8-K

United States
Securities And Exchange Commission

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 6, 2009

Lodgian, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-14537	52-2093696
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

3445 Peachtree Road, N.E., Suite 700
Atlanta, GA 30326
(Address of principal executive offices)

(404) 364-9400
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2009, Lodgian, Inc. issued a press release announcing its results for the quarter ended March 31, 2009. A copy of this press release is attached as Exhibit 99.1 and is incorporated by reference into this item.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Lodgian, Inc.
Dated: May 6, 2009	By:	/s/ Daniel E. Ellis
		Daniel E. Ellis
		Senior Vice President, General Counsel and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press Release of Lodgian, Inc. dated May 6, 2009.

EX-99.1

Exhibit 99.1

For Immediate Release
Contact:
Debi Neary Ethridge
Vice President, Finance & Investor Relations
dethridge@lodgian.com
(404) 365-2719

Lodgian Reports 2009 First Quarter Results

     ATLANTA, Ga., May 6, 2009—Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation’s largest independent hotel owners and operators, today reported results for the 2009 first quarter ended March 31, 2009.

     The company will host a 10 a.m. Eastern time conference call today to discuss results for the 2009 first quarter.

     The “35 continuing operations hotels” comprise those Lodgian properties that were not held for sale as of March 31, 2009. Lists of properties, both continuing operations and held for sale, are attached to this press release.

First Quarter 2009 Highlights

• Revenue per available room (RevPAR) Index (performance compared to pre-defined competitors in the markets in which the company operates) held steady in a highly competitive market.

• Reduced corporate overhead by $1.8 million compared to the 2008 first quarter, of which $1.1 million related to severance costs incurred in 2008.

• Sold one hotel in the 2009 first quarter and a second hotel early in the 2009 second quarter.

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Statistics for 35 Continuing Operations Hotels

	1Q			1Q
	2009*			2008*			% Change
Rooms revenue	$	36,635		$	43,848			-16.5	%
RevPAR	$	61.17		$	72.37			-15.5	%
Total revenue	$	49,176		$	57,972			-15.2	%
Loss from continuing operations	$	(6,131	)	$	(5,989	)		-2.4	%
EBITDA	$	6,328		$	6,325			0.0	%
Adjusted EBITDA (defined below)	$	6,874		$	8,466			-18.8	%
Consolidated Financial Results
Loss from continuing operations	$	(6,131	)	$	(5,989	)		-2.4	%
Loss from discontinued operations	$	(951	)	$	(1,529	)		37.8	%
Net loss attributable to common stock	$	(6,922	)	$	(7,518	)		7.9	%
Net loss per share attributable to common stock	$	(0.32	)	$	(0.33	)		3.0	%

*	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.

First Quarter 2009 Results

     First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period. During the 2009 first quarter, the displacement of total revenue resulting from renovations at three properties was $0.7 million, compared to $0.9 million in the 2008 first quarter. Loss from continuing operations was $(6.1) million in the 2009 first quarter, compared to $(6.0) million in the 2008 first quarter.

     Net loss attributable to common shares was $(6.9) million, or $(0.32) per diluted share in the 2009 first quarter, compared to a net loss of $(7.5) million, or $(0.33) per diluted share in the 2008 first quarter.

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     EBITDA from continuing operations was flat to the prior year’s first quarter at $6.3 million. Adjusted EBITDA for the same group of properties decreased 18.8 percent, from $8.5 million in the 2008 first quarter to $6.9 million in the 2009 first quarter. Adjusted EBITDA margins for the continuing operations hotels decreased by 60 basis points to 14.0 percent during the 2009 first quarter compared to the 2008 first quarter, due to lower revenues.

Management Comments

     “Our hotels fared reasonably well in a poor market in January and February, posting RevPAR Index increases in each of those two months, giving us 10 consecutive months of improvement,” said Peter Cyrus, Lodgian interim president and chief executive officer. “Discount pricing intensified in March, resulting in a relatively flat RevPAR Index for the quarter, off just 20 basis points compared to the 2008 first quarter,” he said.

     “We continue to be very focused on cost control and revenue improvement. In the first quarter, we reduced total rooms payroll by over 10 percent and increased our food and beverage margins by 260 basis points,” he said. “We have renegotiated pricing with numerous vendors at both the corporate and property levels and are beginning to see the benefits of those efforts.”

Asset Disposition Program

     During the first quarter, the Holiday Inn in East Hartford, Conn. was sold for gross proceeds of $3.5 million. There were no net proceeds from the sale of this hotel due to seller financing and the cost of buying out the land lease.

     Following the close of the first quarter, the Holiday Inn Select in Windsor, Ontario was sold for gross proceeds of CAD$7.0 million (USD$5.6 million). The net proceeds of USD$5.2 million were used for general corporate purposes.

Lodgian
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     As of May 1, 2009, a total of four properties remained classified as held for sale and were in varying stages of the sale process. One of these hotels is the Holiday Inn in Phoenix, Ariz. To date, the company’s efforts to sell this property have been unsuccessful, and the hotel’s operating performance continues to decline, primarily due to oversupply in the local market. Management has concluded that the hotel’s market value is less than the $9.4 million of mortgage debt which encumbers the property. Accordingly, the company recently began discussions with the lender aimed at returning the property on a consensual basis by a deed in lieu of foreclosure. The mortgage debt on this hotel is non-recourse to Lodgian, except in certain limited circumstances and is not cross-collateralized with any other of the company’s mortgage debt. The company does not believe the debt recourse provisions of this loan will be triggered by this transaction.

Balance Sheet Update

     As of March 31, 2009, 35 hotels were encumbered as collateral for various mortgage debt facilities totaling approximately $331.5 million. A summary of mortgage debt facilities is included in the supplemental information attached to this release.

     “In connection with the upcoming debt maturities in July 2009, we continue to pursue a number of options, including refinancing of the existing encumbered hotels, financing certain unencumbered assets and seeking an extension of the current facilities,” said James MacLennan, executive vice president and chief financial officer.

     “To date, however, we have been unable to secure refinancing, and we expect it will remain difficult to refinance the debt prior to the July 1 maturity date. We are currently engaged in discussions with the servicers of the maturing debt to seek extensions to allow us additional time to secure financing. We cannot currently predict whether our efforts to obtain extensions will be successful.”

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Reverse Stock Split Update

     On April 29, 2009, the company’s shareholders approved a reverse split of the company’s common stock at split ratios ranging from 1-for-5 to 1-for-10 in half share increments. However, at this time, the Board of Directors has elected to defer a decision on effecting the reverse stock split pending resolution of the company’s efforts to extend or refinance the debt that matures in July of this year.

Conference Call

     Lodgian will hold a conference call to discuss its 2009 first quarter results today, May 6, 2009 at 10 a.m. Eastern time. To hear the webcast, interested parties may visit the company’s website at www.lodgian.com and click on Investor Relations and then Webcast, Q1 Earnings Conference Call. A recording of the call will be available by telephone until midnight on Wednesday, May 13, 2009 by dialing (800) 405-2236, reference number 11129330. A replay of the conference call will be posted on Lodgian’s website.

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.

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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.

RevPAR Index

     RevPAR Index is computed by dividing the company’s RevPAR for a particular period by the market’s RevPAR over the same period. To derive the market’s RevPAR, we identify the hotels that the company considers to be competing hotels for each market in which the company operates. The group of hotels in each market is known as the competitive set. We then obtain RevPAR for each competitive set from Smith Travel Research, a leading provider of lodging industry data. We believe that RevPAR Index is a meaningful indicator of our performance because it measures our hotels in relation to our competitors. We use RevPAR Index to determine if our hotels are increasing market share, which is one of our key business objectives.

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 39 hotels with 7,218 rooms located in 22 states. Of the company’s 39-hotel portfolio, 19 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), two are Hilton brands, and five are affiliated with other nationally recognized franchisors including Starwood, Wyndham and Carlson. One hotel

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Page 7

is an independent, unbranded property, which is currently closed and held for sale. For more information about Lodgian, visit the company’s website: www.lodgian.com.

Forward-Looking Statements

     This press release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding Lodgian’s future financial position, business strategy, projected performance and financing needs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Lodgian and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company’s ability to control or predict. Such factors include, but are not limited to, the effects of regional, national and international economic conditions, our ability to refinance mortgage debt that matures on July 1, 2009, competitive conditions in the lodging industry and increases in room supply, requirements of franchise agreements (including the right of franchisors to immediately terminate their respective agreements if we breach certain provisions), our ability to complete planned hotel dispositions, the effects of unpredictable weather events such as hurricanes, the financial condition of the airline industry and its impact on air travel, the effect of self-insured claims in excess of our reserves and our ability to obtain adequate insurance at reasonable rates, and other factors discussed under Item IA (Risk Factors) in Lodgian’s Form 10-K for the year ended December 31, 2008. We assume no duty to update these statements.

     Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to Lodgian or persons acting on its behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.

# # #

LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

	March 31, 2009			December 31, 2008
	($ in thousands, except share data)
ASSETS
Current assets:
Cash and cash equivalents	$	19,064		$	20,454
Cash, restricted		8,110			8,179
Accounts receivable (net of allowances: 2009 - $300; 2008 - $263)		9,491			7,115
Inventories		3,044			2,983
Prepaid expenses and other current assets		17,178			21,257
Assets held for sale		30,513			33,021
Total current assets		87,400			93,009
Property and equipment, net		446,438			447,366
Deposits for capital expenditures		9,171			11,408
Other assets		5,218			3,631
	$	548,227		$	555,414
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	7,297		$	7,897
Other accrued liabilities		23,220			22,897
Advance deposits		2,196			1,293
Current portion of long-term liabilities		124,133			124,955
Liabilities related to assets held for sale		16,562			16,167
Total current liabilities		173,408			173,209
Long-term liabilities		194,455			194,800
Total liabilities		367,863			368,009
Commitments and contingencies
Stockholders’ equity:
Common stock, $.01 par value, 60,000,000 shares authorized; 25,144,364 and 25,075,837 issued at March 31, 2009 and December 31, 2008, respectively		252			251
Additional paid-in capital		331,077			330,785
Accumulated deficit		(112,168	)		(105,246	)
Accumulated other comprehensive income		1,051			1,262
Treasury stock, at cost, 3,825,417 and 3,806,000 at March 31, 2009 and December 31, 2008, respectively		(39,688	)		(39,647	)
Total stockholders’ equity attributable to common stock		180,524			187,405
Noncontrolling interest		(160	)		0
Total stockholders’ equity		180,364			187,405
	$	548,227		$	555,414

LODGIAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

	Three Months Ended March 31,
	2009			2008
	($ in thousands, except share data)
Revenues:
Rooms	$	36,635		$	43,848
Food and beverage		10,838			12,062
Other		1,703			2,062
Total revenues		49,176			57,972
Direct operating expenses:
Rooms		10,082			11,183
Food and beverage		7,638			8,819
Other		1,298			1,388
Total direct operating expenses		19,018			21,390
		30,158			36,582
Other operating expenses:
Other hotel operating costs		15,628			17,879
Property and other taxes, insurance, and leases		4,211			4,352
Corporate and other		3,605			5,885
Casualty losses, net		81			—
Depreciation and amortization		8,493			7,469
Impairment of long-lived assets		465			2,141
Total other operating expenses		32,483			37,726
Operating loss		(2,325	)		(1,144	)
Other income (expenses):
Interest income and other		45			390
Interest expense		(3,779	)		(5,172	)
Loss before income taxes and noncontrolling interest		(6,059	)		(5,926	)
Provision for income taxes — continuing operations		(72	)		(63	)
Loss from continuing operations		(6,131	)		(5,989	)
Discontinued operations:
Loss from discontinued operations before income taxes		(927	)		(1,357	)
Provision for income taxes — discontinued operations		(24	)		(172	)
Loss from discontinued operations		(951	)		(1,529	)
Net loss		(7,082	)		(7,518	)
Less: Net loss attributable to noncontrolling interest		160			—
Net loss attributable to common stock	$	(6,922	)	$	(7,518	)
Basic and diluted net loss per share attributable to common stock	$	(0.32	)	$	(0.33	)

LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)

	2009			2008												2007
	First			Fourth			Third			Second			First			Fourth			Third			Second
	Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter			Quarter
	($ in thousands)
Revenues:
Rooms	$	36,635		$	38,732		$	46,679		$	49,364		$	43,848		$	40,730		$	46,942		$	49,224
Food and beverage		10,838			13,532			12,545			15,404			12,062			14,429			12,857			15,323
Other		1,703			1,886			2,176			2,138			2,062			1,819			2,134			2,131
		49,176			54,150			61,400			66,906			57,972			56,978			61,933			66,678
Direct operating expenses:
Rooms		10,082			11,026			12,200			12,179			11,183			10,497			11,997			11,725
Food and beverage		7,638			9,015			9,070			9,851			8,819			9,054			9,432			9,918
Other		1,298			1,333			1,548			1,537			1,388			1,288			1,512			1,462
		19,018			21,374			22,818			23,567			21,390			20,839			22,941			23,105
		30,158			32,776			38,582			43,339			36,582			36,139			38,992			43,573
Other operating expenses:
Other hotel operating costs		15,628			16,075			18,287			17,719			17,879			16,285			17,847			17,603
Property and other taxes, insurance and leases		4,211			4,223			4,226			3,760			4,352			4,334			4,087			4,418
Corporate and other		3,605			3,063			4,373			3,484			5,885			4,248			5,575			5,906
Casualty losses (gains), net		81			1,152			(57	)		—			—			—			—			—
Restructuring		—			—			—			—			—			(25	)		1,258			—
Depreciation and amortization		8,493			8,352			8,120			7,989			7,469			7,464			7,226			7,098
Impairment of long-lived assets		465			354			1,393			5,580			2,141			796			512			155
Other operating expenses		32,483			33,219			36,342			38,532			37,726			33,102			36,505			35,180
Operating (loss) income		(2,325	)		(443	)		2,240			4,807			(1,144	)		3,037			2,487			8,393
Other income (expenses):
Interest income and other		45			147			241			276			390			912			1,312			807
Other interest expense		(3,779	)		(4,577	)		(4,821	)		(4,775	)		(5,172	)		(5,790	)		(5,958	)		(6,044	)
Loss on debt extinguishment		—			—			—			—			—			—			—			(3,330	)
(Loss) income before income taxes		(6,059	)		(4,873	)		(2,340	)		308			(5,926	)		(1,841	)		(2,159	)		(174	)
(Provision) benefit for income taxes — continuing operations		(72	)		(74	)		81			(24	)		(63	)		(2,262	)		1,027			372
(Loss) income from continuing operations		(6,131	)		(4,947	)		(2,259	)		284			(5,989	)		(4,103	)		(1,132	)		198
Discontinued operations:
(Loss) income from discontinued operations before income taxes		(927	)		199			(3,870	)		5,986			(1,357	)		(5,824	)		1,818			(248	)
(Provision) benefit for income taxes		(24	)		98			(54	)		97			(172	)		1,854			(639	)		(157	)
(Loss) income from discontinued operations		(951	)		297			(3,924	)		6,083			(1,529	)		(3,970	)		1,179			(405	)
Net (loss) income	$	(7,082	)	$	(4,650	)	$	(6,183	)	$	6,367		$	(7,518	)	$	(8,073	)	$	47		$	(207	)
Less: Net loss (income) attributable to noncontrolling interest		160			—			—			—			—			—			—			(56	)
Net (loss) income attributable to common stock	$	(6,922	)	$	(4,650	)	$	(6,183	)	$	6,367		$	(7,518	)	$	(8,073	)	$	47		$	(263	)

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 March 31,
	2009			2008
	($ in thousands)
Continuing operations:
Loss from continuing operations	$	(6,131	)	$	(5,989	)
Net loss attributable to noncontrolling interest		160			—
Loss from continuing operations attributable to common stock	$	(5,971	)	$	(5,989	)
Depreciation and amortization		8,493			7,469
Interest income		(45	)		(390	)
Interest expense		3,779			5,172
Provision for income taxes		72			63
EBITDA from continuing operations	$	6,328		$	6,325
Adjustments to EBITDA:
Impairment of long-lived assets	$	465		$	2,141
Casualty losses, net		81			—
Adjusted EBITDA from continuing operations	$	6,874		$	8,466

Lodgian, Inc.
Summary of Mortgage Debt as of March 31, 2009
($ in thousands)
(UNAUDITED)

	Number		Debt		Maturity
	of Hotels		Balance		Date	Interest rate
Mortgage Debt
IXIS		3	$	20,903	Mar-10 [1]	LIBOR plus 2.95%, capped at 7.45%
IXIS		1		18,471	Dec-09 [1]	LIBOR plus 2.90%, capped at 7.90%
Goldman Sachs		10		130,000	May-10 [2]	LIBOR plus 1.50%; capped at 8.50%
Merrill Lynch Mortgage Lending, Inc. — Fixed #1		4		39,016	Jul-09	6.58%
Merrill Lynch Mortgage Lending, Inc. — Fixed #3		7		52,747	Jul-09	6.58%
Merrill Lynch Mortgage Lending, Inc. — Fixed #4		6		35,775	Jul-09	6.58%
Wachovia- Pinehurst		1		2,971	Jun-10	5.78%
Wachovia- Phoenix West		1		9,427	Jan-11	6.03%
Wachovia- Palm Desert		1		5,736	Feb-11	6.04%
Wachovia- Worcester		1		16,412	Feb-11	6.04%
Total Mortgage Debt		35	$	331,458		4.38% [3]

[1]    -	Upon the satisfaction of certain conditions, a one-year extension option is available beyond the maturity date.
[2]    -	Upon the satisfaction of certain conditions, two one-year extension options are available beyond the maturity date.
[3]    -	Annual effective weighted average cost of debt at March 31, 2009.

Lodgain, Inc.
2009 Supplemental Operating Information
(UNAUDITED)

					Three months ended
Hotel Count		Room Count			March 31, 2009			March 31, 2008			Increase (Decrease)
	35		6,645	All Continuing Operations hotels
				Occupancy		61.1	%		66.3	%				(7.8	)%
				ADR	$	100.16		$	109.17		$	(9.01	)	(8.3	)%
				RevPAR	$	61.17		$	72.37		$	(11.20	)	(15.5	)%
				RevPAR Index		96.6	%		96.8	%		(0.2	)%	(0.2	)%
	27		4,775	Continuing Operations less hotels under renovation in the first quarter 2008 or 2009
				Occupancy		62.9	%		68.8	%				(8.6	)%
				ADR	$	98.99		$	108.11		$	(9.12	)	(8.4	)%
				RevPAR	$	62.22		$	74.41		$	(12.19	)	(16.4	)%
				RevPAR Index		97.6	%		97.9	%		(0.3	)%	(0.3	)%
	12		1,398	Marriott Hotels
				Occupancy		64.9	%		66.2	%				(2.0	)%
				ADR	$	103.92		$	114.57		$	(10.65	)	(9.3	)%
				RevPAR	$	67.39		$	75.81		$	(8.42	)	(11.1	)%
				RevPAR Index		115.3	%		110.3	%		5.0	%	4.5	%
	2		396	Hilton Hotels
				Occupancy		56.1	%		58.9	%				(4.8	)%
				ADR	$	108.50		$	110.00		$	(1.50	)	(1.4	)%
				RevPAR	$	60.92		$	64.82		$	(3.90	)	(6.0	)%
				RevPAR Index		96.4	%		94.8	%		1.6	%	1.7	%
	17		3,976	IHG Hotels
				Occupancy		58.9	%		66.9	%				(12.0	)%
				ADR	$	101.58		$	108.69		$	(7.11	)	(6.5	)%
				RevPAR	$	59.83		$	72.69		$	(12.86	)	(17.7	)%
				RevPAR Index		92.9	%		96.9	%		(4.0	)%	(4.1	)%
	4		875	Other Brands — Radisson, Wyndham and Four Points by Sheraton
				Occupancy		67.1	%		67.1	%				0.0	%
				ADR	$	85.54		$	102.52		$	(16.98	)	(16.6	)%
				RevPAR	$	57.39		$	68.84		$	(11.45	)	(16.6	)%
				RevPAR Index		84.7	%		78.5	%		6.2	%	7.9	%

Lodgian, Inc.
Continuing Operations Hotel Portfolio
As of May 1, 2009

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		365
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		100
Dallas (DFW Airport), TX	Wyndham		282
Houston, TX	Crowne Plaza		294
			6,645

Lodgian, Inc.
Assets Held for Sale
As of May 1, 2009

Location	Brand	Rooms
Phoenix, AZ	Holiday Inn		144
Towson, MD	Holiday Inn		139
Troy, MI	Ramada Plaza		185
Memphis, TN	Independent		105	[1]
			573

[1] - This property is closed