Exhibit 99.1
For Immediate Release
Contact:
Debi Neary Ethridge
Vice President, Finance & Investor Relations
dethridge@lodgian.com
(404) 365-2719
Contact:
Debi Neary Ethridge
Vice President, Finance & Investor Relations
dethridge@lodgian.com
(404) 365-2719
Lodgian Reports 2008 Third Quarter Results
ATLANTA, Ga., November 5, 2008—Lodgian, Inc. (AMEX: LGN), one of the nation’s largest independent owners and operators of full-service hotels, today reported results for the 2008 third quarter ended September 30, 2008.
The company will host an 11 a.m. E.T. conference call today to discuss results.
The “35 continuing operations hotels” comprise those Lodgian properties that are not held for sale as of September 30, 2008. Lists of properties included in both continuing operations and held for sale are attached to this release.
Third Quarter 2008 Highlights for 35 Continuing Operations hotels
• | RevPAR index increased 2.4 percentage points to 102.0 percent. | ||
• | Increased Adjusted EBITDA (defined below) from $11.5 million to $11.7 million, a 1.9 percent improvement. | ||
• | Improved Adjusted EBITDA margin from 18.5 percent in 2007 third quarter to 19.0 percent in 2008 third quarter. | ||
• | Reduced corporate overhead by $1.4 million compared to the 2007 third quarter. |
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Statistics for 35 Continuing Operations Hotels
3Q | 3Q | |||||||||||
2008* | 2007* | % Change | ||||||||||
Rooms revenue | $ | 46,679 | $ | 46,942 | -0.6 | % | ||||||
RevPAR | $ | 76.24 | $ | 76.66 | -0.5 | % | ||||||
Total revenue | $ | 61,400 | $ | 61,933 | -0.9 | % | ||||||
Loss from continuing operations | $ | (2,259 | ) | $ | (1,132 | ) | n/m | |||||
EBITDA | $ | 10,360 | $ | 9,713 | 6.7 | % | ||||||
Adjusted EBITDA (defined below) | $ | 11,696 | $ | 11,483 | 1.9 | % |
Consolidated Financial Results
Loss from continuing operations | $ | (2,259 | ) | $ | (1,132 | ) | n/m | |||||
(Loss)/income from discontinued operations | $ | (3,924 | ) | $ | 1,179 | n/m | ||||||
Net (loss)/income attributable to common stock | $ | (6,183 | ) | $ | 47 | n/m | ||||||
Net (loss)/income per share attributable to common stock | $ | (0.29 | ) | $ | 0.00 | 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.
Corporate Highlights:
• | Sold one hotel for gross proceeds of $3.3 million. | ||
• | Repurchased approximately 382,000 shares of common stock at an average price of $7.74 per share. |
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Third Quarter 2008 Results
Third quarter 2008 total revenue for 35 continuing operations hotels declined 0.9 percent to $61.4 million, compared to the same period in 2007. During the quarter, the displacement of total revenue resulting from renovations at four properties was $0.4 million. Loss from continuing operations was $(2.3) million, compared to $(1.1) million in the 2007 third quarter.
Net loss attributable to common shares was $(6.2) million, or $(0.29) per share, compared to net income of $47,000, or $0.00 per diluted share in the 2007 third quarter.
EBITDA from 35 continuing operations hotels improved $0.6 million, or 6.7 percent, to $10.4 million compared to the prior year. Adjusted EBITDA for the same group of properties increased 1.9 percent, from $11.5 million in the third quarter of 2007 to $11.7 million in the 2008 third quarter. Adjusted EBITDA margins for the 35 continuing operations hotels improved 50 basis points to 19.0 percent during the third quarter of 2008 compared to 2007.
Management Comments
“The current turmoil in the United States economy is having a profound impact on the industry in general, as both corporate and leisure travelers tighten their belts and reduce operating budgets,” said Peter Cyrus, Lodgian interim president and chief executive officer. “This effect was reflected in our third quarter results; however, Lodgian’s 35 continuing operations hotels fared positively compared to competitors in their respective markets. RevPAR index improved 2.4 percent to 102.0 percent, reflecting improved market share in the aggregate.
“Further, the company’s cost containment efforts at property, regional and corporate levels are also evidenced by the improvement in Adjusted EBITDA margin in the 2008 third quarter compared to the same period last year. Year to date, corporate overhead of $13.1 million was $3.8 million lower than in the first nine months of 2007.”
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Asset Disposition Program
During the quarter, the former Holiday Inn in Marietta, Ga. was sold for gross proceeds of $3.3 million. The net proceeds were used for general corporate purposes.
As of September 30, 2008, a total of eight properties remained classified as held for sale and were in varying stages of the sale process.
Balance Sheet Update
As of September 30, 2008, 36 hotels were encumbered as collateral for various mortgage debt facilities totaling approximately $341 million. A summary of mortgage debt facilities is included in the supplemental information attached to this release. There are no debt maturities requiring refinancing until July 2009.
“In connection with the upcoming refinance, we have engaged a mortgage banker and, together with them, we are examining how best to retain flexibility for Lodgian, maximize proceeds and keep the cost of debt as low as possible,” said James MacLennan, executive vice president and chief financial officer.
During the third quarter of 2008, Lodgian acquired approximately 382,000 shares of common stock at an average price of $7.74 per share, for a total of approximately $3.0 million, as part of its previously announced plan to repurchase up to $10 million of its common shares over a period ending no later than April 15, 2009. The company has acquired a total of 3,757,735 shares, or approximately 15.3 percent of common stock outstanding prior to initiating the repurchase program in May 2006, for a total cost of approximately $39.1 million as of September 30, 2008.
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Conference Call
Lodgian will hold a conference call to discuss its 2008 third quarter results today, November 5, at 11 a.m. Eastern time. To hear the webcast, interested parties may visit the company’s Web site atwww.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 Wednesday, November 12 by dialing (800) 405-2236, reference number 11121025. A replay of the conference call will be posted on Lodgian’s Web site.
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.
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About Lodgian
Lodgian is one of the largest independent owners and operators of full-service hotels in the United States. The company currently owns and manages a portfolio of 42 hotels with 7,794 rooms located in 23 states and Canada. Of the company’s 42-hotel portfolio, 22 are InterContinental Hotels Group brands (Crowne Plaza, Holiday Inn, Holiday Inn Select 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), three are Hilton brands, and four are affiliated with 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 Web site:www.lodgian.com.
Forward-Looking Statements
This press release includes forward-looking statements related to Lodgian’s operations that are based on management’s current expectations, estimates and projections. These statements are not guarantees of future performance and actual results could differ materially. The words “guidance,” “may,” “should,” “expect,” “believe,” “anticipate,” “project,” “estimate,” “plan,” and similar expressions are intended to identify forward-looking statements. Certain factors are not within the company’s control and readers are cautioned not to put undue reliance on forward-looking statements. These statements involve risks and uncertainties including, but not limited to, the company’s ability to generate sufficient working capital from operations and other risks detailed from time to time in the company’s SEC reports, including the company’s annual report on Form 10-K for the year ended December 31, 2007. The company undertakes no obligations to update events to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time.
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LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2008 | December 31, 2007 | |||||||
(Unaudited in thousands, except share data) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 20,552 | $ | 54,389 | ||||
Cash, restricted | 9,496 | 8,363 | ||||||
Accounts receivable (net of allowances: 2008 — $387; 2007 — $323) | 9,889 | 8,794 | ||||||
Insurance receivable | — | 2,254 | ||||||
Inventories | 3,200 | 3,097 | ||||||
Prepaid expenses and other current assets | 20,617 | 18,186 | ||||||
Assets held for sale | 47,822 | 8,009 | ||||||
Total current assets | 111,576 | 103,092 | ||||||
Property and equipment, net | 446,826 | 499,986 | ||||||
Deposits for capital expenditures | 12,370 | 16,565 | ||||||
Other assets | 3,789 | 5,087 | ||||||
$ | 574,561 | $ | 624,730 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 7,148 | $ | 9,692 | ||||
Other accrued liabilities | 26,747 | 28,336 | ||||||
Advance deposits | 1,700 | 1,683 | ||||||
Insurance advances | — | 2,650 | ||||||
Current portion of long-term liabilities | 127,668 | 5,092 | ||||||
Liabilities related to assets held for sale | 22,537 | 961 | ||||||
Total current liabilities | 185,800 | 48,414 | ||||||
Long-term liabilities | 195,109 | 355,728 | ||||||
Total liabilities | 380,909 | 404,142 | ||||||
Commitments and contingencies (Note 8) | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $.01 par value, 60,000,000 shares authorized; 25,075,837 and 25,008,621 issued at September 30, 2008 and December 31, 2007, respectively | 251 | 250 | ||||||
Additional paid-in capital | 330,561 | 329,694 | ||||||
Accumulated deficit | (100,596 | ) | (93,262 | ) | ||||
Accumulated other comprehensive income | 3,083 | 4,115 | ||||||
Treasury stock, at cost, 3,420,475 and 1,709,878 shares at September 30, 2008 and December 31, 2007, respectively | (39,647 | ) | (20,209 | ) | ||||
Total stockholders’ equity | 193,652 | 220,588 | ||||||
$ | 574,561 | $ | 624,730 | |||||
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
(Unaudited in thousands, except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Rooms | $ | 46,679 | $ | 46,942 | $ | 139,891 | $ | 138,987 | ||||||||
Food and beverage | 12,545 | 12,857 | 40,011 | 40,660 | ||||||||||||
Other | 2,176 | 2,134 | 6,376 | 5,933 | ||||||||||||
Total revenues | 61,400 | 61,933 | 186,278 | 185,580 | ||||||||||||
Direct operating expenses: | ||||||||||||||||
Rooms | 12,200 | 11,997 | 35,562 | 34,336 | ||||||||||||
Food and beverage | 9,070 | 9,432 | 27,740 | 28,185 | ||||||||||||
Other | 1,548 | 1,512 | 4,473 | 4,216 | ||||||||||||
Total direct operating expenses | 22,818 | 22,941 | 67,775 | 66,737 | ||||||||||||
38,582 | 38,992 | 118,503 | 118,843 | |||||||||||||
Other operating expenses: | ||||||||||||||||
Other hotel operating costs | 18,287 | 17,847 | 53,885 | 52,339 | ||||||||||||
Property and other taxes, insurance, and leases | 4,226 | 4,087 | 12,338 | 13,329 | ||||||||||||
Corporate and other | 4,373 | 5,575 | 13,742 | 17,144 | ||||||||||||
Casualty gains, net | (57 | ) | — | (57 | ) | (1,867 | ) | |||||||||
Restructuring | — | 1,258 | — | 1,258 | ||||||||||||
Depreciation and amortization | 8,120 | 7,226 | 23,578 | 21,301 | ||||||||||||
Impairment of long-lived assets | 1,393 | 512 | 9,114 | 826 | ||||||||||||
Total other operating expenses | 36,342 | 36,505 | 112,600 | 104,330 | ||||||||||||
Operating income | 2,240 | 2,487 | 5,903 | 14,513 | ||||||||||||
Other income (expenses): | ||||||||||||||||
Interest income and other | 241 | 1,312 | 907 | 3,031 | ||||||||||||
Interest expense | (4,821 | ) | (5,958 | ) | (14,768 | ) | (17,380 | ) | ||||||||
Loss on debt extinguishment | — | — | — | (3,330 | ) | |||||||||||
Loss before income taxes and minority interests | (2,340 | ) | (2,159 | ) | (7,958 | ) | (3,166 | ) | ||||||||
Minority interests (net of taxes, nil) | — | — | — | (421 | ) | |||||||||||
Benefit (provision) for income taxes — continuing operations | 81 | 1,027 | (6 | ) | 2,106 | |||||||||||
Loss from continuing operations | (2,259 | ) | (1,132 | ) | (7,964 | ) | (1,481 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations before income taxes | (3,870 | ) | 1,818 | 759 | 3,779 | |||||||||||
Provision for income taxes — discontinued operations | (54 | ) | (639 | ) | (129 | ) | (2,671 | ) | ||||||||
(Loss) income from discontinued operations | (3,924 | ) | 1,179 | 630 | 1,108 | |||||||||||
Net (loss) income attributable to common stock | $ | (6,183 | ) | $ | 47 | $ | (7,334 | ) | $ | (373 | ) | |||||
Basic net loss per share attributable to common stock | $ | (0.29 | ) | $ | — | $ | (0.33 | ) | $ | (0.02 | ) | |||||
Diluted net loss per share attributable to common stock | $ | (0.29 | ) | $ | — | $ | (0.33 | ) | $ | (0.02 | ) | |||||
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | Second | First | Fourth | |||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
(Unaudited in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rooms | $ | 46,679 | $ | 49,364 | $ | 43,848 | $ | 40,730 | $ | 46,942 | $ | 49,224 | $ | 42,821 | $ | 39,510 | ||||||||||||||||
Food and beverage | 12,545 | 15,404 | 12,062 | 14,429 | 12,857 | 15,323 | 12,480 | 13,670 | ||||||||||||||||||||||||
Other | 2,176 | 2,138 | 2,062 | 1,819 | 2,134 | 2,131 | 1,668 | 1,775 | ||||||||||||||||||||||||
61,400 | 66,906 | 57,972 | 56,978 | 61,933 | 66,678 | 56,969 | 54,955 | |||||||||||||||||||||||||
Direct operating expenses: | ||||||||||||||||||||||||||||||||
Rooms | 12,200 | 12,179 | 11,183 | 10,497 | 11,997 | 11,725 | 10,614 | 10,481 | ||||||||||||||||||||||||
Food and beverage | 9,070 | 9,851 | 8,819 | 9,054 | 9,432 | 9,918 | 8,835 | 9,161 | ||||||||||||||||||||||||
Other | 1,548 | 1,537 | 1,388 | 1,288 | 1,512 | 1,462 | 1,242 | 1,275 | ||||||||||||||||||||||||
22,818 | 23,567 | 21,390 | 20,839 | 22,941 | 23,105 | 20,691 | 20,917 | |||||||||||||||||||||||||
38,582 | 43,339 | 36,582 | 36,139 | 38,992 | 43,573 | 36,278 | 34,038 | |||||||||||||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||||||||
Other hotel operating costs | 18,287 | 17,719 | 17,879 | 16,285 | 17,847 | 17,603 | 16,889 | 15,433 | ||||||||||||||||||||||||
Property and other taxes, insurance and leases | 4,226 | 3,760 | 4,352 | 4,334 | 4,087 | 4,418 | 4,824 | 4,578 | ||||||||||||||||||||||||
Corporate and other | 4,373 | 3,484 | 5,885 | 4,248 | 5,575 | 5,906 | 5,663 | 4,936 | ||||||||||||||||||||||||
Casualty (gain) losses, net | (57 | ) | — | — | — | — | — | (1,867 | ) | — | ||||||||||||||||||||||
Restructuring | — | — | — | (25 | ) | 1,258 | — | — | — | |||||||||||||||||||||||
Depreciation and amortization | 8,120 | 7,989 | 7,469 | 7,464 | 7,226 | 7,098 | 6,977 | 6,972 | ||||||||||||||||||||||||
Impairment of long-lived assets | 1,393 | 5,580 | 2,141 | 796 | 512 | 155 | 159 | 147 | ||||||||||||||||||||||||
Other operating expenses | 36,342 | 38,532 | 37,726 | 33,102 | 36,505 | 35,180 | 32,645 | 32,066 | ||||||||||||||||||||||||
Operating income (loss) | 2,240 | 4,807 | (1,144 | ) | 3,037 | 2,487 | 8,393 | 3,633 | 1,972 | |||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | — | — | — | — | — | — | — | (47 | ) | |||||||||||||||||||||||
Interest income and other | 241 | 276 | 390 | 912 | 1,312 | 807 | 912 | 651 | ||||||||||||||||||||||||
Interest expense | (4,821 | ) | (4,775 | ) | (5,172 | ) | (5,790 | ) | (5,958 | ) | (6,044 | ) | (5,378 | ) | (5,452 | ) | ||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | (3,330 | ) | — | — | |||||||||||||||||||||||
(Loss) income before income taxes and minority interests | (2,340 | ) | 308 | (5,926 | ) | (1,841 | ) | (2,159 | ) | (174 | ) | (833 | ) | (2,876 | ) | |||||||||||||||||
Minority interests (net of taxes, nil) | — | — | — | — | — | (56 | ) | (365 | ) | 335 | ||||||||||||||||||||||
(Loss) income before income taxes — continuing operations | (2,340 | ) | 308 | (5,926 | ) | (1,841 | ) | (2,159 | ) | (230 | ) | (1,198 | ) | (2,541 | ) | |||||||||||||||||
Benefit (provision) for income taxes — continuing operations | 81 | (24 | ) | (63 | ) | (2,262 | ) | 1,027 | 372 | 707 | (9,154 | ) | ||||||||||||||||||||
(Loss) income from continuing operations | (2,259 | ) | 284 | (5,989 | ) | (4,103 | ) | (1,132 | ) | 142 | (491 | ) | (11,695 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | (3,870 | ) | 5,986 | (1,357 | ) | (5,824 | ) | 1,818 | (248 | ) | 2,209 | (13,527 | ) | |||||||||||||||||||
Provision (benefit) for income taxes | (54 | ) | 97 | (172 | ) | 1,854 | (639 | ) | (157 | ) | (1,875 | ) | 4,509 | |||||||||||||||||||
(Loss) income from discontinued operations | (3,924 | ) | 6,083 | (1,529 | ) | (3,970 | ) | 1,179 | (405 | ) | 334 | (9,018 | ) | |||||||||||||||||||
Net (loss) income attributable to common stock | $ | (6,183 | ) | $ | 6,367 | $ | (7,518 | ) | $ | (8,073 | ) | $ | 47 | $ | (263 | ) | $ | (157 | ) | $ | (20,713 | ) | ||||||||||
LODGIAN, INC. AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures)
with Income/(Loss) from Continuing Operations (a GAAP measure)
(UNAUDITED)
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures)
with Income/(Loss) from Continuing Operations (a GAAP measure)
(UNAUDITED)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Continuing operations: | ||||||||||||||||
Income (loss) from continuing operations | $ | (2,259 | ) | $ | (1,132 | ) | $ | (7,964 | ) | $ | (1,481 | ) | ||||
Depreciation and amortization | 8,120 | 7,226 | 23,578 | 21,301 | ||||||||||||
Interest income | (241 | ) | (1,312 | ) | (907 | ) | (3,031 | ) | ||||||||
Interest expense | 4,821 | 5,958 | 14,768 | 17,380 | ||||||||||||
Provision (benefit) for income taxes | (81 | ) | (1,027 | ) | 6 | (2,106 | ) | |||||||||
EBITDA from continuing operations | $ | 10,360 | $ | 9,713 | $ | 29,481 | $ | 32,063 | ||||||||
Adjustments to EBITDA: | ||||||||||||||||
Impairment of long-lived assets | $ | 1,393 | $ | 512 | $ | 9,114 | $ | 826 | ||||||||
Restructuring expenses | — | 1,258 | — | 1,258 | ||||||||||||
Casualty (gains) losses, net | (57 | ) | — | (57 | ) | (1,867 | ) | |||||||||
(Gain) loss on debt extinguishment | — | — | — | 3,330 | ||||||||||||
Adjusted EBITDA from continuing operations | $ | 11,696 | $ | 11,483 | $ | 38,538 | $ | 35,610 | ||||||||
Lodgian, Inc. Summary of Mortgage Debt as of September 30, 2008 (in $ thousands) |
Number | Debt | Maturity | ||||||||||
of Hotels | Balance | Date | Interest rate | |||||||||
Mortgage Debt | ||||||||||||
IXIS | 3 | $ | 21,052 | Mar-09[1] | LIBOR plus 2.95%, capped at 8.45% | |||||||
IXIS | 1 | 18,588 | Dec-08[1] | LIBOR plus 2.90%, capped at 8.40% | ||||||||
Goldman Sachs | 10 | 130,000 | May-09[2] | LIBOR plus 1.50%; capped at 8.50% | ||||||||
Merrill Lynch Mortgage Lending, Inc. — Fixed #1 | 4 | 39,715 | Jul-09 | 6.58% | ||||||||
Merrill Lynch Mortgage Lending, Inc. — Fixed #3 | 8 | 60,814 | Jul-09 | 6.58% | ||||||||
Merrill Lynch Mortgage Lending, Inc. — Fixed #4 | 6 | 36,183 | Jul-09 | 6.58% | ||||||||
Wachovia- Pinehurst | 1 | 3,005 | Jun-10 | 5.78% | ||||||||
Wachovia- Phoenix West | 1 | 9,527 | Jan-11 | 6.03% | ||||||||
Wachovia- Palm Desert | 1 | 5,797 | Feb-11 | 6.04% | ||||||||
Wachovia- Worcester | 1 | 16,585 | Feb-11 | 6.04% | ||||||||
Total Mortgage Debt | 36 | $ | 341,266 | 5.40%[3] | ||||||||
[1] — | Upon the satisfaction of certain conditions, two one-year extension options are available beyond the maturity date | |
[2] — | Upon the satisfaction of certain conditions, three one-year extension options are available beyond the maturity date | |
[3] — | Annual effective weighted average cost of debt at September 30, 2008. |
Lodgian, Inc.
2008 Supplemental Operating Information
2008 Supplemental Operating Information
Three Months Ended | ||||||||||||||||||||||||
Hotel | Room | September 30, | ||||||||||||||||||||||
Count | Count | 2008 | 2007 | Increase (Decrease) | ||||||||||||||||||||
35 | 6,654 | All Continuing Operations | ||||||||||||||||||||||
Occupancy | 71.7 | % | 71.9 | % | (0.3 | )% | ||||||||||||||||||
ADR | $ | 106.37 | $ | 106.58 | ($0.21 | ) | (0.2 | )% | ||||||||||||||||
RevPAR | $ | 76.24 | $ | 76.66 | ($0.42 | ) | (0.5 | )% | ||||||||||||||||
RevPAR Index | 102.0 | % | 99.6 | % | 2.4 | % | ||||||||||||||||||
30 | 5,763 | Continuing Operations less hotels under renovation in the third quarter 2007 and 2008 | ||||||||||||||||||||||
Occupancy | 72.4 | % | 74.2 | % | (2.4 | )% | ||||||||||||||||||
ADR | $ | 107.97 | $ | 108.15 | ($0.18 | ) | (0.2 | )% | ||||||||||||||||
RevPAR | $ | 78.16 | $ | 80.30 | ($2.14 | ) | (2.7 | )% | ||||||||||||||||
RevPAR Index | 103.1 | % | 102.6 | % | 0.5 | % | ||||||||||||||||||
12 | 1,397 | Marriott Hotels | ||||||||||||||||||||||
Occupancy | 77.1 | % | 74.9 | % | 2.9 | % | ||||||||||||||||||
ADR | $ | 114.09 | $ | 113.27 | $ | 0.82 | 0.7 | % | ||||||||||||||||
RevPAR | $ | 87.99 | $ | 84.83 | $ | 3.16 | 3.7 | % | ||||||||||||||||
RevPAR Index | 110.5 | % | 111.1 | % | (0.5 | )% | ||||||||||||||||||
2 | 396 | Hilton Hotels | ||||||||||||||||||||||
Occupancy | 68.3 | % | 74.9 | % | (8.8 | )% | ||||||||||||||||||
ADR | $ | 112.15 | $ | 108.55 | $ | 3.60 | 3.3 | % | ||||||||||||||||
RevPAR | $ | 76.63 | $ | 81.28 | ($4.65 | ) | (5.7 | )% | ||||||||||||||||
RevPAR Index | 100.2 | % | 98.7 | % | 1.5 | % | ||||||||||||||||||
17 | 3,986 | IHG Hotels | ||||||||||||||||||||||
Occupancy | 71.0 | % | 73.2 | % | (3.0 | )% | ||||||||||||||||||
ADR | $ | 106.20 | $ | 106.57 | ($0.37 | ) | (0.3 | )% | ||||||||||||||||
RevPAR | $ | 75.42 | $ | 77.99 | ($2.57 | ) | (3.3 | )% | ||||||||||||||||
RevPAR Index | 102.6 | % | 99.5 | % | 3.1 | % | ||||||||||||||||||
4 | 875 | Other Brands | ||||||||||||||||||||||
Occupancy | 67.5 | % | 60.1 | % | 12.3 | % | ||||||||||||||||||
ADR | $ | 90.44 | $ | 92.24 | ($1.80 | ) | (2.0 | )% | ||||||||||||||||
RevPAR | $ | 61.02 | $ | 55.46 | $ | 5.56 | 10.0 | % | ||||||||||||||||
RevPAR Index | 87.0 | % | 79.8 | % | 9.0 | % |
Lodgian, Inc.
2008 Supplemental Operating Information
2008 Supplemental Operating Information
Nine Months Ended | ||||||||||||||||||||||||
Hotel | Room | September 30, | ||||||||||||||||||||||
Count | Count | 2008 | 2007 | Increase (Decrease) | ||||||||||||||||||||
35 | 6,654 | All Continuing Operations | ||||||||||||||||||||||
Occupancy | 71.1 | % | 70.2 | % | 1.3 | % | ||||||||||||||||||
ADR | $ | 107.81 | $ | 108.89 | ($1.08 | ) | (1.0 | )% | ||||||||||||||||
RevPAR | $ | 76.69 | $ | 76.49 | $ | 0.20 | 0.3 | % | ||||||||||||||||
RevPAR Index | 99.7 | % | 98.3 | % | 1.4 | % | ||||||||||||||||||
25 | 4,577 | Continuing Operations less hotels under renovation in the first, second and third quarters 2007 and 2008 | ||||||||||||||||||||||
Occupancy | 71.9 | % | 71.0 | % | 1.3 | % | ||||||||||||||||||
ADR | $ | 104.58 | $ | 104.61 | ($0.03 | ) | 0.0 | % | ||||||||||||||||
RevPAR | $ | 75.22 | $ | 74.29 | $ | 0.93 | 1.3 | % | ||||||||||||||||
RevPAR Index | 99.4 | % | 97.3 | % | 2.2 | % | ||||||||||||||||||
12 | 1,397 | Marriott Hotels | ||||||||||||||||||||||
Occupancy | 73.7 | % | 72.3 | % | 1.9 | % | ||||||||||||||||||
ADR | $ | 113.68 | $ | 114.12 | ($0.44 | ) | (0.4 | )% | ||||||||||||||||
RevPAR | $ | 83.79 | $ | 82.52 | $ | 1.27 | 1.5 | % | ||||||||||||||||
RevPAR Index | 110.7 | % | 112.9 | % | (1.9 | )% | ||||||||||||||||||
2 | 396 | Hilton Hotels | ||||||||||||||||||||||
Occupancy | 66.7 | % | 68.0 | % | (1.9 | )% | ||||||||||||||||||
ADR | $ | 112.44 | $ | 111.33 | $ | 1.11 | 1.0 | % | ||||||||||||||||
RevPAR | $ | 74.96 | $ | 75.66 | ($0.70 | ) | (0.9 | )% | ||||||||||||||||
RevPAR Index | 98.4 | % | 96.1 | % | 2.4 | % | ||||||||||||||||||
17 | 3,986 | IHG Hotels | ||||||||||||||||||||||
Occupancy | 71.3 | % | 71.3 | % | 0.0 | % | ||||||||||||||||||
ADR | $ | 107.63 | $ | 108.64 | ($1.01 | ) | (0.9 | )% | ||||||||||||||||
RevPAR | $ | 76.71 | $ | 77.41 | ($0.70 | ) | (0.9 | )% | ||||||||||||||||
RevPAR Index | 99.8 | % | 97.3 | % | 2.6 | % | ||||||||||||||||||
4 | 875 | Other Brands | ||||||||||||||||||||||
Occupancy | 68.4 | % | 63.4 | % | 7.9 | % | ||||||||||||||||||
ADR | $ | 96.54 | $ | 99.44 | ($2.90 | ) | (2.9 | )% | ||||||||||||||||
RevPAR | $ | 66.05 | $ | 63.00 | $ | 3.05 | 4.8 | % | ||||||||||||||||
RevPAR Index | 83.1 | % | 80.2 | % | 3.6 | % |
Lodgian, Inc.
Continuing Operations Hotel Portfolio as of September 30, 2008
Continuing Operations Hotel Portfolio as of September 30, 2008
Location | Brand | Rooms | ||||
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 | 260 | ||||
Baltimore (Inner Harbor), MD | Holiday Inn | 375 | ||||
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 | 99 | ||||
Dallas (DFW Airport), TX | Wyndham | 282 | ||||
Houston, TX | Crowne Plaza | 294 | ||||
6,654 | ||||||
Lodgian, Inc.
Assets Held for Sale
Assets Held for Sale
Location | Brand | Rooms | ||||
Phoenix, AZ | Holiday Inn | 144 | ||||
Frisco, CO | Holiday Inn | 217 | ||||
East Hartford, CT | Holiday Inn | 130 | ||||
Glen Burnie, MD | Holiday Inn | 127 | [1] | |||
Towson, MD | Holiday Inn | 139 | ||||
Troy, MI | Hilton | 191 | ||||
Memphis, TN | Independent | 105 | ||||
Windsor, Ontario, Canada | Holiday Inn Select | 214 |
[1] - | Property sold on October 9, 2008 |