ATLANTA, 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 fourth quarter and full year ended December 31, 2007.The "44 Continuing Operations hotels" comprise all Lodgian properties except its held for sale portfolio (two hotels at December 31, 2007).
Fourth Quarter 2007 Highlights
-- Achieved a 4.3 percent improvement in revenue per available room (RevPAR), despite the displacement caused by three major renovations ongoing in the quarter.
-- Increased total revenue 4.3 percent, to $65.5 million.
-- Improved direct operating contribution (defined as total revenue less direct operating expenses) by 7.3 percent, resulting in a 180 basis point margin improvement to 63.1 percent. -- Increased Adjusted EBITDA (defined below) to $12.7 million, a 30 percent improvement. -- Improved Adjusted EBITDA margin to 19.4 percent.
Full Year 2007 Highlights
-- Increased room revenue by 5.3 percent and food and beverage revenue by 9.2 percent, a combined 6.2 percent increase in total revenues.
-- Improved direct operating contribution 7.3 percent to $176.8 million in 2007, resulting in a 70 basis point direct operating margin increase.
-- Achieved a 70 basis point increase in Adjusted EBITDA margin, with Adjusted EBITDA increasing to $53.6 million.
-- Made substantial progress on the conversion of the Holiday Inn Select DFW to a Wyndham hotel, and the conversion of the Doubletree Club Philadelphia hotel to a Four Points by Sheraton.
"Our continuing operations hotels had a very solid fourth quarter, with RevPAR up 4.3 percent compared to the 2006 fourth quarter," said Peter Cyrus, (photo top right) Lodgian interim president and chief executive officer.
"For the 2007 full year, RevPAR for the 40 continuing operations hotels open and not under renovation increased 6.8 percent, compared to the 2007 industry average of 5.7 percent, according to Smith Travel Research. The 10 hotels that completed major renovations in 2005 and 2006 reported a 9.2 percent RevPAR increase in 2007 and an impressive 4.4 percent improvement in their RevPAR index. We believe there is still substantial future growth in these hotels."
Contacts:
Debi Ethridge,
Vice President,
Finance & Investor Relations
+1-404-365-2719
Web site: http://www.lodgian.com/
Media:
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