marriott     96  
Phoenix, AZ
  Crowne Plaza     295  
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  
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  
Worcester, MA
  Crowne Plaza     243  
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     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  
 
           
 
        6,654  
 
           

 

 

Lodgian, Inc.
Assets Held for Sale
             
Location   Brand   Rooms
Phoenix, AZ
  Holiday Inn     144  
Frisco, CO
  Holiday Inn     217  
East Hartford, CT
  Holiday Inn     130  
Glen Burnie, MD
  Holiday Inn     127 [1]
Towson, MD
  Holiday Inn     139  
Troy, MI
  Hilton     191  
Memphis, TN
  Independent     105  
Windsor, Ontario, Canada
  Holiday Inn Select     214  
 
[1] -   Property sold on October 9, 2008