Adjusted EBITDA for Continuing Operations Rose 17.9 Percent; Corporate Overhead Reduced $2.2 million in QuarterATLANTA, GA PRNewswire-FirstCall/ -- Lodgian, Inc. (Amex: LGN), one of the nation's largest independent owners and operators of full-service hotels, has reported results for the 2008 second quarter ended June 30, 2008.
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 o
f 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 (top right photo) and continued renovation projects at four other hotels.
For a complete detailed copy of the company's news release. please contact Julie Tullbane, Daly Gray Public Relations, T 703-435-6293, F 703-435-6297, julie@dalygray.com
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