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 2009 First Quarter Results
ATLANTA, Ga., May 6, 2009—Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation’s largest independent hotel owners and operators, today reported results for the 2009 first quarter ended March 31, 2009.
The company will host a 10 a.m. Eastern time conference call today to discuss results for the 2009 first quarter.
The “35 continuing operations hotels” comprise those Lodgian properties that were not held for sale as of March 31, 2009. Lists of properties, both continuing operations and held for sale, are attached to this press release.
First Quarter 2009 Highlights
• | Revenue per available room (RevPAR) Index (performance compared to pre-defined competitors in the markets in which the company operates) held steady in a highly competitive market. | ||
• | Reduced corporate overhead by $1.8 million compared to the 2008 first quarter, of which $1.1 million related to severance costs incurred in 2008. | ||
• | Sold one hotel in the 2009 first quarter and a second hotel early in the 2009 second quarter. |
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Statistics for 35 Continuing Operations Hotels
1Q | 1Q | |||||||||||
2009* | 2008* | % Change | ||||||||||
Rooms revenue | $ | 36,635 | $ | 43,848 | -16.5 | % | ||||||
RevPAR | $ | 61.17 | $ | 72.37 | -15.5 | % | ||||||
Total revenue | $ | 49,176 | $ | 57,972 | -15.2 | % | ||||||
Loss from continuing operations | $ | (6,131 | ) | $ | (5,989 | ) | -2.4 | % | ||||
EBITDA | $ | 6,328 | $ | 6,325 | 0.0 | % | ||||||
Adjusted EBITDA (defined below) | $ | 6,874 | $ | 8,466 | -18.8 | % | ||||||
Consolidated Financial Results | ||||||||||||
Loss from continuing operations | $ | (6,131 | ) | $ | (5,989 | ) | -2.4 | % | ||||
Loss from discontinued operations | $ | (951 | ) | $ | (1,529 | ) | 37.8 | % | ||||
Net loss attributable to common stock | $ | (6,922 | ) | $ | (7,518 | ) | 7.9 | % | ||||
Net loss per share attributable to common stock | $ | (0.32 | ) | $ | (0.33 | ) | 3.0 | % |
* | 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. |
First Quarter 2009 Results
First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period. During the 2009 first quarter, the displacement of total revenue resulting from renovations at three properties was $0.7 million, compared to $0.9 million in the 2008 first quarter. Loss from continuing operations was $(6.1) million in the 2009 first quarter, compared to $(6.0) million in the 2008 first quarter.
Net loss attributable to common shares was $(6.9) million, or $(0.32) per diluted share in the 2009 first quarter, compared to a net loss of $(7.5) million, or $(0.33) per diluted share in the 2008 first quarter.
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EBITDA from continuing operations was flat to the prior year’s first quarter at $6.3 million. Adjusted EBITDA for the same group of properties decreased 18.8 percent, from $8.5 million in the 2008 first quarter to $6.9 million in the 2009 first quarter. Adjusted EBITDA margins for the continuing operations hotels decreased by 60 basis points to 14.0 percent during the 2009 first quarter compared to the 2008 first quarter, due to lower revenues.
Management Comments
“Our hotels fared reasonably well in a poor market in January and February, posting RevPAR Index increases in each of those two months, giving us 10 consecutive months of improvement,” said Peter Cyrus, Lodgian interim president and chief executive officer. “Discount pricing intensified in March, resulting in a relatively flat RevPAR Index for the quarter, off just 20 basis points compared to the 2008 first quarter,” he said.
“We continue to be very focused on cost control and revenue improvement. In the first quarter, we reduced total rooms payroll by over 10 percent and increased our food and beverage margins by 260 basis points,” he said. “We have renegotiated pricing with numerous vendors at both the corporate and property levels and are beginning to see the benefits of those efforts.”
Asset Disposition Program
During the first quarter, the Holiday Inn in East Hartford, Conn. was sold for gross proceeds of $3.5 million. There were no net proceeds from the sale of this hotel due to seller financing and the cost of buying out the land lease.
Following the close of the first quarter, the Holiday Inn Select in Windsor, Ontario was sold for gross proceeds of CAD$7.0 million (USD$5.6 million). The net proceeds of USD$5.2 million were used for general corporate purposes.
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As of May 1, 2009, a total of four properties remained classified as held for sale and were in varying stages of the sale process. One of these hotels is the Holiday Inn in Phoenix, Ariz. To date, the company’s efforts to sell this property have been unsuccessful, and the hotel’s operating performance continues to decline, primarily due to oversupply in the local market. Management has concluded that the hotel’s market value is less than the $9.4 million of mortgage debt which encumbers the property. Accordingly, the company recently began discussions with the lender aimed at returning the property on a consensual basis by a deed in lieu of foreclosure. The mortgage debt on this hotel is non-recourse to Lodgian, except in certain limited circumstances and is not cross-collateralized with any other of the company’s mortgage debt. The company does not believe the debt recourse provisions of this loan will be triggered by this transaction.
Balance Sheet Update
As of March 31, 2009, 35 hotels were encumbered as collateral for various mortgage debt facilities totaling approximately $331.5 million. A summary of mortgage debt facilities is included in the supplemental information attached to this release.
“In connection with the upcoming debt maturities in July 2009, we continue to pursue a number of options, including refinancing of the existing encumbered hotels, financing certain unencumbered assets and seeking an extension of the current facilities,” said James MacLennan, executive vice president and chief financial officer.
“To date, however, we have been unable to secure refinancing, and we expect it will remain difficult to refinance the debt prior to the July 1 maturity date. We are currently engaged in discussions with the servicers of the maturing debt to seek extensions to allow us additional time to secure financing. We cannot currently predict whether our efforts to obtain extensions will be successful.”
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Reverse Stock Split Update
On April 29, 2009, the company’s shareholders approved a reverse split of the company’s common stock at split ratios ranging from 1-for-5 to 1-for-10 in half share increments. However, at this time, the Board of Directors has elected to defer a decision on effecting the reverse stock split pending resolution of the company’s efforts to extend or refinance the debt that matures in July of this year.
Conference Call
Lodgian will hold a conference call to discuss its 2009 first quarter results today, May 6, 2009 at 10 a.m. Eastern time. To hear the webcast, interested parties may visit the company’s website at www.lodgian.com and click on Investor Relations and then Webcast, Q1 Earnings Conference Call. A recording of the call will be available by telephone until midnight on Wednesday, May 13, 2009 by dialing (800) 405-2236, reference number 11129330. 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.
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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 our 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 largest independent owners and operators of full-service hotels in the United States. The company currently owns and manages a portfolio of 39 hotels with 7,218 rooms located in 22 states. Of the company’s 39-hotel portfolio, 19 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), two are Hilton brands, and five are affiliated with other nationally recognized franchisors including Starwood, Wyndham and Carlson. One hotel
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is an independent, unbranded property, which is currently closed and held for sale. For more information about Lodgian, visit the company’s website: www.lodgian.com.
Forward-Looking Statements
This press release may contain 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 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 mortgage debt that matures on July 1, 2009, 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’sForm 10-K for the year ended December 31, 2008. 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.
# # #
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, 2009 | December 31, 2008 | |||||||
($ in thousands, except share data) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 19,064 | $ | 20,454 | ||||
Cash, restricted | 8,110 | 8,179 | ||||||
Accounts receivable (net of allowances: 2009 - $300; 2008 - $263) | 9,491 | 7,115 | ||||||
Inventories | 3,044 | 2,983 | ||||||
Prepaid expenses and other current assets | 17,178 | 21,257 | ||||||
Assets held for sale | 30,513 | 33,021 | ||||||
Total current assets | 87,400 | 93,009 | ||||||
Property and equipment, net | 446,438 | 447,366 | ||||||
Deposits for capital expenditures | 9,171 | 11,408 | ||||||
Other assets | 5,218 | 3,631 | ||||||
$ | 548,227 | $ | 555,414 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 7,297 | $ | 7,897 | ||||
Other accrued liabilities | 23,220 | 22,897 | ||||||
Advance deposits | 2,196 | 1,293 | ||||||
Current portion of long-term liabilities | 124,133 | 124,955 | ||||||
Liabilities related to assets held for sale | 16,562 | 16,167 | ||||||
Total current liabilities | 173,408 | 173,209 | ||||||
Long-term liabilities | 194,455 | 194,800 | ||||||
Total liabilities | 367,863 | 368,009 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $.01 par value, 60,000,000 shares authorized; 25,144,364 and 25,075,837 issued at March 31, 2009 and December 31, 2008, respectively | 252 | 251 | ||||||
Additional paid-in capital | 331,077 | 330,785 | ||||||
Accumulated deficit | (112,168 | ) | (105,246 | ) | ||||
Accumulated other comprehensive income | 1,051 | 1,262 | ||||||
Treasury stock, at cost, 3,825,417 and 3,806,000 at March 31, 2009 and December 31, 2008, respectively | (39,688 | ) | (39,647 | ) | ||||
Total stockholders’ equity attributable to common stock | 180,524 | 187,405 | ||||||
Noncontrolling interest | (160 | ) | 0 | |||||
Total stockholders’ equity | 180,364 | 187,405 | ||||||
$ | 548,227 | $ | 555,414 | |||||
LODGIAN, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended March 31, | ||||||||
2009 | 2008 | |||||||
($ in thousands, except share data) | ||||||||
Revenues: | ||||||||
Rooms | $ | 36,635 | $ | 43,848 | ||||
Food and beverage | 10,838 | 12,062 | ||||||
Other | 1,703 | 2,062 | ||||||
Total revenues | 49,176 | 57,972 | ||||||
Direct operating expenses: | ||||||||
Rooms | 10,082 | 11,183 | ||||||
Food and beverage | 7,638 | 8,819 | ||||||
Other | 1,298 | 1,388 | ||||||
Total direct operating expenses | 19,018 | 21,390 | ||||||
30,158 | 36,582 | |||||||
Other operating expenses: | ||||||||
Other hotel operating costs | 15,628 | 17,879 | ||||||
Property and other taxes, insurance, and leases | 4,211 | 4,352 | ||||||
Corporate and other | 3,605 | 5,885 | ||||||
Casualty losses, net | 81 | — | ||||||
Depreciation and amortization | 8,493 | 7,469 | ||||||
Impairment of long-lived assets | 465 | 2,141 | ||||||
Total other operating expenses | 32,483 | 37,726 | ||||||
Operating loss | (2,325 | ) | (1,144 | ) | ||||
Other income (expenses): | ||||||||
Interest income and other | 45 | 390 | ||||||
Interest expense | (3,779 | ) | (5,172 | ) | ||||
Loss before income taxes and noncontrolling interest | (6,059 | ) | (5,926 | ) | ||||
Provision for income taxes — continuing operations | (72 | ) | (63 | ) | ||||
Loss from continuing operations | (6,131 | ) | (5,989 | ) | ||||
Discontinued operations: | ||||||||
Loss from discontinued operations before income taxes | (927 | ) | (1,357 | ) | ||||
Provision for income taxes — discontinued operations | (24 | ) | (172 | ) | ||||
Loss from discontinued operations | (951 | ) | (1,529 | ) | ||||
Net loss | (7,082 | ) | (7,518 | ) | ||||
Less: Net loss attributable to noncontrolling interest | 160 | — | ||||||
Net loss attributable to common stock | $ | (6,922 | ) | $ | (7,518 | ) | ||
Basic and diluted net loss per share attributable to common stock | $ | (0.32 | ) | $ | (0.33 | ) | ||
LODGIAN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS BY QUARTER
(UNAUDITED)
2009 | 2008 | 2007 | ||||||||||||||||||||||||||||||
First | Fourth | Third | Second | First | Fourth | Third | Second | |||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rooms | $ | 36,635 | $ | 38,732 | $ | 46,679 | $ | 49,364 | $ | 43,848 | $ | 40,730 | $ | 46,942 | $ | 49,224 | ||||||||||||||||
Food and beverage | 10,838 | 13,532 | 12,545 | 15,404 | 12,062 | 14,429 | 12,857 | 15,323 | ||||||||||||||||||||||||
Other | 1,703 | 1,886 | 2,176 | 2,138 | 2,062 | 1,819 | 2,134 | 2,131 | ||||||||||||||||||||||||
49,176 | 54,150 | 61,400 | 66,906 | 57,972 | 56,978 | 61,933 | 66,678 | |||||||||||||||||||||||||
Direct operating expenses: | ||||||||||||||||||||||||||||||||
Rooms | 10,082 | 11,026 | 12,200 | 12,179 | 11,183 | 10,497 | 11,997 | 11,725 | ||||||||||||||||||||||||
Food and beverage | 7,638 | 9,015 | 9,070 | 9,851 | 8,819 | 9,054 | 9,432 | 9,918 | ||||||||||||||||||||||||
Other | 1,298 | 1,333 | 1,548 | 1,537 | 1,388 | 1,288 | 1,512 | 1,462 | ||||||||||||||||||||||||
19,018 | 21,374 | 22,818 | 23,567 | 21,390 | 20,839 | 22,941 | 23,105 | |||||||||||||||||||||||||
30,158 | 32,776 | 38,582 | 43,339 | 36,582 | 36,139 | 38,992 | 43,573 | |||||||||||||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||||||||
Other hotel operating costs | 15,628 | 16,075 | 18,287 | 17,719 | 17,879 | 16,285 | 17,847 | 17,603 | ||||||||||||||||||||||||
Property and other taxes, insurance and leases | 4,211 | 4,223 | 4,226 | 3,760 | 4,352 | 4,334 | 4,087 | 4,418 | ||||||||||||||||||||||||
Corporate and other | 3,605 | 3,063 | 4,373 | 3,484 | 5,885 | 4,248 | 5,575 | 5,906 | ||||||||||||||||||||||||
Casualty losses (gains), net | 81 | 1,152 | (57 | ) | — | — | — | — | — | |||||||||||||||||||||||
Restructuring | — | — | — | — | — | (25 | ) | 1,258 | — | |||||||||||||||||||||||
Depreciation and amortization | 8,493 | 8,352 | 8,120 | 7,989 | 7,469 | 7,464 | 7,226 | 7,098 | ||||||||||||||||||||||||
Impairment of long-lived assets | 465 | 354 | 1,393 | 5,580 | 2,141 | 796 | 512 | 155 | ||||||||||||||||||||||||
Other operating expenses | 32,483 | 33,219 | 36,342 | 38,532 | 37,726 | 33,102 | 36,505 | 35,180 | ||||||||||||||||||||||||
Operating (loss) income | (2,325 | ) | (443 | ) | 2,240 | 4,807 | (1,144 | ) | 3,037 | 2,487 | 8,393 | |||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||
Interest income and other | 45 | 147 | 241 | 276 | 390 | 912 | 1,312 | 807 | ||||||||||||||||||||||||
Other interest expense | (3,779 | ) | (4,577 | ) | (4,821 | ) | (4,775 | ) | (5,172 | ) | (5,790 | ) | (5,958 | ) | (6,044 | ) | ||||||||||||||||
Loss on debt extinguishment | — | — | — | — | — | — | — | (3,330 | ) | |||||||||||||||||||||||
(Loss) income before income taxes | (6,059 | ) | (4,873 | ) | (2,340 | ) | 308 | (5,926 | ) | (1,841 | ) | (2,159 | ) | (174 | ) | |||||||||||||||||
(Provision) benefit for income taxes — continuing operations | (72 | ) | (74 | ) | 81 | (24 | ) | (63 | ) | (2,262 | ) | 1,027 | 372 | |||||||||||||||||||
(Loss) income from continuing operations | (6,131 | ) | (4,947 | ) | (2,259 | ) | 284 | (5,989 | ) | (4,103 | ) | (1,132 | ) | 198 | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | (927 | ) | 199 | (3,870 | ) | 5,986 | (1,357 | ) | (5,824 | ) | 1,818 | (248 | ) | |||||||||||||||||||
(Provision) benefit for income taxes | (24 | ) | 98 | (54 | ) | 97 | (172 | ) | 1,854 | (639 | ) | (157 | ) | |||||||||||||||||||
(Loss) income from discontinued operations | (951 | ) | 297 | (3,924 | ) | 6,083 | (1,529 | ) | (3,970 | ) | 1,179 | (405 | ) | |||||||||||||||||||
Net (loss) income | $ | (7,082 | ) | $ | (4,650 | ) | $ | (6,183 | ) | $ | 6,367 | $ | (7,518 | ) | $ | (8,073 | ) | $ | 47 | $ | (207 | ) | ||||||||||
Less: Net loss (income) attributable to noncontrolling interest | 160 | — | — | — | — | — | — | (56 | ) | |||||||||||||||||||||||
Net (loss) income attributable to common stock | $ | (6,922 | ) | $ | (4,650 | ) | $ | (6,183 | ) | $ | 6,367 | $ | (7,518 | ) | $ | (8,073 | ) | $ | 47 | $ | (263 | ) | ||||||||||
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 March 31, | ||||||||
2009 | 2008 | |||||||
($ in thousands) | ||||||||
Continuing operations: | ||||||||
Loss from continuing operations | $ | (6,131 | ) | $ | (5,989 | ) | ||
Net loss attributable to noncontrolling interest | 160 | — | ||||||
Loss from continuing operations attributable to common stock | $ | (5,971 | ) | $ | (5,989 | ) | ||
Depreciation and amortization | 8,493 | 7,469 | ||||||
Interest income | (45 | ) | (390 | ) | ||||
Interest expense | 3,779 | 5,172 | ||||||
Provision for income taxes | 72 | 63 | ||||||
EBITDA from continuing operations | $ | 6,328 | $ | 6,325 | ||||
Adjustments to EBITDA: | ||||||||
Impairment of long-lived assets | $ | 465 | $ | 2,141 | ||||
Casualty losses, net | 81 | — | ||||||
Adjusted EBITDA from continuing operations | $ | 6,874 | $ | 8,466 | ||||
Lodgian, Inc.
Summary of Mortgage Debt as of March 31, 2009
($ in thousands)
(UNAUDITED)
Summary of Mortgage Debt as of March 31, 2009
($ in thousands)
(UNAUDITED)
Number | Debt | Maturity | ||||||||||||
of Hotels | Balance | Date | Interest rate | |||||||||||
Mortgage Debt | ||||||||||||||
IXIS | 3 | $ | 20,903 | Mar-10 [1] | LIBOR plus 2.95%, capped at 7.45% | |||||||||
IXIS | 1 | 18,471 | Dec-09 [1] | LIBOR plus 2.90%, capped at 7.90% | ||||||||||
Goldman Sachs | 10 | 130,000 | May-10 [2] | LIBOR plus 1.50%; capped at 8.50% | ||||||||||
Merrill Lynch Mortgage Lending, Inc. — Fixed #1 | 4 | 39,016 | Jul-09 | 6.58% | ||||||||||
Merrill Lynch Mortgage Lending, Inc. — Fixed #3 | 7 | 52,747 | Jul-09 | 6.58% | ||||||||||
Merrill Lynch Mortgage Lending, Inc. — Fixed #4 | 6 | 35,775 | Jul-09 | 6.58% | ||||||||||
Wachovia- Pinehurst | 1 | 2,971 | Jun-10 | 5.78% | ||||||||||
Wachovia- Phoenix West | 1 | 9,427 | Jan-11 | 6.03% | ||||||||||
Wachovia- Palm Desert | 1 | 5,736 | Feb-11 | 6.04% | ||||||||||
Wachovia- Worcester | 1 | 16,412 | Feb-11 | 6.04% | ||||||||||
Total Mortgage Debt | 35 | $ | 331,458 | 4.38% [3] | ||||||||||
[1] - | Upon the satisfaction of certain conditions, a one-year extension option is available beyond the maturity date. | |
[2] - | Upon the satisfaction of certain conditions, two one-year extension options are available beyond the maturity date. | |
[3] - | Annual effective weighted average cost of debt at March 31, 2009. |
Lodgain, Inc.
2009 Supplemental Operating Information
(UNAUDITED)
2009 Supplemental Operating Information
(UNAUDITED)
Three months ended | ||||||||||||||||||||||||
Hotel Count | Room Count | March 31, 2009 | March 31, 2008 | Increase (Decrease) | ||||||||||||||||||||
35 | 6,645 | All Continuing Operations hotels | ||||||||||||||||||||||
Occupancy | 61.1 | % | 66.3 | % | (7.8 | )% | ||||||||||||||||||
ADR | $ | 100.16 | $ | 109.17 | $ | (9.01 | ) | (8.3 | )% | |||||||||||||||
RevPAR | $ | 61.17 | $ | 72.37 | $ | (11.20 | ) | (15.5 | )% | |||||||||||||||
RevPAR Index | 96.6 | % | 96.8 | % | (0.2 | )% | (0.2 | )% | ||||||||||||||||
27 | 4,775 | Continuing Operations less hotels under renovation in the first quarter 2008 or 2009 | ||||||||||||||||||||||
Occupancy | 62.9 | % | 68.8 | % | (8.6 | )% | ||||||||||||||||||
ADR | $ | 98.99 | $ | 108.11 | $ | (9.12 | ) | (8.4 | )% | |||||||||||||||
RevPAR | $ | 62.22 | $ | 74.41 | $ | (12.19 | ) | (16.4 | )% | |||||||||||||||
RevPAR Index | 97.6 | % | 97.9 | % | (0.3 | )% | (0.3 | )% | ||||||||||||||||
12 | 1,398 | Marriott Hotels | ||||||||||||||||||||||
Occupancy | 64.9 | % | 66.2 | % | (2.0 | )% | ||||||||||||||||||
ADR | $ | 103.92 | $ | 114.57 | $ | (10.65 | ) | (9.3 | )% | |||||||||||||||
RevPAR | $ | 67.39 | $ | 75.81 | $ | (8.42 | ) | (11.1 | )% | |||||||||||||||
RevPAR Index | 115.3 | % | 110.3 | % | 5.0 | % | 4.5 | % | ||||||||||||||||
2 | 396 | Hilton Hotels | ||||||||||||||||||||||
Occupancy | 56.1 | % | 58.9 | % | (4.8 | )% | ||||||||||||||||||
ADR | $ | 108.50 | $ | 110.00 | $ | (1.50 | ) | (1.4 | )% | |||||||||||||||
RevPAR | $ | 60.92 | $ | 64.82 | $ | (3.90 | ) | (6.0 | )% | |||||||||||||||
RevPAR Index | 96.4 | % | 94.8 | % | 1.6 | % | 1.7 | % | ||||||||||||||||
17 | 3,976 | IHG Hotels | ||||||||||||||||||||||
Occupancy | 58.9 | % | 66.9 | % | (12.0 | )% | ||||||||||||||||||
ADR | $ | 101.58 | $ | 108.69 | $ | (7.11 | ) | (6.5 | )% | |||||||||||||||
RevPAR | $ | 59.83 | $ | 72.69 | $ | (12.86 | ) | (17.7 | )% | |||||||||||||||
RevPAR Index | 92.9 | % | 96.9 | % | (4.0 | )% | (4.1 | )% | ||||||||||||||||
4 | 875 | Other Brands — Radisson, Wyndham and Four Points by Sheraton | ||||||||||||||||||||||
Occupancy | 67.1 | % | 67.1 | % | 0.0 | % | ||||||||||||||||||
ADR | $ | 85.54 | $ | 102.52 | $ | (16.98 | ) | (16.6 | )% | |||||||||||||||
RevPAR | $ | 57.39 | $ | 68.84 | $ | (11.45 | ) | (16.6 | )% | |||||||||||||||
RevPAR Index | 84.7 | % | 78.5 | % | 6.2 | % | 7.9 | % |
Lodgian, Inc.
Continuing Operations Hotel Portfolio
As of May 1, 2009
Continuing Operations Hotel Portfolio
As of May 1, 2009
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 | 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 | ||||
6,645 | ||||||
Lodgian, Inc.
Assets Held for Sale
As of May 1, 2009
Assets Held for Sale
As of May 1, 2009
Location | Brand | Rooms | ||||
Phoenix, AZ | Holiday Inn | 144 | ||||
Towson, MD | Holiday Inn | 139 | ||||
Troy, MI | Ramada Plaza | 185 | ||||
Memphis, TN | Independent | 105 | [1] | |||
573 | ||||||
[1] - This property is closed