ATLANTA, Nov. 5 /PRNewswire-FirstCall/ -- Lodgian, Inc. (NYSE
Alternext US: LGN), one of the nation's largest independent hotel
owners and operators, today reported results for the 2009 third
quarter ended September 30, 2009. The company will host a 10 a.m.
Eastern Time conference call today to discuss results for the 2009
third quarter. 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 attached to this press release. Statistics for 35
Continuing Operations Hotels 3Q 3Q 2009* 2008* % Change ---- ----
-------- Rooms revenue $38,095 $46,679 -18.4% RevPAR $62.32 $76.24
-18.3% Total revenue $50,592 $61,400 -17.6% Impairment of
long-lived assets $(34,165) $(1,393) n/m (Loss)/income from
continuing operations $(39,789) $(2,259) n/m EBITDA $(27,128)
$10,362 n/m Adjusted EBITDA (defined below) $7,075 $11,698 -39.5%
Consolidated Financial Results (Loss)/income from continuing
operations $(39,789) $(2,259) n/m Income/(loss) from discontinued
operations $2,999 $(3,924) n/m Net (loss) attributable to common
stock $(36,201) $(6,183) n/m Net (loss) per share attributable to
common stock $(1.70) $(0.29) n/m *Dollars in thousands except for
RevPAR and per share data. In this press release, Lodgian uses the
term "Adjusted EBITDA" to mean earnings before interest, taxes,
depreciation and amortization ("EBITDA"), but excluding the effects
of the following charges: impairment losses; restructuring
expenses; gains/losses on debt extinguishment; and casualty
(gains)/losses, net, for properties damaged by events such as
hurricane, fire or flood. A reconciliation of EBITDA and Adjusted
EBITDA to (loss)/income from continuing operations is included in
the tables that accompany this press release. Third Quarter 2009
Results 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. Net loss attributable to common
shares was $(36.2) million, or $(1.70) per diluted share in the
2009 third quarter, compared to a net loss of $(6.2) million, or
$(0.29) per diluted share in the 2008 third quarter. The 2009 third
quarter net loss includes total impairment charges of $35.4 million
in both continuing operations and discontinued operations,
including the $34.2 million impairment charge previously mentioned.
EBITDA from continuing operations declined from $10.4 million in
the 2008 third quarter to $(27.1) million, including impairment
charges. Adjusted EBITDA for the same group of properties, which
excludes the effect of impairment charges, decreased 39.5 percent,
from $11.7 million in the 2008 third quarter to $7.1 million in the
2009 third quarter. Adjusted EBITDA margins for the continuing
operations hotels decreased by 510 basis points to 14.0 percent
during the 2009 third quarter compared to the 2008 third quarter
due to a significant decline in revenues, despite on-going cost
reduction efforts. Management Comments "Our results, and the hotel
industry as a whole, continue to be impacted by the effects of the
global economic slowdown," said Dan Ellis, Lodgian president and
chief executive officer. "Every hotel is competing hard for every
piece of business. We have been successful in both finding new
business and attracting previous accounts back to our hotels.
Nonetheless, it remains a fiercely competitive environment. We gave
up a little market share in the third quarter, but our continuing
operations portfolio still retains a slight edge over its
competitive set in revenue per available room (RevPAR), with our
RevPAR Index at 100.6. "We continue our strategic review of the
portfolio, evaluating each of our hotels in terms of debt coverage,
equity and long-term strategic value, with the goal of further
strengthening the company," he said. Asset Disposition Program and
Balance Sheet Update As of November 1, 2009, one property remained
classified as held for sale. Subsequent to the close of the 2009
third quarter, the company sold the Ramada Plaza in Troy, Mich. for
gross proceeds of $3.0 million. The company provided seller
financing in the amount of $1.75 million, and net proceeds were
used for general corporate purposes. During the 2009 third quarter,
the company surrendered control of the Holiday Inn in Phoenix,
Ariz. to a court-appointed receiver. As a result, all assets and
liabilities were excluded from the company's consolidated balance
sheet as of September 30, 2009. The company does not believe the
limited recourse provisions of the loan secured by the Holiday Inn
will be triggered by this transaction. As of September 30, 2009, 33
hotels were encumbered as collateral for various mortgage debt
facilities totaling approximately $310.5 million. A summary of
mortgage debt facilities is included in the supplemental
information attached to this release. The company recently reported
that, in conjunction with the development of a strategic plan, it
has stopped servicing the debt secured by the Crowne Plaza in
Worcester, Mass., and intends to convey the hotel to the lender in
full satisfaction of the debt, which had a principal balance of
$16.3 million as of September 30, 2009. On a trailing twelve month
basis, the cash flow from the hotel was insufficient to service the
debt on the property. The company is now in default on this loan,
and the lender has accelerated repayment of the loan. The company
intends to cooperate with the lender in transferring this hotel to
the lender's control. As previously disclosed, the Merrill Lynch
Fixed Rate Pool 3 securitized mortgage debt, with a principal
balance of $45.5 million, matured on October 1, 2009 and is now in
default. The company had been in discussions with the special
servicer regarding extension and modification of the loan; however,
no agreement has been reached at this time. The company is now in
discussions with the special servicer regarding returning the six
hotels to the lender in full satisfaction of the debt. This
mortgage indebtedness is non-recourse to the company except in
certain limited circumstances, which the company believes do not
apply in this case, and is not cross-collateralized with any of the
company's other indebtedness. Conference Call Lodgian will hold a
conference call to discuss its 2009 third quarter results today,
November 5, 2009 at 10 a.m. Eastern time. To hear the webcast,
interested parties may visit the company's website at
http://www.lodgian.com/ and click on Investor Relations and then
Webcast, Q3 Earnings Conference Call. A recording of the call will
be available by telephone until midnight on Thursday, November 12,
2009 by dialing (800) 406-7325, reference number 4173127. A replay
of the conference call will be posted on Lodgian's website.
Non-GAAP Financial Measures The historical non-GAAP financial
measures included in this press release are reconciled to the
comparable GAAP measures in the schedules attached to this press
release. EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are
non-GAAP measures and should not be used as a substitute for
measures such as net income (loss), cash flows from operating
activities, or other measures computed in accordance with GAAP. The
company uses EBITDA and Adjusted EBITDA to measure its performance
and to assist in the assessment of hotel property values. EBITDA is
also a widely used industry measure which Lodgian believes provides
pertinent information to investors and is an additional indicator
of the company's operating performance. The company defines
Adjusted EBITDA as EBITDA excluding the effects of certain charges
such as impairment losses; restructuring expenses; gains/losses on
debt extinguishment; and casualty losses or gains related to damage
to and insurance recoveries for properties damaged by events such
as hurricane, fire or flood. RevPAR Index RevPAR Index is computed
by dividing the company's RevPAR for a particular period by the
market's RevPAR over the same period. To derive the market's
RevPAR, we identify the hotels that the company considers to be
competing hotels for each market in which the company operates. The
group of hotels in each market is known as the competitive set. We
then obtain RevPAR for each competitive set from Smith Travel
Research, a leading provider of lodging industry data. We believe
that RevPAR Index is a meaningful indicator of our performance
because it measures our hotels in relation to their competitors. We
use RevPAR Index to determine if our hotels are increasing market
share, which is one of our key business objectives. About Lodgian
Lodgian is one of the nation's largest independent hotel owners and
operators. The company currently owns and manages a portfolio of 36
hotels with 6,749 rooms located in 21 states. Of the company's
36-hotel portfolio, 17 are InterContinental Hotels Group brands
(Crowne Plaza, Holiday Inn, and Holiday Inn Express), 12 are
Marriott brands (Marriott, Courtyard by Marriott, SpringHill Suites
by Marriott, Residence Inn by Marriott and Fairfield Inn by
Marriott), two are Hilton brands, and four are affiliated with
other nationally recognized franchisors including Starwood, Wyndham
and Carlson. One hotel is an independent, unbranded property, which
is currently closed and held for sale. For more information about
Lodgian, visit the company's website: http://www.lodgian.com/.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the federal
securities laws. All statements, other than statements of
historical facts, including, among others, statements regarding
Lodgian's negotiations with special servicers and lenders, optional
maturity extensions, property dispositions, future financial
position, business strategy, projected performance and financing
needs, are forward-looking statements. Those statements include
statements regarding the intent, belief or current expectations of
Lodgian and members of its management team, as well as the
assumptions on which such statements are based, and generally are
identified by the use of words such as "may," "will," "seeks,"
"anticipates," "believes," "estimates," "expects," "plans,"
"intends," "should" or similar expressions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that actual results may differ materially
from those contemplated by such forward-looking statements. Many of
these factors are beyond the company's ability to control or
predict. Such factors include, but are not limited to, the effects
of regional, national and international economic conditions, our
ability to refinance or extend maturing mortgage indebtedness,
competitive conditions in the lodging industry and increases in
room supply, requirements of franchise agreements (including the
right of franchisors to immediately terminate their respective
agreements if we breach certain provisions), our ability to
complete planned hotel dispositions, the effects of unpredictable
weather events such as hurricanes, the financial condition of the
airline industry and its impact on air travel, the effect of
self-insured claims in excess of our reserves and our ability to
obtain adequate insurance at reasonable rates, and other factors
discussed under Item IA (Risk Factors) in Lodgian's Form 10-K for
the year ended December 31, 2008, and as updated in our Forms 10-Q
for the quarters ended March 31 and June 30, 2009. We assume no
duty to update these statements. Management believes these
forward-looking statements are reasonable; however, undue reliance
should not be placed on any forward-looking statements, which are
based on current expectations. All written and oral forward-looking
statements attributable to Lodgian or persons acting on its behalf
are qualified in their entirety by these cautionary statements.
Further, forward-looking statements speak only as of the date they
are made, and the company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results over time unless otherwise required by law.
Contact: Debi Neary Ethridge Vice President, Finance & Investor
Relations (404) 365-2719 LODGIAN, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31,
2009 2008 -------------- ------------- ($ in thousands, except
share data) ASSETS Current assets: Cash and cash equivalents
$24,647 $20,454 Cash, restricted 9,419 8,179 Accounts receivable
(net of allowances: 2009 - $257; 2008 - $263) 7,035 7,115
Inventories 3,100 2,983 Prepaid expenses and other current assets
15,342 21,257 Assets held for sale 4,554 33,021 ----- ------ Total
current assets 64,097 93,009 Property and equipment, net 403,815
447,366 Deposits for capital expenditures 5,586 11,408 Other assets
4,893 3,631 ----- ----- $478,391 $555,414 ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $5,152 $7,897 Other accrued liabilities 23,674 22,897
Advance deposits 1,619 1,293 Current portion of long-term
liabilities 102,614 124,955 Liabilities related to assets held for
sale 607 16,167 --- ------ Total current liabilities 133,666
173,209 Long-term liabilities 208,935 194,800 ------- ------- Total
liabilities 342,601 368,009 Commitments and contingencies
Stockholders' equity: Common stock, $.01 par value, 60,000,000
shares authorized; 25,148,819 and 25,075,837 issued at September
30, 2009 and December 31, 2008, respectively 252 251 Additional
paid-in capital 331,601 330,785 Accumulated deficit (155,344)
(105,246) Accumulated other comprehensive income 64 1,262 Treasury
stock, at cost, 3,827,603 and 3,806,000 at September 30, 2009 and
December 31, 2008, respectively (39,692) (39,647) ------- -------
Total stockholders' equity attributable to common stock 136,881
187,405 Noncontrolling interest (1,091) - ------ --- Total
stockholders' equity 135,790 187,405 ------- ------- $478,391
$555,414 ======== ======== LODGIAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months
Ended Nine Months Ended September 30, September 30, 2009 2008 2009
2008 ---- ---- ---- ---- ($ in thousands, ($ in thousands, except
share data) except share data) Revenues: Rooms $38,095 $46,679
$114,415 $139,891 Food and beverage 10,469 12,545 33,852 40,011
Other 2,028 2,176 5,689 6,376 ----- ----- ----- ----- Total
revenues 50,592 61,400 153,956 186,278 ------ ------ -------
------- Direct operating expenses: Rooms 10,952 12,200 31,818
35,562 Food and beverage 7,784 9,070 23,706 27,740 Other 1,264
1,548 3,881 4,473 ----- ----- ----- ----- Total direct operating
expenses 20,000 22,818 59,405 67,775 ------ ------ ------ ------
30,592 38,582 94,551 118,503 Other operating expenses: Other hotel
operating costs 15,670 18,287 46,229 53,885 Property and other
taxes, insurance, and leases 4,147 4,226 12,829 12,338 Corporate
and other 4,289 4,373 11,458 13,742 Casualty losses, net 38 (57)
133 (57) Depreciation and amortization 8,774 8,120 26,067 23,578
Impairment of long-lived assets 34,165 1,393 35,349 9,114 ------
----- ------ ----- Total other operating expenses 67,083 36,342
132,065 112,600 ------ ------ ------- ------- Operating (loss)
income (36,491) 2,240 (37,514) 5,903 Other income (expenses):
Interest income and other 16 241 98 907 Interest expense (3,304)
(4,821) (10,598) (14,768) ------ ------ ------- ------- (Loss)
income before income taxes and noncontrolling interest (39,779)
(2,340) (48,014) (7,958) (Provision) benefit for income taxes -
continuing operations (10) 81 (29) (6) --- -- --- -- (Loss) income
from continuing operations (39,789) (2,259) (48,043) (7,964)
------- ------ ------- ------ Discontinued operations: Income
(loss) from discontinued operations before income taxes 2,841
(3,870) (3,342) 759 Benefit (provision) for income taxes -
discontinued operations 158 (54) 196 (129) --- --- --- ---- Income
(loss) from discontinued operations 2,999 (3,924) (3,146) 630 -----
------ ------ --- Net (loss) income (36,790) (6,183) (51,189)
(7,334) Less: Net loss attributable to noncontrolling interest 589
- 1,091 - --- --- ----- --- Net (loss) income attributable to
common stock $(36,201) $(6,183) $(50,098) $(7,334) ======== =======
======== ======= Basic and diluted net (loss) income per share
attributable to common stock $(1.70) $(0.29) $(2.35) $(0.33) ======
====== ====== ====== LODGIAN, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER (UNAUDITED) 2009
Third Second First Quarter Quarter Quarter ------- ------- -------
($ in thousands) Revenues: Rooms $38,095 $39,685 $36,635 Food and
beverage 10,469 12,545 10,838 Other 2,028 1,958 1,703 ----- -----
----- 50,592 54,188 49,176 ------ ------ ------ Direct operating
expenses: Rooms 10,952 10,784 10,082 Food and beverage 7,784 8,284
7,638 Other 1,264 1,319 1,298 ----- ----- ----- 20,000 20,387
19,018 ------ ------ ------ 30,592 33,801 30,158 Other operating
expenses: Other hotel operating costs 15,670 14,931 15,628 Property
and other taxes, insurance and leases 4,147 4,471 4,211 Corporate
and other 4,289 3,564 3,605 Casualty losses (gains), net 38 14 81
Restructuring - - - Depreciation and amortization 8,774 8,800 8,493
Impairment of long-lived assets 34,165 719 465 ------ --- --- Other
operating expenses 67,083 32,499 32,483 ------ ------ ------
Operating (loss) income (36,491) 1,302 (2,325) Other income
(expenses): Interest income and other 16 37 45 Other interest
expense (3,304) (3,515) (3,779) ------ ------ ------ (Loss) income
before income taxes (39,779) (2,176) (6,059) (Provision) benefit
for income taxes - continuing operations (10) 53 (72) --- -- ---
(Loss) income from continuing operations (39,789) (2,123) (6,131)
------- ------ ------ Discontinued operations: Income (loss) from
discontinued operations before income taxes 2,841 (5,256) (927)
Benefit (provision) for income taxes 158 62 (24) --- -- --- Income
(loss) from discontinued operations 2,999 (5,194) (951) -----
------ ---- Net (loss) income $(36,790) $(7,317) $(7,082) Less: Net
loss (income) attributable to noncontrolling interest 589 342 160
--- --- --- Net (loss) income attributable to common stock
$(36,201) $(6,975) $(6,922) ======== ======= ======= 2008 2007
Fourth Third Second First Fourth Quarter Quarter Quarter Quarter
Quarter ------- ------- ------- ------- ------- ($ in thousands)
Revenues: Rooms $38,732 $46,679 $49,364 $43,848 $40,730 Food and
beverage 13,532 12,545 15,404 12,062 14,429 Other 1,886 2,176 2,138
2,062 1,819 ----- ----- ----- ----- ----- 54,150 61,400 66,906
57,972 56,978 ------ ------ ------ ------ ------ Direct operating
expenses: Rooms 11,026 12,200 12,179 11,183 10,497 Food and
beverage 9,015 9,070 9,851 8,819 9,054 Other 1,333 1,548 1,537
1,388 1,288 ----- ----- ----- ----- ----- 21,374 22,818 23,567
21,390 20,839 ------ ------ ------ ------ ------ 32,776 38,582
43,339 36,582 36,139 Other operating expenses: Other hotel
operating costs 16,075 18,287 17,719 17,879 16,285 Property and
other taxes, insurance and leases 4,223 4,226 3,760 4,352 4,334
Corporate and other 3,063 4,373 3,484 5,885 4,248 Casualty losses
(gains), net 1,152 (57) - - - Restructuring - - - - (25)
Depreciation and amortization 8,352 8,120 7,989 7,469 7,464
Impairment of long-lived assets 354 1,393 5,580 2,141 796 --- -----
----- ----- --- Other operating expenses 33,219 36,342 38,532
37,726 33,102 ------ ------ ------ ------ ------ Operating (loss)
income (443) 2,240 4,807 (1,144) 3,037 Other income (expenses):
Interest income and other 147 241 276 390 912 Other interest
expense (4,577) (4,821) (4,775) (5,172) (5,790) ------ ------
------ ------ ------ (Loss) income before income taxes (4,873)
(2,340) 308 (5,926) (1,841) (Provision) benefit for income taxes -
continuing operations (74) 81 (24) (63) (2,262) --- -- --- ---
------ (Loss) income from continuing operations (4,947) (2,259) 284
(5,989) (4,103) ------ ------ --- ------ ------ Discontinued
operations: Income (loss) from discontinued operations before
income taxes 199 (3,870) 5,986 (1,357) (5,824) Benefit (provision)
for income taxes 98 (54) 97 (172) 1,854 -- --- -- ---- ----- Income
(loss) from discontinued operations 297 (3,924) 6,083 (1,529)
(3,970) --- ------ ----- ------ ------ Net (loss) income $(4,650)
$(6,183) $6,367 $(7,518) $(8,073) Less: Net loss (income)
attributable to noncontrolling interest - - - - - --- --- --- ---
--- Net (loss) income attributable to common stock $(4,650)
$(6,183) $6,367 $(7,518) $(8,073) ======= ======= ====== =======
======= LODGIAN, INC. AND SUBSIDIARIES Reconciliation of EBITDA and
Adjusted EBITDA (non-GAAP measures) with Income/(Loss) from
Continuing Operations (a GAAP measure) (UNAUDITED) Three Months
Ended Nine Months Ended September 30, September 30, 2009 2008 2009
2008 ---- ---- ---- ---- ($ in thousands) ($ in thousands)
Continuing operations: (Loss) income from continuing operations
$(39,789) $(2,259) $(48,043) $(7,964) Net loss attributable to
noncontrolling interest 589 - 1,091 - --- --- ----- --- (Loss)
income from continuing operations attributable to common stock
$(39,200) $(2,259) $(46,952) $(7,964) Depreciation and amortization
8,774 8,120 26,067 23,578 Interest income (16) (239) (99) (904)
Interest expense 3,304 4,821 10,598 14,768 Provision (benefit) for
income taxes 10 (81) 29 6 -- --- -- - EBITDA from continuing
operations $(27,128) $10,362 $(10,357) $29,484 -------- -------
-------- ------- Adjustments to EBITDA: Impairment of long-lived
assets $34,165 $1,393 $35,349 $9,114 Casualty losses, net 38 (57)
133 (57) -- --- --- --- Adjusted EBITDA from continuing operations
$7,075 $11,698 $25,125 $38,541 ------ ------- ------- -------
Lodgian, Inc. Summary of Mortgage Debt as of September 30, 2009 ($
in thousands) (UNAUDITED) Encumbered Interest Maturity Debt DSCR
Hotels rate Date Balance (n) ----------- --------- ---- -------
----- Mortgage Debt LIBOR plus May Goldman Sachs 10 hotels (a)
1.50% (b) 2010 (c) $130,000 3.00 Merrill Lynch Fixed Rate July Pool
1 4 hotels (d) 6.58% 2010 36,125 1.39 Merrill Lynch Fixed Rate
October Pool 3 6 hotels (e) 6.58% 2009 45,500 0.46 Merrill Lynch
Fixed Rate July Pool 4 6 hotels (f) 6.58% (g) 2012 34,868 1.11
LIBOR plus March IXIS 3 hotels (h) 2.95% (i) 2010 (j) 20,753 1.35
Holiday Inn LIBOR plus December IXIS Hilton Head 2.90% (k) 2009 (l)
18,353 1.85 Wachovia- Crowne Plaza February Worcester Worcester
6.04% 2011 16,270 0.36 Holiday Inn Wachovia- Palm Express February
Desert Palm Desert 6.04% 2011 5,676 0.46 Springhill Wachovia-
Suites June Pinehurst Pinehurst 5.78% 2010 2,937 1.30 ---- -----
4.08% (m) $310,482 ======== Notes: (a) The hotels that secure this
debt are: Crowne Plaza Albany; Holiday Inn BWI; Residence Inn
Dedham; Hilton Ft. Wayne; Radisson Kenner; Courtyard Lafayette;
Holiday Inn Meadow Lands; Holiday Inn Santa Fe; Crowne Plaza Silver
Spring; and Courtyard Tulsa. (b) We have purchased an interest rate
cap that caps LIBOR at 5.0% and expires in May 2011. (c) This loan
can be extended for as many as two years, subject to satisfying
certain conditions. (d) The hotels that secure this debt are:
Courtyard Atlanta-Buckhead; Marriott Denver; Four Points
Philadelphia; and Holiday Inn Strongsville. (e) The hotels that
secure this debt are: Courtyard Abilene; Courtyard Bentonville;
Courtyard Florence; Holiday Inn Inner Harbor; Crowne Plaza Houston;
and Fairfield Inn Merrimack. (f) The hotels that secure this debt
are: Hilton Columbia; Wyndham DFW; Residence Inn Little Rock;
Holiday Inn Myrtle Beach; Courtyard Paducah; and Crowne Plaza West
Palm Beach. (g) There is an exit fee associated with this loan. The
amount of the fee will increase each year but, assuming the loan is
held for the full term, will effectively increase the current
interest rate by 100 basis points per annum. (h) The hotels that
secure this debt are: Crowne Plaza Phoenix; Radisson Phoenix;
Crowne Plaza Pittsburgh. (i) We have purchased an interest rate cap
that caps LIBOR at 4.5% and expires in March 2011. (j) This loan
can be extended for one additional year, subject to satisfying
certain conditions. (k) We have purchased an interest rate cap that
caps LIBOR at 5.0% and expires in December 2010. (l) This loan can
be extended for one additional year, subject to satisfying certain
conditions. (m) Annual effective weighted average cost of debt at
September 30, 2009 (n) Debt Service Coverage Ratio ("DSCR") is
calculated using trailing twelve month NOI divided by actual
trailing twelve month debt service, both through September 2009.
Lodgian, Inc. 2009 Supplemental Operating Information (UNAUDITED)
Three months ended Hotel Room September September Increase Count
Count 30, 2009 30, 2008 (Decrease) ------ ----- -------- --------
---------------- 35 6,644 All Continuing Operations hotels
Occupancy 65.0% 71.7% (9.3)% ADR $95.89 $106.37 ($10.48) (9.9)%
RevPAR $62.32 $76.24 ($13.92) (18.3)% RevPAR Index 100.6% 102.3%
(1.7)% (1.7)% 31 5,964 Continuing Operations less hotels under
renovation in the third quarter 2008 or 2009 Occupancy 64.5% 72.1%
(10.5)% ADR $97.69 $107.83 ($10.14) (9.4)% RevPAR $63.04 $77.74
($14.70) (18.9)% RevPAR Index 102.4% 104.4% (2.0)% (1.9)% 12 1,398
Marriott Hotels Occupancy 69.4% 77.1% (10.0)% ADR $98.27 $114.09
($15.82) (13.9)% RevPAR $68.25 $87.99 ($19.74) (22.4)% RevPAR Index
109.2% 110.2% (1.0)% (0.9)% 2 396 Hilton Hotels Occupancy 54.9%
68.3% (19.6)% ADR $108.36 $112.15 ($3.79) (3.4)% RevPAR $59.46
$76.63 ($17.17) (22.4)% RevPAR Index 90.0% 100.2% (10.2)% (10.2)%
17 3,975 IHG Hotels Occupancy 64.1% 71.0% (9.7)% ADR $99.53 $106.20
($6.67) (6.3)% RevPAR $63.78 $75.42 ($11.64) (15.4)% RevPAR Index
101.7% 103.5% (1.8)% (1.7)% 4 875 Other Brands - Radisson, Wyndham
and Four Points by Sheraton Occupancy 66.6% 67.5% (1.3)% ADR $71.39
$90.44 ($19.05) (21.1)% RevPAR $47.54 $61.02 ($13.48) (22.1)%
RevPAR Index 84.3% 86.2% (1.9)% (2.2)% Lodgian, Inc. 2009
Supplemental Operating Information (UNAUDITED) Nine months ended
Hotel Room September September Increase Count Count 30, 2009 30,
2008 (Decrease) ----- ----- --------- -------- --------------- 35
6,644 All Continuing Operations hotels Occupancy 64.1% 71.1% (9.8)%
ADR $98.30 $107.81 ($9.51) (8.8)% RevPAR $63.04 $76.69 ($13.65)
(17.8)% RevPAR Index 100.5% 100.6% (0.1)% (0.1)% 24 4,324
Continuing Operations less hotels under renovation in the first,
second or third quarter 2008 or 2009 Occupancy 64.8% 72.4% (10.5)%
ADR $95.13 $104.55 ($9.42) (9.0)% RevPAR $61.66 $75.66 ($14.00)
(18.5)% RevPAR Index 101.0% 101.9% (0.9)% (0.9)% 12 1,398 Marriott
Hotels Occupancy 67.8% 73.7% (8.0)% ADR $100.89 $113.68 ($12.79)
(11.3)% RevPAR $68.35 $83.79 ($15.44) (18.4)% RevPAR Index 111.8%
110.4% 1.4% 1.3% 2 396 Hilton Hotels Occupancy 57.6% 66.7% (13.6)%
ADR $109.94 $112.44 ($2.50) (2.2)% RevPAR $63.36 $74.96 ($11.60)
(15.5)% RevPAR Index 95.3% 98.4% (3.1)% (3.2)% 17 3,975 IHG Hotels
Occupancy 63.2% 71.3% (11.4)% ADR $100.84 $107.63 ($6.79) (6.3)%
RevPAR $63.68 $76.71 ($13.03) (17.0)% RevPAR Index 100.3% 101.5%
(1.2)% (1.2)% 4 875 Other Brands - Radisson, Wyndham and Four
Points by Sheraton Occupancy 65.7% 68.4% (3.9)% ADR $78.34 $96.54
($18.20) (18.9)% RevPAR $51.46 $66.05 ($14.59) (22.1)% RevPAR Index
84.5% 82.9% 1.6% 1.9% Lodgian, Inc. Hotel Portfolio as of November
1, 2009 Location Brand Rooms Continuing Operations
--------------------- Bentonville, AR Courtyard by Marriott 90
Little Rock, AR Residence Inn by Marriott 96 Phoenix, AZ Crowne
Plaza 295 Phoenix, AZ Radisson 159 Palm Desert, CA Holiday Inn
Express 129 Denver, CO Marriott 238 Melbourne, FL Crowne Plaza 270
West Palm Beach, FL Crowne Plaza 219 Atlanta, GA Courtyard by
Marriott 181 Ft. Wayne, IN Hilton 244 Florence, KY Courtyard by
Marriott 78 Paducah, KY Courtyard by Marriott 100 Kenner, LA
Radisson 244 Lafayette, LA Courtyard by Marriott 90 Dedham, MA
Residence Inn by Marriott 81 Worcester, MA Crowne Plaza 243
Baltimore (BWI Airport), MD Holiday Inn 259 Baltimore (Inner
Harbor), MD Holiday Inn 365 Columbia, MD Hilton 152 Silver Spring,
MD Crowne Plaza 231 Pinehurst, NC Springhill Suites by Marriott 107
Merrimack, NH Fairfield Inn by Marriott 115 Santa Fe, NM Holiday
Inn 130 Albany, NY Crowne Plaza 384 Strongsville, OH Holiday Inn
303 Tulsa, OK Courtyard by Marriott 122 Monroeville, PA Holiday Inn
187 Philadelphia, PA Four Points by Sheraton 190 Pittsburgh -
Washington, PA Holiday Inn 138 Pittsburgh, PA Crowne Plaza 193
Hilton Head, SC Holiday Inn 202 Myrtle Beach, SC Holiday Inn 133
Abilene, TX Courtyard by Marriott 100 Dallas (DFW Airport), TX
Wyndham 282 Houston, TX Crowne Plaza 294 --- 6,644 ===== Held For
Sale ------------- Memphis, TN Independent 105 DATASOURCE: Lodgian,
Inc. CONTACT: Debi Neary Ethridge, Vice President, Finance &
Investor Relations, +1-404-365-2719, Web Site:
http://www.lodgian.com/
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