Lodgian Receives Audit Report with Going Concern Explanation

ATLANTA, GA, Mar. 17, 2010—Lodgian, Inc. (NYSE Amex Equities: LGN) today announced that the audit report of its independent registered public accounting firm, Deloitte & Touche LLP, included in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the “Form 10-K”), while expressing an unqualified opinion regarding the company’s audited financial statements, identified matters which raise substantial doubt about the company’s ability to continue as a going concern.

The company’s announcement does not represent any changes or amendment to its 2009 financial statements or to its Form 10-K which was filed with the Securities and Exchange Commission on March 16, 2010.

As disclosed in the Form 10-K, the audit report raised substantial doubt about the company’s ability to continue as a going concern because approximately $55.7 million of the company’s mortgage debt is scheduled to mature in 2010.

This mortgage debt cannot be extended without the approval of the loan servicers. The largest facility, the Merrill Lynch Fixed Rate Pool 1 indebtedness with a current principal balance of $33.9 million, matures on July 1, 2010.

To address this pending maturity, the company is pursuing opportunities to refinance the maturing mortgage debt. However, in light of the current state of credit markets generally and the real estate credit markets specifically, the company cannot currently predict the outcome of these efforts.

Contact:
Debi Ethridge, Vice President, Finance & Investor Relations, (404) 365-2719, dethridge@lodgian.com
Jerry or Chris at  DalyGray, jerry@dalygray.com

Grubb & Ellis Launches “Building Knowledge” Blog by Chief Economist Bob Bach

SANTA ANA, CA  (Mar. 17, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has launched “Building Knowledge,” a blog by Bob Bach, (top right photo) senior vice president and chief economist.

The blog features Bach’s commentary on the economy and its effect upon the commercial real estate market.

“This blog enables Grubb & Ellis to increase the value of the market research expertise we provide to clients and the business community at large,” said Jack Van Berkel, (bottom left photo) chief operating officer and president, Real Estate Services.

“I also couldn’t be more pleased that Bob has agreed to author it. ‘Building Knowledge’ gives Bob the platform to do more of what our clients rely on him for most – looking at economic news and trends of the day through the lens of the commercial real estate industry’s most respected market analyst.”

In his first post, Bach discusses debt, the federal deficit and the long-term effect they will have on the economy. For this and future blog posts, visit http://bobbach.wordpress.com.

Bach brings 35 years of experience in real estate market research, consulting and city planning and has been the leader of Grubb & Ellis’ market research department since 1998.

He authors the company’s national market publications, is a frequent speaker at industry events and is quoted widely by the financial and trade media. He works with the company’s researchers in more than 100 markets to insure that Grubb & Ellis proprietary data is accurate and the analysis provided to clients is useful and insightful.

Contact: Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

HVAC&R Industry Veteran Davis Watkins Appointed as Advanced Telemetry's VP of Commercial Sales for its ‘EcoView’ Energy Management System

 SAN DIEGO, CA – Advanced Telemetry (www.AdvancedTelemetry.com), developer of the EcoViewTM smart energy management system for light commercial and residential applications,  announced the appointment of Davis Watkins  (top right photo) as its vice president of commercial sales.

 In this capacity, Watkins is charged with cultivating the company’s emerging HVAC&R wholesale distributor sales channel for its industry-leading EcoView Commercial solution.

“Davis Watkins is a 20-year industry veteran with a litany of successful blue chip eco-product market launches to his credit, also widely regarded as one of the preeminent leaders in high performance climate conditioning systems in the U.S.,” said Tom Naylor,CEO and CTO of Advanced Telemetry.

 “Davis has been a driving force behind many successful technology-based start-up and fast-growth organizations capitalizing on niche markets. All combined, he’s a perfect fit for our organization and we’re thrilled to have Davis officially on board in this significant executive-level role.”

“I look forward to positively impacting top-line revenue growth and bottom line profitability for Advanced Telemetry through strategic wholesale distribution partnerships that, until now, have not been aggressively pursued,” Watkins notes.

Contact:  Merilee Kern, Kern Communications, 858-577-0206, merilee@kerncommunications.com

Transwestern Brokers 39,869 SF office lease at Northchase Office Park in Atlanta

ATLANTA, GA, Mar. 17, 2010-– Transwestern’s Atlanta office announced it has completed a 39,869 square foot lease at Northchase Office Park, located at 1090 Northchase Parkway (top left photo) in the Cumberland/Galleria area of Atlanta.

The tenant, NCDR, LLC, provides dental facilities, support staff, and other non-clinical dental services to dental group practices.

The company’s principal client is Kool Smiles, a national provider of children’s dental care focused primarily on children enrolled in Medicaid or state-sponsored health insurance programs. The company is relocating from Galleria 400.

“Relocating to Northchase Office Center is a positive move for NCDR,” said Rush Bradley, (bottom right photo)  vice president with Transwestern. “They were looking to remain in the Galleria area and we were able to provide them with the best possible option for attractive space at a competitive rate.”

Bradley represented the landlord/receiver. Pac Zachary of GlassRatner Management & Realty Advisors, LLC. William Wood and Furman Wood of Commercial Property Professionals represented NCDR.

Northchase Office Park currently offers office suites ranging in size from 5,000 to 70,000 square feet. The park offers great visibility from Delk Road with immediate access to I-75.

Contact:  Tony Wilbert, twilbert@wilbertnewsstrategies.com

Prominent investment sales team joins HFF New Jersey

FLORHAM PARK, NJ – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired the investment sales team of Jose Cruz (top right photo) and Kevin O’Hearn. Cruz and O’Hearn have more than 32 years of commercial real estate experience and join HFF from Cushman & Wakefield’s (C&W) New Jersey investment sales group.

Jose Cruz, who was an executive director of C&W’s investment sales group, will join HFF as a senior managing director. Since 1997, Cruz has been involved in more than $13 billion of office, industrial, retail, multi-housing and land sales.

 Notable sales transactions include: the $135 million, 1.3 million-square-foot Starwood retail portfolio, the $115 million Rockpoint Allegiance Office Portfolio and the $120 million sale of Mariner’s Waterfront in Edgewater.

 Prior to joining the investment sales group, Cruz was the northeast area manager for the Research Services Department within C&W and prior to that worked as a real estate analyst with PaineWebber, UBS, Inc. .

Kevin O’Hearn will join HFF as a director. He has more than 19 years of experience and was the director of the Capital Markets Group and Client Solutions Group at C&W.
“Adding Jose and Kevin to HFF’s team solidifies our position as the premier commercial real estate intermediary in this market,” said Jon Mikula  (middle left photo) senior managing director in HFF’s New Jersey office.

“The highly regarded team of Cruz and O’Hearn bring a wealth of transactional experience and join our well established existing Tri-State investment sales platform,” added Tom Didio, (middle right photo)  senior managing director in HFF’s New Jersey office.

Contacts:

Jon Mikula, HFF Senior Managing Director, (973) 549-2000, jmikula@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF New York hires Gary Newman as director in its debt placement group

NEW YORK, NY – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Gary Newman as a director in the debt placement group in its New York office.

Newman will focus on originating debt and structured finance transactions throughout the northeastern United States. Prior to joining HFF, Mr. Newman served as a director at Hypo Real Estate in New York where he originated fixed-rate CMBS loans as well as portfolio loans for the bank’s balance sheet.

“We are pleased to have Newman aboard the HFF team. He brings with him a wealth of experience and deep relationships from both the borrower and lender side of the industry,” said Michael Tepedino (bottom left photo), senior managing director in the New York office of HFF.

Contacts:

Michael J. Tepedino, HFF Senior Managing Director, (212) 245-2425, mtepedino@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Palmer Electric completes renovation of Lake Buena Vista Holiday Inn

WINTER PARK, FL— Palmer Electric Company has completed contracts totaling $2.9 million for the renovation of the Lake Buena Vista Holiday Inn (top left photo)  located on Hotel Plaza Boulevard in Lake Buena Vista, Fla.

The two-year project was rebuilt in phases under two consecutive contracts with the owner, CIGLBV LLC of Miami, Fla., and Atlanta, GA.

Palmer Electric provided site and building electrical as well as systems for fire alarm, dimming, sound and card access.

Composed of a 14-story tower with a six-story low rise wing, the hotel complex includes 332 rooms, restaurant and lobby bar, business center, fitness center, meeting rooms, grand ballroom, convention center and pool amenities.

Orlando, Fla.-based VOA Associates, Inc. was the project’s architect. Matern Professional Engineering, Inc. of Maitland, Fla., provided electrical engineering for the renovation.

Palmer Electric Company is a provider of electrical contracting and service to commercial, institutional and residential customers since its founding in 1951. The Company employs a staff of 160. Headquartered in Winter Park, Fla., the Company has residential division offices in Lakeland, St. Cloud and Jacksonville, Fla.

For additional information, visit http://www.palmer-electric.com/.
Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Walgreens Gets $2M Loan for Hawaiian Court Store in Orlando

ORLANDO, FL— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing on March 3, 2010, in the amount of $2,000,000 for Walgreens at Hawaiian Court in Orlando, Florida.


Steven Hayes Wood, Company Chief Operating Officer, along with Mike Daspin of United Financial of America, financed Walgreens at Hawaiian Court through Thomas D. Wood and Company’s correspondent relationship with Woodmen of the World Life Insurance Company.

The fully-amortizing loan has a term of ten years and an interest rate of 6.125%. The loan-to-value is 37% and loan-to-cost is 36.25%. Walgreens at Hawaiian Court is a 13,677 square foot retail building, built in 2010, and located at 9858 International Drive, Orlando, Florida.

For further information, please contact:
Steven Wood (305) 447-7836 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Jim McFadden and Greg May Named Co-Leaders of Grubb & Ellis's Orange County Offices in California

NEWPORT BEACH, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm,  has promoted Jim McFadden (top right photo)  and Greg May (middle  left photo)  to serve as co-managing directors of the company’s Orange County offices, effective immediately.

A 24-year veteran of Grubb & Ellis’ Anaheim office, McFadden was previously senior vice president, Industrial Group. May joined the company’s Newport Beach office in 2005 as senior vice president, Office Group. McFadden and May will be primarily based in Anaheim and Newport Beach, respectively.

“Jim and Greg bring considerable industry experience and strong local relationships to their new roles,” said Chuck Hunt, (bottom right photo) executive managing director, Southern California. “Although there are many similarities between the two, their complementary backgrounds will position Grubb & Ellis well for continued growth.”

McFadden began his commercial real estate career in 1986. During his tenure with the company, he has been ranked as a Top 10 producer multiple times, the No. 1 producer of the industrial division locally and as a Top 100 producer of the industrial division nationally.

 He is also a member of the President’s Council, a select group of professionals who have been recognized for their strong commitment to service excellence, personal and professional development and dedication to the future growth of Grubb & Ellis. He holds a bachelor’s degree from the University of California, Santa Barbara and is a member of NAIOP.

May has more than 20 years of commercial real estate experience, primarily within the Southern California market. During his nearly five years with Grubb & Ellis, he has been ranked as one the of top Office professionals locally.

Prior to joining the company, May served as vice president of Maguire Properties and as senior vice president of Transwestern Commercial Services. He began his career in commercial real estate with CB Richard Ellis in 1985 where he escalated to vice president.

He holds a bachelor’s degree from the University of Southern California, is a member of NAIOP and serves as chairman of the South Coast Metro Alliance Brokerage Group.

Contacts:

Janice McDill, 312.698.6707, janice.mcdill@grubb-ellis.com
Julia McCartney,  714.975.2230,  julia.mccartney@grubb-ellis.com

The Bainbridge Companies Enter Atlanta Market

ATLANTA, GA (Mar. 15, 2010) – The Bainbridge Companies, a fully-integrated group of multifamily real estate companies, are expanding into the Atlanta market with an agreement to manage Alexan MetroWest Apartments (top left photo).

Developed by Trammell Crow Residential (TCR), Alexan MetroWest is a newly-built 397-unit luxury community located in Atlanta's chic Midtown West Design District.

“We continue to grow our presence in important markets along the East Coast and Atlanta was a strategic market entry for Bainbridge. TCR builds some of the most exciting and innovative apartment communities in the country, and we're honored to be selected to lease up Alexan MetroWest,” said Kevin Sheehan, (middle right photo) the President of Property Operations for The Bainbridge Companies.

Bainbridge began managing the multifamily community on March 1. The transaction also strengthens the company’s relationship with TCR, as Bainbridge also manages the Atlanta-based firm’s Alexan Solmar (bottom left  photo)  in Ft. Lauderdale.

Alexan MetroWest, located at 1040 Huff Road in Atlanta, is a pet-friendly community with studio, one and two bedroom apartments.

Amenities include a “beach entry” pool and four large themed courtyards, a fitness studio and clubroom with coffee bar, high definition TVs and seating areas. Free WiFi is available poolside and in the clubroom. Alexan MetroWest offers 100% smoke-free amenities and select buildings offer smoke-free only apartments.

The Bainbridge Companies now manage almost 10,000 apartments in Florida, Georgia, Maryland and Virginia.

Contact: Terri Thornton, Thornton Communications (404) 932-4347 Terri@TerriThornton.com

Marcus & Millichap Sells 52,896-SF Self-Storage Facility in Tampa for $1.425M

TAMPA, Fla, March 12, – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Discount Mini Storage, (bottom left photo)  a 52,896 square foot self-storage facility property located in Tampa, Fla, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $1,425,000.

Michael A. Mele, (top right photo)  vice president investments in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Michael A. Mele.

Discount Mini Storage is located at 8323 West Hillsborough Avenue. It is a 41,125 net rentable square foot self-storage facility situated on 1.67 acres (MOL) of ground in Tampa, Florida. Discount Mini Storage was built in 1998 and currently enjoys a 68 percent physical occupancy level.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Cushman & Wakefield Negotiates Sale of Hampton Oaks Business Park in Tampa for $18.4M

TAMPA, FL– Cushman & Wakefield has successfully negotiated the sale of Hampton Oaks Business Park, located in Tampa, Florida just north of the interchange of I-4 and U.S. 301, for $18.4 million.

Hampton Oaks is a 259,042 square foot master-planned light industrial and flex park that includes six Class “A” buildings. The Property was 93.7% occupied at the time of sale.

Mike Davis, Executive Director of C&W’s Southeast Capital Markets Group, said, “The sale of Hampton Oaks is indicative of the significant number of new non-traditional buyers entering the market.”

Davis and  Rick Brugge, CCIM, Associate Director of C&W’s Southeast Capital Markets Group negotiated the sale on behalf of the seller, RREEF. The buyer is Foundation Realty Advisors.

Contact: Marcianne Foster, 813-204-5345, Marcianne.Foster@cushwake.com

Cousins Properties Announces Results of First Quarter Dividend Elections

ATLANTA--Cousins Properties Incorporated (NYSE: CUZ) announced today the results of the shareholders’ elections relating to Cousins’ first quarter common stock dividend of $0.09 per share declared by its Board of Directors on January 15, 2010.

The dividend will consist of approximately $2,997,000 in cash and 820,000 shares of common stock. The amount of cash elected to be received was greater than the cash limit of 33.34% of the total value of the dividend or approximately $2,997,000, and therefore, shareholders who elected to receive all cash will receive a combination of cash and stock.

The number of shares included in the dividend is calculated based on the $7.30 average closing price per share of Cousins’ common stock on the New York Stock Exchange on March 3, March 4 and March 5, 2010.

For a complete copy of the company's news release and financials, please contact:

Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications
camerongolden@cousinsproperties.com
www.cousinsproperties.com

The New Amsterdam Trades for $11.7M in Washington, DC

WASHINGTON, D.C., March 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold The New Amsterdam, (top left photo)  a 75,375-square foot multifamily and retail asset in Washington, D.C. The sales price of $11,750,000 represents $156 per square foot, or $130,556 per unit.

Stacey Milam, (middle right photo)  a first vice president investments and director of the firm’s National Multi Housing Group in Washington, D.C., represented the seller, a Pennsylvania-based partnership.

Tracy Edwards, a multifamily investment specialist also in Marcus & Millichap’s Washington, D.C., office, represented the buyer, a Virginia property owner.

“The ownership has acquired a rare, non rent-controlled multifamily asset in a revitalized section of Washington, D.C.,” says Milam.

Located in the Columbia Heights neighborhood at 2701 14th St., The New Amsterdam is four blocks from the Columbia Heights Metro Station and the DC USA Shopping Center. The mixed-use property’s 90 residential units are currently 99 percent occupied and its four ground-level retail spaces encompass 4,000 square feet.

Built in 1950, The New Amsterdam has received numerous capital improvements, including a new roof covering the retail space in 2007 and main roof replacement in 2008.

The lobby was renovated and remodeled in 2008. The residential units will also be renovated as they become vacant.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Interstate Stockholders Approve Merger with 50/50 Joint Venture Between Thayer Lodging Group and Jin Jiang Hotels

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, announced that its stockholders approved, at a special meeting held today, the merger agreement by which Interstate will be acquired by Hotel Acquisition Company, LLC (“HAC”). HAC is a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group (“Thayer Lodging”), and Shanghai Jin Jiang International Hotels (Group) Company Limited (“Jin Jiang Hotels”).

Thayer Lodging, founded in 1991, is a leading private equity sponsor that invests exclusively in the lodging sector. Jin Jiang Hotels is the world’s 13th largest hotel company in terms of number of rooms according to Hotels Magazine.

As previously announced on December 18, 2009, under the terms of the merger agreement, the outstanding shares of Interstate common stock will be acquired by HAC for $2.25 per share in cash.

Interstate expects to close the merger no later than March 18, 2010, subject to the satisfaction of various closing conditions of the parties pursuant to the terms of the merger agreement.

In connection with the merger, a request was submitted on behalf of Interstate to the New York Stock Exchange for withdrawal of the listing of its common stock. Interstate’s proposed delisting is contingent, among other conditions, on the closing of the merger. To effect the delisting, the New York Stock Exchange will file a Form 25 with the Securities and Exchange Commission.

Contacts:

Jerry Daly, Daly Gray, (703) 435-6293, jerry@dalygray.com
Carol McCune Carrie McIntyre, Media SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320
carrie.mcintyre@ihrco.com

Arbor Closes $20M Fannie Mae Loan in Summerville, SC

UNIONDALE, NY (Mar. 15, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $20,004,400 loan under the Fannie Mae DUS® product line for the 320-unit complex known as Cobblestone Village Apartments in Summerville, SC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.88 percent.

The loan was originated by John Edwards,(top right photo)  Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents our ability to replace existing construction financing with long-term, fixed-rate financing for a repeat Arbor client,” said Edwards. “Additionally, we appreciate Carolina Mortgage Company’s efforts in arranging this financing.”

Contact:  Ingrid Principe, iprincipe@arbor.com