ATLANTA, Ga., November 5, 2009—Lodgian, Inc. (NYSE Alternext US:LGN), one of the nation’s largest independent hotel owners and operators, has reported results for the 2009 third quarter ended September 30, 2009.
Third quarter 2009 total revenue for continuing operations declined 17.6 percent to $50.6 million, compared to the same period in 2008.
Loss from continuing operations was $(39.8) million in the 2009 third quarter, compared to a loss of $(2.3) million in the 2008 third quarter.
The 2009 third quarter loss was driven primarily by a $34.2 million impairment charge largely related to seven hotels which are expected to be returned to their lenders.
Six of these hotels are expected to be returned to the lender after unsuccessful negotiations to extend and modify the Merrill Lynch Fixed Rate Pool 3 loan agreement.
The “35 continuing operations hotels” comprise those Lodgian properties that were not held for sale as of September 30, 2009. Lists of properties, both continuing operations and held for sale, are shown in the company's complete press release.
For a complete copy of the company's news release and financials, please contact Debi Neary Ethridge, Vice President, Finance & Investor Relations,, (404) 365-2719, dethridge@lodgian.com
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