Saturday, April 19, 2008

Marriott International Reports First Quarter Results

(Photo above shows Singer Island, FL, near Palm Beach County, where Marriott has ongoing projects.)

BETHESDA, MD /PRNewswire-FirstCall/ -- First Quarter Highlights reported by J.W. Marriott Jr., (top right photo) chairman and chief executive officer, Marriott International Inc.:

-- Worldwide company-operated comparable revenue per available room (REVPAR) rose 6.0 percent (4.5 percent using constant dollars) for the first quarter ended March 21, 2008;

-- Outside North America, company-operated comparable REVPAR increased 18.5 percent (11.5 percent using constant dollars) with double-digit growth in Central and Southeast Asia, Latin America, Continental Europe and the Middle East;

-- First quarter total fee revenue rose to $318 million, 7 percent over the prior year;

-- The company's worldwide pipeline of hotels under construction, awaiting conversion or approved for development increased to a record 130,000 rooms compared to 100,000 rooms a year ago and 125,000 rooms at the end of 2007;

-- Over 5,900 rooms opened during the first quarter, including almost 1,500 rooms converted from competitor brands. New properties included the Renaissance Boston Waterfront hotel (photo at left) and the Denver Ritz-Carlton hotel (photo at right below.)

-- Marriott repurchased 6.2 million shares of the company's common stock for $208 million during the first quarter.

(For a copy of Marriott International's detailed news release, please contact Tom Marder at 1 301 380 2553 or e-mail at

Marriott International, Inc. (NYSE:MAR) reported diluted earnings per share (EPS) from continuing operations of $0.33 in the first quarter of 2008, down 18 percent from the first quarter of 2007. The company's EPS guidance for the 2008 first quarter, disclosed on February 14, 2008, totaled $0.32 to $0.36.

J.W. Marriott, Jr.,(top right photo) Marriott International's chairman and chief executive officer, said, "Marriott's first quarter results demonstrated the company's strength. Leading brands and a focus on bottom line results delivered strong, on-target earnings in the first quarter.

"Business and leisure travel demand remains robust in most markets around the world. REVPAR at our international properties expanded by 19 percent, along with solid margin improvement and growing incentive fees.

"While performance at our U.S. hotels reflected slowing economic growth, few markets have witnessed discounting and full service room rates rose 4 percent during the quarter. With the U.S. on sale through a lower dollar, international guest arrivals are energizing demand in several key markets.

"Attendance at group meetings was on track during the quarter and group cancellations remained lower than 2007 levels. Group meeting bookings for the remainder of 2008 are strong. Given these trends, we remain cautiously optimistic about 2008 demand trends. (Photo of Denver Ritz-Carlton, a new Marriott acquisition, at right).

"We expect to meet our hotel development goals in 2008. Our pipeline of hotels under construction, awaiting conversion or approved for development increased to over 130,000 rooms in the first quarter.

"Our record pipeline of limited-service hotels demonstrates how our owners and franchisees see great opportunity as we continue to remake these brands, generating significant REVPAR premiums and attractive long-term owner returns.

"As a global company, we're a global neighbor. We recently signed an agreement to help protect 1.4 million acres of endangered Amazon rainforest in Brazil and we're taking new steps to reduce our consumption of the earth's resources."


At the end of first quarter 2008, total debt was $3,395 million and cash balances totaled $314 million, compared to $2,965 million in debt and $332 million of cash at the end of 2007.

The company repurchased 6.2 million shares of common stock in the first quarter of 2008 at a cost of $208 million. (Photo of Marco Island, FL where Marriott has ongoing projects, is at left).

Weighted average fully diluted shares outstanding totaled 371.9 million at the end of the first quarter compared to 411.3 million at the end of the year-ago quarter. The remaining share repurchase authorization, as of March 21, 2008, totaled approximately 27 million shares.


The company expects worldwide systemwide comparable REVPAR and North American company-operated comparable REVPAR to increase 3 to 5 percent in 2008, with modest increases in North American house profit margins and roughly 30,000 new room openings.

For the full year 2008, the company expects timeshare sales and services revenue, net of direct expenses, to total $300 million to $315 million, reflecting approximately $70 million of timeshare note sale gains. Timeshare segment results in 2008 are expected to be $280 million to $295 million, with contract sales growth of 15 to 20 percent.

(Photo at right shows the Amazon River slicing through Brazil's Rainforest where Marriott is helping to protect 1.4 million acres of endangered forest areas.)


Tom Marder
of Marriott International, Inc.,

Marcus & Millichap Lists 336-Unit Apartment Community in Strongsville, OH for $21.82M

STRONGSVILLE, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Polo Club, (top photo and also photo at left) a 336-unit multi-family community in Strongsville.

The listing price of $21.82 million represents $64,940 per unit and a 7.25 percent cap rate.

Gary Cooper, a vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Cleveland, and Matthew Brown, a senior associate in the firm’s Columbus office, are representing the seller, a Maryland-based private investor.

“The Polo Club provides an investor with an excellent opportunity to acquire a large, beautifully maintained multi-family community in a thriving submarket,” says Cooper. “In addition, Polo Club should achieve an above-average, first-year cash-on -cash return with significant NOI upside moving forward.”

Located at 14400 Howe Road, the 310,648-square foot apartment community is situated on a 28-acre lot, easily accessible from Interstate 71 and the Ohio turnpike, I-80, and within walking distance of northeast Ohio’s largest regional mall.

The Polo Club boasts a unit mix of one- and two-bedroom units, ranging in size from 750 square feet to 1,148 square feet. Amenities include lakes, fountains, a swimming pool with a sundeck and contemporary clubhouse with a renovated fitness center, racquetball court and tennis court.


Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710

Lodgian, Inc. To Continue Stock Repurchase Program

ATLANTA, GA—Lodgian, Inc. (AMEX: LGN), one of the nation’s largest independent owners and operators of full-service hotels, announces that its Board of Directors has authorized the repurchase of an additional $10 million of its common stock over a period ending no later than April 15, 2009.

(Deborah N. "Debi" Ethridge, top right photo, is Lodgian's vice president of Finance and Investor Relations.)

This repurchase program follows a $30 million repurchase program announced in August 2007. Under that program, the company repurchased approximately 2.8 million shares at an average price of $10.62 per share, fulfilling that authority on April 7, 2008.

Any purchases under Lodgian, Inc.’s stock repurchase program may be made, from time to time, in the open market, through block trades or otherwise, including pursuant to a trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended.

Depending on share price, market conditions, Lodgian’s cash requirements, and other factors, these purchases may be commenced or suspended at any time or from time to time without prior notice. Repurchased shares will be held as treasury stock, and will be available for use in connection with the company’s stock option plans and other compensation programs, or for other corporate purposes as determined by the company’s board of directors.

As of April 11, 2008, the company had 21,975,210 shares of common stock outstanding.


Julie Tullbane
Daly Gray Public Relations
T 703-435-6293
F 703-435-6297

Debi Ethridge
Vice President, Finance & Investor Relations
(404) 365-2719

Grubb & Ellis|Commercial Florida Negotiates 10,172-SF Retail Lease in New Port Richey, FL

TAMPA, FL – Grubb & EllisCommercial Florida has negotiated the lease of 10,172 square feet of retail space at Vanderbilt Square (top photo) located in New Port Richey.

Michelle Seifert, (top left photo) Associate Vice President, and Josh Tarkow, (top right photo) Associate, in the company’s Retail Group, negotiated the lease of 10,172 square feet at Vanderbilt Plaza located at 6429 US Highway 19, New Prt Richey, FL.

Seifert and Tarkow represented the landlord, Vanderbilt Commercial Group, a Tarpon Springs-based firm. Monster Golf, based in Trinity, FL, is the tenant.

Vanderbilt Square is a 46,000-square-foot shopping center that has been completely remolded. Other tenants include Harbor Freight & Tools, Anytime Fitness and T.J. Billiards. Grubb & EllisCommercial Florida is representing the remaining in-line space and investment sale.

For more information, contact:
Michelle Sefiert, Grubb & EllisCommercial Florida 813-830-7537,;
Josh Tarkow, Grubb & EllisCommercial Florida 813-830-7540,
Larry Lietzman, Grubb & EllisCommercial Florida, 813-639-1111

Peter Margolin Appointed Director in Arbor’s Chicago Office

UNIONDALE, NY - Arbor Commercial Mortgage announces the appointment of Peter Margolin (top right photo) to Director in Arbor’s Chicago, IL office. Mr. Margolin will be responsible for all of Arbor’s loan offerings including Fannie Mae, FHA, CMBS, Bridge, Mezzanine and Preferred Equity. He reports to Ken Fazio, (top left photo) Vice President, Sales Management.

Prior to joining Arbor, Mr. Margolin worked for LaSalle Bank, N.A., where he generated more than $500 million in small balance multifamily transactions. He has also held positions at J.P. Morgan Capital, LLC and Bridger Commercial Funding, LLC, where he originated nearly $200 million in fixed-rate and securitized commercial real estate mortgages combined.

Mr. Margolin earned a Master of Science in Real Estate and a Bachelor of Arts in Political Science from the University of Wisconsin. He is a member of the Mortgage Bankers Association and the University of Wisconsin Real Estate Alumni Association.
He resides in Riverwoods, IL.

Arbor Commercial Mortgage, LLC, and Arbor Realty Trust, Inc., have extensive experience in mortgage origination, servicing and securitization and have built a reputation for service, quality and flexibility. Arbor’s seasoned management team specializes in debt and equity financing for multifamily, office, retail, hotel and various other commercial real estate properties.

The company offers a broad array of financing options including Fannie Mae DUS®, FHA, CMBS, Bridge and Mezzanine products. Currently, Arbor services over $3 billion in loans. Arbor is a rated Standard & Poor’s third-party commercial loan and special servicer.

Arbor also manages Arbor Realty Trust, Inc., a real estate investment trust (REIT), formed to invest in real estate bridge and mezzanine loans, preferred equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, and has full-service lending offices throughout the United States.

Ingrid Principe
Marketing Specialist
Arbor Commercial Mortgage, LLC
333 Earle Ovington Boulevard, Suite 900
Uniondale, NY 11553