ATLANTA, GA, July 2, 2009 – Lodgian, Inc. (NYSE Alternext US:LGN), one of the nation’s largest independent hotel owners and operators, today announced that the company has obtained extensions on $71.6 million of its mortgage indebtedness previously scheduled to mature on July 1, 2009, and remains in negotiations on extension of $45.7 million of mortgage debt which matured on July 1, 2009.“We are extremely pleased with the extension agreements reached with regard to two of the three maturing loans, which extends the maturity date of $36.5 million and $35.1 million of mortgage debt for one and three years, respectively,” said Dan Ellis, (top right photo) Lodgian president and chief executive officer.
“These extensions give Lodgian additional time and flexibility as the company continues its efforts to refinance this debt. We remain in negotiations with the special servicer of the Merrill Lynch Fixed Rate Pool #3 in an effort to arrive at a longer term solution for this loan portfolio.”
For a complete 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
Debi Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719, dethridge@lodgian.com
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