Adjusted EBITDA for Continuing Operations Rose 17.9 Percent, Corporate Overhead Reduced $2.2 million in Quarter ATLANTA, Aug. 5
ATLANTA, Aug. 5 /PRNewswire-FirstCall/ -- Lodgian, Inc. (Amex: LGN), one
of the nation's largest independent owners and operators of full-service
hotels, today reported results for the 2008 second quarter ended June 30,
2008.
The company will host a 10 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 June 30, 2008. A list of properties included
in both continuing operations and held for sale is attached to this release.
Second Quarter 2008 Highlights for 35 Continuing Operations hotels
-- Achieved a 0.3 percent improvement in revenue per available room
(RevPAR) in the second quarter of 2008 compared to 2007 second quarter,
despite the displacement caused by five renovations ongoing in the quarter.
-- Increased total revenue 0.3 percent, from $66.7 million in the 2007
second quarter to $66.9 million in the second quarter of 2008.
-- Increased Adjusted EBITDA (defined below) from $15.6 million to $18.4
million, a 17.9 percent improvement.
-- Improved Adjusted EBITDA margin from 23.4 percent in 2007 second
quarter to 27.5 percent in 2008 second quarter.
-- Completed renovation work at the Marriott Denver International Airport
and continued renovation projects at four other hotels.
Statistics for 35 Continuing Operations Hotels
2Q 2Q % Change
2008* 2007*
Rooms revenue $49,364 $49,224 0.3%
RevPAR $81.48 $81.27 0.3%
Total revenue $66,906 $66,678 0.3%
Income/(loss) $284$142100.0%
EBITDA $12,796 $12,105 5.7%
Adjusted EBITDA (defined
below) $18,376 $15,590 17.9%
Consolidated Financial Results
Income/(loss) from continuing
operations$284 $142 100.0%
Income/(loss) from discontinued
operations $6,083 $(405) n/m
Net income/(loss) attributable
to common stock $6,367 $(263) n/m
Net income/(loss) per share
attributable to common stock $0.29 $(0.01) 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; casualty
(gains)/losses, net, for properties damaged by hurricane, fire or flood;
gain/loss on extinguishment of debt; and proceeds arising from business
interruption insurance claims.
Corporate Highlights:
-- Completed approved stock repurchase plan during April 2008 ($30 million
in 2007/2008); outstanding shares reduced by 10 percent as a result.
-- Approved and initiated a further stock repurchase of up to $10 million
before April 15, 2009; approximately 172,000 shares re-purchased under this
authority as of June 30, 2008.
-- Sold two hotels for gross proceeds of $8.1 million, with net proceeds
of $7.7 million used for general corporate purposes.
-- Received $6.1 million in final settlement from insurer, bringing the
total received to $10.1 million, for damages sustained by Marietta Holiday Inn
in January 2006, of which $5.5 million was used to release the hotel from
mortgage debt; hotel subsequently re-classified as held for sale during the
2008 second quarter.
Second Quarter 2008 Results
Second quarter 2008 total revenue for 35 continuing operations hotels
improved 0.3 percent to $66.9 million, compared to the same period in 2007.
During the quarter, the displacement of total revenue resulting from
renovations at five properties was $0.6 million. Income from continuing
operations was $0.3 million, compared to $0.1 million in the 2007 second
quarter.
Net income attributable to common shares was $6.4 million, or $0.29 per
diluted share, compared to a net loss of $(0.3) million, or $(0.01) per
diluted share in the 2007 second quarter.
EBITDA from 35 continuing operations hotels improved $0.7 million, or 5.7
percent, to $12.8 million compared to the prior year. Adjusted EBITDA for the
same group of properties increased 17.9 percent, from $15.6 million in the
second quarter of 2007 to $18.4 million in the 2008 second quarter, primarily
due to a $2.2 million decrease in corporate overhead.
Management Comments
"Considering the current state of the industry and the economy in general,
our continuing operations hotels had a positive second quarter, with RevPAR up
0.3 percent compared to the second quarter of last year," said Peter Cyrus,
Lodgian interim president and chief executive officer. "For the quarter,
RevPAR for the 28 continuing operations hotels not under renovation in either
the 2007 or 2008 second quarter increased 1.3 percent, compared to the second
quarter 2008 industry average of 1.2 percent, according to Smith Travel
Research. Our hotels not under renovation also increased their RevPAR index
over the competitive hotels by 1.0 percent in the quarter. A reduction of
$2.2 million in overhead costs, largely driven by our corporate restructure
completed in August 2007, had a significant impact on results for the
quarter."
Adjusted EBITDA margins for the 35 continuing operations hotels improved
410 basis points to 27.5 percent during the second quarter of 2008 compared to
2007, primarily driven by the decrease in corporate overhead.
Asset Disposition Program
During the first quarter of this year, the company announced and commenced
a program to further reposition its portfolio. A total of nine properties
were identified for sale, with two hotels remaining as held for sale from
those properties announced in the 2006 fourth quarter. During the 2008 second
quarter, the former Holiday Inn Marietta, Ga. was reclassified as held for
sale. Additionally, the Crowne Plaza Worcester, Mass. was reclassified from
held for sale to continuing operations during the 2008 second quarter. An
impairment charge of $4.8 million was recorded, which is included in
continuing operations.
Two hotels were sold during the quarter, the 158-room Holiday Inn
Frederick, Md. and the 156-room former Holiday Inn St. Paul/Arden Hills, Minn.
Aggregate gross proceeds were $8.1 million, with net proceeds of $7.7 million
used for general corporate purposes, including capital expenditures and share
repurchases.
As of June 30, 2008, a total of nine properties were classified as held
for sale. The company previously disclosed its expectations of receiving
aggregate gross proceeds of approximately $94 million to $102 million,
inclusive of the $8.1 million received for the two hotels sold during the 2008
second quarter and prior to the two reclassifications that also occurred
during the quarter. Given current market conditions, it is difficult for the
company to provide updated estimates of gross proceeds from these asset sales
at this time. The company will continue to report asset dispositions as they
occur.
Balance Sheet Update
As of June 30, 2008, 37 hotels were encumbered as collateral for various
mortgage debt facilities totaling approximately $352 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.
"We are beginning to examine the most appropriate and efficient strategies
for execution of next summer's refinancing," said James MacLennan, executive
vice president and chief financial officer. "Our objective continues to be to
provide maximum flexibility to the company going forward, as well as to keep
our weighted average cost of debt as low as possible. At the end of the
second quarter 2008, the company had $45.1 million in cash and restricted cash
on its balance sheet, and a further $11.4 million in deposits held by lenders
for capital expenditures, providing flexibility as we move forward."
During the second quarter of 2008, Lodgian acquired approximately 172,000
shares of common stock at an average price of $8.51 per share, for a total of
approximately $1.5 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 3,375,877
shares, or approximately 13.7 percent of common stock outstanding prior to
initiating the repurchase program in May 2006, for a total cost of
approximately $36.2 million as of June 30, 2008.
Conference Call
Lodgian will hold a conference call to discuss its 2008 second quarter
results today, August 5, at 10 a.m. Eastern time. To hear the webcast,
interested parties may visit the company's Web site at http://www.lodgian.com
and click on Investor Relations and then Webcast, Q2 Earnings Conference Call.
A recording of the call will be available by telephone until midnight on
Tuesday, August 12 by dialing (800) 405-2236, reference number 11117139. 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, gain/loss on extinguishment of
debt, and casualty losses or gains related to damage to and insurance
recoveries for properties damaged by hurricane, fire or flood.
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 44 hotels with 8,118 rooms located in 23 states and Canada. Of
the company's 44-hotel portfolio, 23 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. Two hotels are independent,
unbranded properties, both of which are currently closed and held for sale.
For more information about Lodgian, visit the company's Web site:
http://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.
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2008 December 31, 2007
(Unaudited in thousands,
except share data)
ASSETS
Current assets:
Cash and cash equivalents $36,367 $54,389
Cash, restricted 8,716 8,363
Accounts receivable (net of allowances:
2008 - $289; 2007 - $323) 10,690 8,794
Insurance receivable - 2,254
Inventories 3,010 3,097
Prepaid expenses and other current assets 17,00418,186
Assets held for sale55,597 8,009
--------- ---------
Total current assets 131,384 103,092
Property and equipment, net448,148 499,986
Deposits for capital expenditures 11,44416,565
Other assets 3,957 5,087
--------- ---------
$594,933 $624,730
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$8,307$9,692
Other accrued liabilities 25,88028,336
Advance deposits 2,069 1,683
Insurance advances - 2,650
Current portion of long-term liabilities 4,400 5,092
Liabilities related to assets held for sale 29,765 961
--------- ---------
Total current liabilities 70,42148,414
Long-term liabilities 321,428 355,728
--------- ---------
Total liabilities 391,849 404,142
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $.01 par value, 60,000,000
shares authorized; 25,071,836 and
25,008,621 issued at June 30, 2008 and
December 31, 2007, respectively 251 250
Additional paid-in capital 330,265 329,694
Accumulated deficit(94,413) (93,262)
Accumulated other comprehensive income 3,640 4,115
Treasury stock, at cost, 3,420,475 and
1,709,878 shares at June 30, 2008 and
December 31, 2007, respectively (36,659) (20,209)
--------- ---------
Total stockholders' equity 203,084 220,588
--------- ---------
$594,933 $624,730
========= =========
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
(Unaudited in thousands,
except per share data)
Revenues:
Rooms $49,364 $49,224 $93,212 $92,045
Food and beverage 15,404 15,323 27,466 27,803
Other 2,1382,1314,2003,799
------- ------- ------- -------
Total revenues 66,906 66,678 124,878 123,647
------- ------- ------- -------
Direct operating expenses:
Rooms 12,179 11,725 23,362 22,339
Food and beverage 9,8519,918 18,670 18,753
Other 1,5371,4622,9252,704
------- ------- ------- -------
Total direct operating expenses 23,567 23,105 44,957 43,796
------- ------- ------- -------
43,339 43,573 79,921 79,851
Other operating expenses:
Other hotel operating costs17,719 17,603 35,598 34,492
Property and other taxes, insurance,
and leases 3,7604,4188,1129,242
Corporate and other 3,4845,9069,369 11,569
Casualty gains, net --- (1,867)
Depreciation and amortization 7,9897,098 15,458 14,075
Impairment of long-lived assets 5,580 1557,721 314
------- ------- ------- -------
Total other operating expenses 38,532 35,180 76,258 67,825
------- ------- ------- -------
Operating income 4,8078,3933,663 12,026
Other income (expenses):
Interest income and other 276 807 6661,719
Interest expense (4,775) (6,044) (9,947) (11,422)
Loss on debt extinguishment - (3,330) - (3,330)
------- ------- ------- -------
Income (loss) before income taxes and
minority interests308 (174) (5,618) (1,007)
Minority interests (net of taxes, nil) - (56) - (421)
(Provision) benefit for income taxes -
continuing operations (24) 372 (87) 1,079
------- ------- ------- -------
Income (loss) from continuing
operations284 142 (5,705)(349)
------- ------- ------- -------
Discontinued operations:
Income (loss) from discontinued
operations before income taxes 5,986 (248) 4,6291,961
Benefit (provision) for income taxes -
discontinued operations 97 (157) (75) (2,032)
------- ------- ------- -------
Income (loss) from discontinued
operations 6,083 (405) 4,554 (71)
------- ------- ------- -------
Net income (loss) attributable to
common stock $6,367$(263) $(1,151) $(420)
======= ======= ======= =======
Basic net income (loss) per share
attributable to common stock$0.29 $(0.01) $(0.05) $(0.02)
======= ======= ======= =======
Diluted net income (loss) per share
attributable to common stock$0.29 $(0.01) $(0.05) $(0.02)
======= ======= ======= =======
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
2008 2007
SecondFirst FourthThird
Quarter Quarter Quarter Quarter
(Unaudited in thousands)
Revenues:
Rooms$49,364 $43,848 $40,730 $46,942
Food and beverage 15,404 12,062 14,429 12,857
Other 2,1382,0621,8192,134
----------------------------------
66,906 57,972 56,978 61,933
----------------------------------
Direct operating expenses:
Rooms 12,179 11,183 10,497 11,997
Food and beverage 9,8518,8199,0549,432
Other 1,5371,3881,2881,512
----------------------------------
23,567 21,390 20,839 22,941
----------------------------------
43,339 36,582 36,139 38,992
Other operating expenses:
Other hotel operating costs17,719 17,879 16,285 17,847
Property and other taxes, insurance
and leases 3,7604,3524,3344,087
Corporate and other 3,4845,8854,2485,575
Casualty (gain) losses, net ----
Restructuring -- (25) 1,258
Depreciation and amortization 7,9897,4697,4647,226
Impairment of long-lived assets 5,5802,141 796 512
----------------------------------
Other operating expenses 38,532 37,726 33,102 36,505
----------------------------------
Operating income (loss) 4,807 (1,144) 3,0372,487
Other income (expenses):
Business interruption insurance
proceeds ----
Interest income and other276 390 9121,312
Other interest expense(4,775) (5,172) (5,790) (5,958)
Loss on debt extinguishment----
----------------------------------
Income (loss) before income taxes and
minority interests308 (5,926) (1,841) (2,159)
Minority interests (net of taxes, nil) ----
----------------------------------
Income (loss) before income taxes -
continuing operations308 (5,926) (1,841) (2,159)
(Provision) benefit for income taxes -
continuing operations (24) (63) (2,262) 1,027
----------------------------------
Income (loss) from continuing
operations284 (5,989) (4,103) (1,132)
----------------------------------
Discontinued operations:
Income (loss) from discontinued
operations before income taxes 5,986 (1,357) (5,824) 1,818
Benefit (provision) for income taxes 97 (172) 1,854 (639)
----------------------------------
Income (loss) from discontinued
operations 6,083 (1,529) (3,970) 1,179
----------------------------------
Net income (loss) attributable to
common stock $6,367 $(7,518) $(8,073) $47
==================================
2007 2006
SecondFirstFourthThird
Quarter Quarter Quarter Quarter
Revenues:
Rooms $49,224 $42,821 $39,510 $43,757
Food and beverage15,323 12,48013,670 11,530
Other 2,1311,668 1,7751,836
-----------------------------------
66,678 56,96954,955 57,123
-----------------------------------
Direct operating expenses:
Rooms11,725 10,61410,481 11,304
Food and beverage 9,9188,835 9,1618,607
Other 1,4621,242 1,2751,369
-----------------------------------
23,105 20,69120,917 21,280
-----------------------------------
43,573 36,27834,038 35,843
Other operating expenses:
Other hotel operating costs 17,603 16,88915,433 16,227
Property and other taxes, insurance
and leases4,4184,824 4,5785,008
Corporate and other5,9065,663 4,9365,586
Casualty (gain) losses, net- (1,867)- (3,085)
Restructuring -- --
Depreciation and amortization 7,0986,977 6,9727,070
Impairment of long-lived assets 155 159 147 281
-----------------------------------
Other operating expenses 35,180 32,64532,066 31,087
-----------------------------------
Operating income (loss) 8,3933,633 1,9724,756
Other income (expenses):
Business interruption insurance
proceeds -- (47) 2,447
Interest income and other807 912 651 770
Other interest expense(6,044) (5,378) (5,452) (5,632)
Loss on debt extinguishment (3,330) - --
-----------------------------------
Income (loss) before income taxes and
minority interests (174)(833) (2,876) 2,341
Minority interests (net of taxes, nil)(56)(365) 335 100
-----------------------------------
Income (loss) before income taxes -
continuing operations (230) (1,198) (2,541) 2,441
(Provision) benefit for income taxes
- continuing operations 372 707(9,154) (1,314)
-----------------------------------
Income (loss) from continuing
operations 142 (491) (11,695) 1,127
-----------------------------------
Discontinued operations:
Income (loss) from discontinued
operations before income taxes(248) 2,209 (13,527) (2,034)
Benefit (provision) for income taxes (157) (1,875)4,5091,069
-----------------------------------
Income (loss) from discontinued
operations (405) 334(9,018)(965)
-----------------------------------
Net income (loss) attributable to
common stock $(263) $(157) $(20,713)$162
===================================
LODGIAN, INC. AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures)
with Income/(Loss) from Continuing Operations (a GAAP measure)
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
($ in thousands) ($ in thousands)
Continuing operations:
Income (loss) from continuing
operations $284 $142 $(5,705) $(349)
Depreciation and amortization7,9897,098 15,458 14,075
Interest income (276)(807)(666) (1,719)
Interest expense 4,7756,0449,947 11,422
Provision (benefit) for income taxes24 (372) 87 (1,079)
-------- ------- ------- -------
EBITDA from continuing operations $12,796 $12,105 $19,121 $22,350
-------- ------- ------- -------
Adjustments to EBITDA:
Impairment of long-lived assets $5,580 $155 $7,721 $314
Casualty (gains) losses, net$- $- $- $(1,867)
(Gain) loss on debt extinguishment -3,330-3,330
-------- ------- ------- -------
Adjusted EBITDA from continuing
operations$18,376 $15,590 $26,842 $24,127
-------- ------- ------- -------
Lodgian, Inc.
Summary of Mortgage Debt as of June 30, 2008
(in $ thousands)
Number of Debt MaturityInterest
Hotels Balance Date rate
Mortgage Debt
IXIS 3 $ 21,127Mar-09(1) LIBOR plus 2.95%,
capped at 8.45%
IXIS 1 18,647Dec-08(1) LIBOR plus 2.90%,
capped at 8.40%
Goldman Sachs 10 130,000May-09(2) LIBOR plus 1.50%;
capped at 8.50%
Merrill Lynch
Mortgage Lending,
Inc. - Fixed #1 4 40,016Jul-09 6.58%
Merrill Lynch
Mortgage Lending,
Inc. - Fixed #3 8 61,106Jul-09 6.58%
Merrill Lynch
Mortgage Lending,
Inc. - Fixed #4 7 45,795Jul-09 6.58%
Wachovia- Pinehurst 13,021Jun-10 5.78%
Wachovia- Phoenix
West19,574Jan-11 6.03%
Wachovia- Palm
Desert 15,824Feb-11 6.04%
Wachovia- Worcester 1 16,666Feb-11 6.04%
----------- ------- ------------------
Total Mortgage
Debt37 $351,7765.43%(3)
===========
(1) Two one-year extension options are available beyond the maturity date
(2) Three one-year extension options are available beyond the maturity
date
(3) Annual effective weighted average cost of debt at June 30, 2008.
Lodgian, Inc.
2008 Supplemental Operating Information
Three Months
Ended June 30,
Hotel Room
Count Count 2008 2007 Increase(Decrease)
35 6,658 All Continuing
Operations
Occupancy75.4% 73.7% 2.3%
ADR$108.00$110.29 ($2.29) (2.1)%
RevPAR $81.48 $81.27 $0.21 0.3%
RevPAR Index100.0% 100.0% 0.0%
28 5,267Continuing Operations
less hotels under
renovation in the
second quarter 2007 and
2008
Occupancy76.4% 74.1% 3.1%
ADR$105.97$107.79 ($1.82) (1.7)%
RevPAR $80.94 $79.89 $1.05 1.3%
RevPAR Index 99.0% 98.0% 1.0%
12 1,397Marriott Hotels
Occupancy77.8% 76.0% 2.4%
ADR$112.51$114.51 ($2.00) (1.7)%
RevPAR $87.54 $87.02 $0.52 0.6%
RevPAR Index111.5% 113.6%(1.8)%
2 396Hilton Hotels
Occupancy72.7% 72.3% 0.6%
ADR$114.69$114.07 $0.62 0.5%
RevPAR $83.42 $82.43 $0.99 1.2%
RevPAR Index 99.7% 98.8% 0.9%
17 3,990IHG Hotels
Occupancy75.9% 74.4% 2.0%
ADR$108.05$111.03 ($2.98)(2.7)%
RevPAR $82.04 $82.63 ($0.59)(0.7)%
RevPAR Index 99.2% 98.8% 0.4%
4 875Other Brands
Occupancy70.7% 67.3% 5.1%
ADR $96.74 $97.11 ($0.37)(0.4)%
RevPAR $68.36 $65.37 $2.99 4.6%
RevPAR Index 84.6% 82.7% 2.3%
Lodgian, Inc.
2008 Supplemental Operating Information
Hotel Room Six Months
Count CountEnded June 30,
2008 2007 Increase(Decrease)
35 6,658 All Continuing
Operations
Occupancy 70.9% 69.4% 2.1%
ADR $108.55$110.10 ($1.55) (1.4)%
RevPAR $76.92 $76.40 $0.52 0.7%
RevPAR Index98.9% 97.9% 1.0%
26 4,711 Continuing Operations
less hotels under
renovation in the
first and second
quarters 2007 and
2008
Occupancy 72.5% 70.2% 3.2%
ADR $105.48$106.35 ($0.87) 0.8%
RevPAR $76.44 $74.65 $1.79 2.4%
RevPAR Index99.2% 96.9% 2.4%
12 1,397 Marriott Hotels
Occupancy 72.0% 71.0% 1.4%
ADR $113.45$114.58 ($1.13) (1.0)%
RevPAR $81.67 $81.34 $0.33 0.4%
RevPAR Index 110.8% 113.5%(2.4)%
2396 Hilton Hotels
Occupancy 65.8% 64.4% 2.2%
ADR $112.59$112.97 ($0.38) (0.3)%
RevPAR $74.12 $72.80 $1.32 1.8%
RevPAR Index97.5% 94.7% 3.0%
17 3,990 IHG Hotels
Occupancy 71.4% 70.3% 1.6%
ADR $108.35$109.73 ($1.38) (1.3)%
RevPAR $77.36 $77.12 $0.24 0.3%
RevPAR Index98.8% 96.8% 2.1%
4875 Other Brands
Occupancy 68.9% 65.0% 6.0%
ADR$99.56$102.82 ($3.26) (3.2)%
RevPAR $68.60 $66.83 $1.77 2.6%
RevPAR Index81.5% 80.4% 1.4%
Lodgian, Inc.
Continuing Operations Hotel Portfolio as of June 30, 2008
Location Brand Rooms
Bentonville, ARCourtyard by Marriott90
Little Rock, ARResidence Inn by Marriott96
Phoenix, AZCrowne Plaza299
Phoenix, AZRadisson159
Palm Desert, CAHoliday Inn Express 129
Denver, CO Marriott238
Melbourne, FL Crowne Plaza270
West Palm Beach, FLCrowne Plaza219
Atlanta, GACourtyard by Marriott 181
Ft. Wayne, IN Hilton 244
Florence, KY Courtyard by Marriott78
Paducah, KYCourtyard by Marriott 100
Kenner, LA Radisson244
Lafayette, LA Courtyard by Marriott90
Dedham, MA Residence Inn by Marriott81
Worcester, MA Crowne Plaza243
Baltimore (BWI
Airport), MD Holiday Inn 260
Baltimore (Inner
Harbor), MD Holiday Inn 375
Columbia, MD Hilton 152
Silver Spring, MD Crowne Plaza231
Pinehurst, NC Springhill Suites by Marriott 107
Merrimack, NH Fairfield Inn by Marriott 115
Santa Fe, NM Holiday Inn 130
Albany, NY Crowne Plaza384
Strongsville, OH Holiday Inn Select 303
Tulsa, OK Courtyard by Marriott 122
Monroeville, PAHoliday Inn 187
Philadelphia, PA Four Points by Sheraton 190
Pittsburgh -
Washington, PAHoliday Inn 138
Pittsburgh, PA Crowne Plaza193
Hilton Head, SCHoliday Inn 202
Myrtle Beach, SC Holiday Inn 133
Abilene, TXCourtyard by Marriott99
Dallas (DFW Airport),
TXWyndham 282
Houston, TXCrowne Plaza294
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6,658
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Lodgian, Inc.
Assets Held for Sale
Location Brand Rooms
Phoenix, AZHoliday Inn 144
Frisco, CO Holiday Inn 217
East Hartford, CT Holiday Inn 130
Marietta, GA Independent 193
Glen Burnie, MDHoliday Inn 127
Towson, MD Holiday Inn 139
Troy, MI Hilton 191
Memphis, TNIndependent 105
Windsor,
Ontario, Canada Holiday Inn Select 214
Contact:
Debi Neary Ethridge
Vice President, Finance & Investor Relations
dethridge@lodgian.com
(404) 365-2719
SOURCE Lodgian, Inc.
