Jerry Daly or Carol McCune Daly Gray Public Relations (Media) jerry@dalygray.com
(404) 365-2719
(703) 435-6293
Lodgian Reports Second Quarter 2005 Results
ATLANTA, Ga., August 4, 2005—Lodgian, Inc. (AMEX: LGN), one of the nation’s largest independent owners and operators of full-service hotels, today reported results for the second quarter ended June 30, 2005.
2Q
2Q
%
2005*
2004*
Change
Rooms revenue — Continuing Operations
$
64.5
$
62.5
3.2
%
Total revenue — Continuing Operations
$
86.0
$
84.4
1.8
%
Income (loss) from continuing operations
$
3.7
($11.4
)
n/m
Income (loss) from discontinued operations
($1.8
)
$
4.2
-142.9
%
Net income (loss) attributable to common stock
$
1.9
($7.2
)
n/m
Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations (a non-GAAP measure)
$
17.3
$
20.7
-16.3
%
Adjusted EBITDA from 73 continuing operations excluding closed hotels (a non-GAAP measure)
$
19.1
$
20.1
-4.9
%
*Dollars in millions
Continuing Operations include two hotels in Florida that remained closed throughout the 2005 second quarter due to damage from the hurricanes that hit the southeastern United States in the fall 2004. These two hotels have been excluded from Adjusted EBITDA above. Continuing Operations also includes the operations of two hotels in Lawrence and Manhattan, Kansas that the Company intends to sell or surrender to the lender as discussed below.
Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization (“EBITDA”) excluding the effects of certain charges, such as pre-emergence reorganization expenses, post-emergence Chapter 11 expenses included in corporate and other on the company’s consolidated statement of operations, impairment losses, casualty losses for damage caused to properties by hurricanes, and one-time charges related to the surrender of two wholly-owned hotels to the bond trustee and one minority owned hotel to the lender. Adjusted EBITDA, as shown above, also excludes the two hotels in Florida that are closed for repairs in connection with hurricane damage.
- more -
1
Lodgian Page 2
Revenues rose 1.8 percent in the 2005 second quarter, compared to the same period a year earlier, despite a minimum of $5.3 million in revenue displacement. The displaced revenue is comprised of $1.4 million at eight hotels under renovation during the quarter and $3.9 million representing 2004 second quarter revenues for the two hurricane-damaged closed hotels in Florida, the Crowne Plaza West Palm Beach and the Holiday Inn Melbourne. The eight hotels under renovation had a total of 34,000 available room nights out of service during the 2005 second quarter.
Net income from continuing operations was $3.7 million for the 2005 second quarter as compared to a net loss of $(11.4) million in the previous year. The 2005 second quarter results include a $1.0 million impairment charge and a $0.9 million write-off of a receivable from a non-consolidated hotel that the company intends to surrender to the lender. These results are also impacted by $1.1 million of expenses incurred at the two hotels closed for hurricane repair, offset by the receipt of $1.7 million in business interruption proceeds relating to 2004 for these two hotels.
Net income attributable to common shares was $1.9 million, or $0.08 per share, in the 2005 second quarter, compared to a net loss of $(7.2) million, or $(2.04) per share, in the 2004 second quarter.
EBITDA from continuing operations declined to $17.3 million, down from $20.7 million in the same period a year earlier. Adjusted EBITDA for the 73 continuing operations hotels open during the 2005 second quarter was $19.1 million compared to $20.1 million in the 2004 second quarter.
- more -
Lodgian Page 3
During the 2005 second quarter, the two closed Florida hotels had combined Adjusted EBITDA of $0.8 million, compared to Adjusted EBITDA of $0.7 million in the 2004 second quarter, due to the receipt of $1.7 million in business interruption proceeds related entirely to 2004. During the first six months of 2005, the two closed hotels had Adjusted EBITDA of $0.2 million compared to $2.1 million for the first six months of 2004.
New President
On July 15, 2005, Edward Rohling joined Lodgian as president. W. Thomas Parrington will remain as chief executive officer during a transition period and intends to step down from that position by year end. “Ed is quickly ramping up and has already visited a number of our hotels,” Parrington said. “He brings tremendous depth in marketing and operations, which will be put to good use in maximizing the returns on our recently refurbished hotels.”
Hurricane Damage and Renovation Program Update
The company invested $23.6 million in the 2005 second quarter and $43.2 million in the first half of 2005 to upgrade and restore its hotels, including $20.5 million for capital expenditures to repair hurricane damage in the first half. “Since 2002, when we began our renovation program, we have completed renovations on 34 hotels, including six hotels in 2005, and have an additional eight undergoing major renovations,” Parrington said.
Lodgian plans to invest approximately $47 million in the 2005 second half on its continuing operations hotels, which includes approximately $24 million for repair of hurricane- damaged hotels, much of which the company anticipates will be covered by insurance proceeds.
- more -
Lodgian Page 4 “We will continue to have significant displacement in the third quarter, which will diminish slowly over the remainder of the year. Our goal is to complete substantially all deferred maintenance by year end and return to a more typical ongoing refurbishment program in 2006,” Parrington added.
“We anticipate that it will take up to three to six months from completion of renovations and repairs for all of our recently renovated hotels to ramp up to traditional levels, based on past experience. Our hotels that were refurbished in 2003 and 2004 have outperformed both our full portfolio and the industry as a whole as measured by revenue per available room (RevPAR) growth. We believe the properties continue to have significant upside potential.”
The company continues to encounter delays at the closed Crowne Plaza West Palm Beach and the Holiday Inn Melbourne hotels, primarily related to the slow pace of local inspectors and approvals. The hotels are now expected to reopen in the 2005 fourth quarter and the 2006 first quarter, respectively.
Impact of Displaced Revenues
The company has submitted business interruption claims for the two closed Florida hotels for the 2004 period and 2005 through June. Through June 30, 2005, the company received $1.7 million in business interruption proceeds, all related to business interruption claims for 2004, which is reflected in the 2005 second quarter financial results. On August 2, 2005, the company received an additional $2.9 million in business interruption proceeds related to amounts submitted for 2004, as well as January through April 2005, for the two closed hotels. The
- more -
Lodgian Page 5 company anticipates that an additional $0.5 million for the same period in 2005 will be received shortly. These amounts will be recorded in the 2005 third quarter. Additional recoveries from the claims will be reported in the quarter in which the proceeds are received or the claims are settled with the insurance carriers.
The company recognizes expenses related to hurricane-damage repairs as these expenses are incurred. To date since the storms occurred, the company has incurred $2.1 million in hurricane clean-up and repair costs, written off damaged assets with a net book value of $3.7 million, and recorded $3.3 million as an insurance receivable to cover a portion of these repairs and asset replacements, net of insurance deductibles, which resulted in a net casualty loss of $2.5 million. Proceeds for the hurricane losses will be reduced by the aggregate deductible of $3.0 million on five of its hotels, plus an as-yet-to-be-determined amount for repairs and upgrades not covered by insurance.
Operating Results
RevPAR for the 2005 second quarter increased 7.1 percent over the 2004 second quarter for the company’s 73 continuing operations hotels that were open in both quarters. Excluding hotels under major renovation or hurricane repair in either period, RevPAR improved 8.4 percent.
For the 73 hotels, a 5.0 percent increase in average daily room rate (ADR) led the RevPAR improvement, in addition to a 2.0 percent improvement in occupancy. “We are beginning to see the benefits of our renovation program,” Rohling said. “In the second quarter,
- more -
Lodgian Page 6 our 21 hotels that had completed major renovations in 2003 and 2004 improved RevPAR by 14.8 percent, averaging 73.0 percent occupancy. We believe this is positive feedback that our renovations are on target and are meeting or exceeding guest expectations.
“An analysis of our hotel markets shows that Lodgian’s competitive set RevPAR growth as compared to the industry has been trending positive over the past five quarters,” Rohling added. “We believe this is a result of the improving condition of the markets in which we operate. In the 2004 first quarter, our competitive sets grew RevPAR at only 58 percent of the industry average. By the 2005 second quarter, the competitive sets recorded 8.1 percent RevPAR growth, or 98 percent of the industry average of 8.3 percent.”
Disposition Program
Lodgian sold one hotel in the 2005 second quarter as part of its previously announced portfolio improvement program to dispose of primarily older assets in smaller markets. The company used the $3.9 million in net proceeds from the sale to pay down mortgage debt.
Following the close of the second quarter, the company sold two additional hotels for the aggregate sales price of $17.8 million and used $14.3 of the net proceeds to pay down mortgage debt. Since the company announced its disposition program, Lodgian has sold 18 hotels, two parcels of land and an office building. Four properties and one land parcel currently are being marketed for sale.
In the third quarter, the company said it plans to surrender three hotels, which are not currently listed as held for sale, to their respective lenders. Two of the hotels are wholly owned and the other hotel is 30 percent owned and not consolidated.
- more -
Lodgian Page 7
The two wholly owned hotels, the 192-room Holiday Inn, Lawrence, Kan. and the 197-room Holiday Inn, Manhattan, Kan. which are financed through industrial revenue bonds, will be sold or surrendered to the bond trustee since the properties require extensive renovation and the hotels’ current franchise agreements expire in late August. In addition, the company determined that the current debt of $10.1 million outstanding under the industrial revenue bonds was substantially higher than the combined fair values of the hotels. The debt on these hotels is non-recourse to Lodgian, except for a partial guaranty of $1.4 million. Lodgian raised certain defenses with respect to the guaranty and recently reached a tentative settlement with the trustee which calls for a payment of $0.5 million to resolve all claims and in full satisfaction of the outstanding $10.1 million debt, including the partial guaranty. Lodgian will cooperate with the trustee on the sale of the properties.
Lodgian holds a minority interest in a joint venture that owns the third property, the 240-room Holiday Inn City Center, Columbus, Ohio. Lodgian currently is in negotiations with both the lender and its joint-venture partner about the future ownership of the hotel. In connection with the planned surrender to the lender, the company has fully reserved $0.9 million against a receivable owed by the property to Lodgian, which is reflected in the 2005 second quarter statement of operations under “corporate and other expenses.” Additionally, Lodgian has written off the investment in the joint venture for a charge of $0.2 million.
The two consolidated properties combined had Adjusted EBITDA of $0.8 million on a trailing 12-month basis as of June 30, 2005. Lodgian’s portion of the earnings of the minority
- more -
Lodgian Page 8 owned hotel totaled $4,200 for the trailing 12-month period, not including the $0.2 million write-off of the investment in the joint venture. Outlook
The company’s guidance is based on the 73 consolidated hotels reported in continuing operations and excludes the two Florida hotels that sustained heavy hurricane damage and will not reopen until the third or fourth quarter of 2005 and the first quarter of 2006.
Previously, the company provided 2005 guidance on continuing operations, less the two hotels closed for hurricane repairs, of net income of $0 to $3 million and Adjusted EBITDA of $60 million to $62 million on total revenues of $315 million to $325 million. Due to higher than expected expenses in the second quarter for workers’ compensation insurance claims, greater revenue displacement than anticipated due to renovations, the sale or surrender of the two Kansas properties to the trustee, restructuring expenses and the costs related to the hiring of a new president, the company is reducing 2005 guidance to a net loss of $(3.5) million to $(6.5) million and Adjusted EBITDA of $56 million to $58 million on total revenue of $312 million to $322 million.
RevPAR is expected to increase 6 to 7 percent, net of renovation displacement. These estimates reflect the absorption of significant revenue displacement from renovations in the first, second and third quarters and declining amounts of revenue displacement in the fourth quarter. Lodgian’s guidance assumes no acquisitions during 2005 and that no additional hotels will be transferred to discontinued operations.
- more -
Lodgian Page 9
“We look forward to completing our renovation and restoration programs to get our full portfolio back in operation by year end,” Parrington said. “We are beginning to reap the benefits of our renovation program, but it will take time to rebuild the business for these properties. We are increasingly optimistic about 2006 and beyond.”
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, Adjusted EBITDA and Displacement
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 pre-emergence reorganization expenses, post-emergence Chapter 11 expenses included in corporate and other on the company’s consolidated statement of operations, impairment losses, casualty losses for damage caused to Lodgian’s properties by the hurricanes that struck the southeastern United States in the 2004 third quarter, and one-time charges related to the surrender of two wholly owned hotels to the bond trustee and one minority interest hotel to the lender.
- more -
Lodgian Page 10
Displacement refers to lost revenue and profit due to rooms out of order resulting from renovation or hurricane repairs. The displaced revenue figures cited are only for the “hard” displacement that is documented when a hotel has sold all available rooms and denies additional reservations due to rooms out of order. The company feels this method is conservative, as it does not account for the “soft” displacement associated with a renovation; for example, guests who depart earlier than planned due to the disruption caused by the renovation work, local customers or frequent guests who may choose an alternative hotel during the renovation, or local groups that may not solicit the hotel to house their groups during renovations.
About Lodgian
Lodgian is one of the largest independent owners and operators of full-service hotels in the United States. The company currently manages a portfolio of 80 hotels with 14,684 rooms located in 30 states and Canada. Of the company’s 80-hotel portfolio, 51 are InterContinental Hotels Group brands (Crowne Plaza, Holiday Inn, Holiday Inn Select and Holiday Inn Express) 16 are Marriott brands (Courtyard by Marriott, Fairfield Inn, SpringHill Suites and Residence Inn), and 11 are affiliated with four other nationally recognized hospitality franchises such as Hilton and Carlson (Radisson and Park Inn). Two hotels are independent, unbranded properties. 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.
- more -
Lodgian Page 11 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. The company undertakes no obligations to update events to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time.
2
- 30 - LODGIAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, $.01 par value, 60,000,000 shares authorized;
24,580,637 issued at June 30, 2005 and December 31, 2004
246
246
Additional paid-in capital
308,198
306,943
Unearned stock compensation
(208
)
(315
)
Accumulated deficit
(87,151
)
(81,941
)
Accumulated other comprehensive income
1,723
1,777
Treasury stock, at cost, 7,211 shares at June 30, 2005
and December 31, 2004
(76
)
(76
)
Total stockholders’ equity
222,732
226,634
$
717,094
$
723,307
3
LODGIAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
Six Months Ended
June 30, 2005
June 30, 2004
June 30, 2005
June 30, 2004
(Unaudited in thousands, except per share data)
Revenues:
Rooms
$
64,497
$
62,522
$
118,958
$
118,572
Food and beverage
18,817
19,167
33,718
35,394
Other
2,671
2,760
5,163
5,460
85,985
84,449
157,839
159,426
Operating expenses:
Direct:
Rooms
17,632
16,357
33,127
31,814
Food and beverage
13,062
12,477
24,044
23,768
Other
2,098
2,038
4,029
3,968
32,792
30,872
61,200
59,550
53,193
53,577
96,639
99,876
Other operating expenses:
Other hotel operating costs
24,693
22,916
48,592
46,112
Property and other taxes, insurance, and leases
5,810
5,187
11,499
10,747
Corporate and other
5,870
4,691
10,528
9,025
Casualty losses
28
—
132
—
Depreciation and amortization
6,867
6,797
13,524
13,468
Impairment of long-lived assets
954
—
2,609
—
Other operating expenses
44,222
39,591
86,884
79,352
8,971
13,986
9,755
20,524
Other income (expenses):
Business interruption insurance proceeds
1,729
—
1,729
—
Interest income and other
54
66
225
109
Interest expense and other financing costs:
Preferred stock dividend
—
(4,233
)
—
(8,518
)
Interest expense
(6,912
)
(19,507
)
(13,894
)
(27,531
)
Loss on preferred stock redemption
—
(1,592
)
—
(1,592
)
Income (loss) before income taxes and minority interests
3,842
(11,280
)
(2,185
)
(17,008
)
Provision for income taxes — continuing operations
(67
)
(76
)
(135
)
(151
)
Minority interests
(120
)
(71
)
25
(218
)
Income (loss) from continuing operations
3,655
(11,427
)
(2,295
)
(17,377
)
Discontinued operations:
(Loss) income from discontinued operations before income taxes
(1,781
)
4,180
(2,915
)
3,044
Income tax benefit
—
—
—
—
(Loss) income from discontinued operations
(1,781
)
4,180
(2,915
)
3,044
Net income (loss) attributable to common stock
$
1,874
($7,247
)
($5,210
)
($14,333
)
Basic and diluted income (loss) per common share:
Net income (loss) attributable to common stock
$
0.08
($2.04
)
($0.21
)
($4.87
)
4
Three months ended
Six Months Ended
June 30, 2005
June 30, 2004
June 30, 2005
June 30, 2004
(Unaudited in thousands, except per share data)
Basic and diluted income (loss) per share:
Numerator:
Income (loss) from continuing operations
$
3,655
($11,427
)
($2,295
)
($17,377
)
(Loss) income from discontinued operations
(1,781
)
4,180
(2,915
)
3,044
Net income (loss) attributable to common stock
$
1,874
($7,247
)
($5,210
)
($14,333
)
Denominator:
Denominator for basic and diluted loss per share -
weighted-average shares
24,573
3,554
24,573
2,944
Basic and diluted income (loss) per common share:
Income (loss) from continuing operations
$
0.15
($3.22
)
($0.09
)
($5.90
)
(Loss) income from discontinued operations
(0.06
)
1.18
(0.12
)
1.03
Net income (loss) attributable to common stock
$
0.08
($2.04
)
($0.21
)
($4.87
)
5
LODGIAN, INC. AND SUBSIDIARIES Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures) with Loss from Continuing Operations (a GAAP measure)
($ in thousands)
Three months ended
Six months ended
June 30, 2005
June 30, 2004
June 30, 2005
June 30, 2004
Continuing operations:
Income (loss) from continuing operations
$
3,655
($11,427
)
($2,295
)
($17,377
)
Depreciation and amortization
6,867
6,797
13,524
13,468
Interest income
(205
)
(80
)
(425
)
(128
)
Interest expense
6,912
19,507
13,894
27,531
Preferred stock dividends
—
4,233
—
8,518
Loss on preferred stock redemption
—
1,592
—
1,592
Provision (benefit for income taxes — continuing operations)
68
76
135
151
EBITDA
$
17,297
$
20,698
$
24,833
$
33,755
Adjustments to EBITDA:
Post-emergence Chapter 11 expenses, included in corporate
$
52
$
135
$
162
$
330
and other on consolidated statement of operations
Impairment loss
954
—
2,609
—
Casualty losses- 2004 hurricane damage
28
—
132
—
Write-off of investment in subsidiary for non-consolidated hotel
170
170
Write-off of receivable for non-consolidated hotel
946
—
946
Guaranty payments on Kansas properties
500
—
500
—
Adjusted EBITDA
$
19,947
$
20,833
$
29,352
$
34,085
West Palm Beach and Melbourne:
Income (loss) from continuing operations
$
619
($53
)
($409
)
$
822
Depreciation and amortization
178
297
355
612
Interest income
(1
)
(3
)
(4
)
(5
)
Interest expense
16
478
203
703
Preferred stock dividends
—
—
—
—
Loss on preferred stock redemption
—
—
—
—
Provision (benefit for income taxes — continuing operations)
—
—
—
—
EBITDA
$
812
$
719
$
145
$
2,132
Adjustments to EBITDA:
Post-emergence Chapter 11 expenses, included in corporate
$
0
$
0
$
0
$
0
and other on consolidated statement of operations
Impairment loss
1
—
1
—
Casualty losses- 2004 hurricane damage
—
—
100
—
Write-off of investment in subsidiary for non-consolidated hotel
—
—
—
—
Write-off of receivable for non-consolidated hotel
—
—
—
—
Guaranty payments on Kansas properties
—
—
—
—
Adjusted EBITDA
$
813
$
719
$
247
$
2,132
Continuing operations excluding West Palm Beach and Melbourne:
Income (loss) from continuing operations
$
3,036
($11,374
)
($1,886
)
($18,199
)
Depreciation and amortization
6,689
6,500
13,169
12,856
Interest income
(204
)
(77
)
(421
)
(123
)
Interest expense
6,896
19,029
13,691
26,828
Preferred stock dividends
—
4,233
—
8,518
Loss on preferred stock redemption
—
1,592
—
1,592
Provision (benefit for income taxes — continuing operations)
68
76
135
151
EBITDA
$
16,485
$
19,979
$
24,688
$
31,623
Adjustments to EBITDA:
Post-emergence Chapter 11 expenses, included in corporate
$
52
$
135
$
162
$
330
and other on consolidated statement of operations
Impairment loss
953
—
2,608
—
Casualty losses- 2004 hurricane damage
28
—
32
—
Write-off of investment in subsidiary for non-consolidated hotel
170
—
170
—
Write-off of receivable for non-consolidated hotel
946
—
946
—
Guaranty payments on Kansas properties
500
—
500
—
Adjusted EBITDA
$
19,134
$
20,114
$
29,105
$
31,953
6
Lodgian 2nd Quarter 2005 Supplemental Operating Information
Three Months Ended
Hotels
Rooms
June 30, 2005
June 30, 2004
Change
% Change
75
13,478
All Continuing Operations
Occupancy
66.2
%
65.1
%
1.6
%
ADR
$
82.64
$
78.94
$
3.70
4.7
%
RevPAR
$
54.67
$
51.38
$
3.29
6.4
%
73
12,964
Continuing Operations less two
hotels closed due to hurricane
damage
Occupancy
66.2
%
64.9
%
2.0
%
ADR
$
82.64
$
78.68
$
3.96
5.0
%
RevPAR
$
54.67
$
51.04
$
3.63
7.1
%
RevPAR Index
97.5
%
98.6
%
(1.1
)%
55
9,717
Continuing Operations less two
hotels closed due to hurricane
damage and hotels under renovation
in the first & second quarters
2004 and 2005
Occupancy
66.2
%
64.0
%
3.3
%
ADR
$
80.57
$
76.76
$
3.81
5.0
%
RevPAR
$
53.32
$
49.16
$
4.15
8.4
%
RevPAR Index
100.0
%
100.5
%
(0.5
)%
21
3,013
Hotels completing major
renovations in 2003 and 2004
Occupancy
73.0
%
68.0
%
7.5
%
ADR
$
87.36
$
81.77
$
5.59
6.8
%
RevPAR
$
63.80
$
55.57
$
8.23
14.8
%
RevPAR Index
107.7
%
104.1
%
3.4
%
16
1,845
Marriott Hotels
Occupancy
74.8
%
70.7
%
5.8
%
ADR
$
88.67
$
82.78
$
5.89
7.1
%
RevPAR
$
66.34
$
58.53
$
7.80
13.3
%
RevPAR Index
118.4
%
114.9
%
3.1
%
4
777
Hilton Hotels
Occupancy
71.3
%
70.2
%
1.5
%
ADR
$
96.77
$
91.53
$
5.24
5.7
%
RevPAR
$
68.99
$
64.29
$
4.70
7.3
%
RevPAR Index
94.2
%
94.8
%
(0.7
)%
45
8,830
IHG Hotels less two hotels closed
due to hurricane damage
Occupancy
66.5
%
66.1
%
0.6
%
ADR
$
82.01
$
77.96
$
4.06
5.2
%
RevPAR
$
54.52
$
51.53
$
2.99
5.8
%
RevPAR Index
94.3
%
96.8
%
(2.6
)%
8
1,512
Other Brands and Independent Hotels
Occupancy
51.1
%
48.3
%
5.8
%
ADR
$
66.46
$
67.98
($1.52
)
(2.2
)%
RevPAR
$
33.99
$
32.86
$
1.13
3.4
%
RevPAR Index
88.6
%
86.7
%
2.2
%
7
Lodgian 2nd Quarter 2005 Supplemental Operating Information
Six Months Ended
Hotels
Rooms
June 30, 2005
June 30, 2004
Change
% Change
75
13,478
All Continuing Operations
Occupancy
62.4
%
62.6
%
(0.4
)%
ADR
$
81.28
$
77.80
$
3.49
4.5
%
RevPAR
$
50.70
$
48.72
$
1.98
4.1
%
73
12,964
Continuing Operations less two
hotels closed due to hurricane
damage
Occupancy
62.4
%
62.2
%
0.3
%
ADR
$
81.28
$
77.08
$
4.21
5.5
%
RevPAR
$
50.70
$
47.92
$
2.78
5.8
%
RevPAR Index
99.0
%
100.1
%
(1.1
)%
55
9,717
Continuing Operations less two
hotels closed due to hurricane
damage and hotels under renovation
in the first & second quarters
2004 and 2005
Occupancy
62.0
%
60.9
%
1.9
%
ADR
$
79.28
$
75.55
$
3.73
4.9
%
RevPAR
$
49.16
$
45.97
$
3.19
6.9
%
RevPAR Index
100.9
%
101.3
%
(0.4
)%
21
3,013
Hotels completing major
renovations in 2003 and 2004
Occupancy
71.1
%
68.1
%
4.5
%
ADR
$
88.62
$
82.72
$
5.90
7.1
%
RevPAR
$
63.03
$
56.31
$
6.72
11.9
%
RevPAR Index
110.6
%
106.9
%
3.5
%
16
1,845
Marriott Hotels
Occupancy
70.9
%
68.6
%
3.4
%
ADR
$
87.33
$
82.10
$
5.23
6.4
%
RevPAR
$
61.93
$
56.32
$
5.61
10.0
%
RevPAR Index
121.2
%
117.8
%
2.9
%
4
777
Hilton Hotels
Occupancy
66.2
%
64.4
%
2.8
%
ADR
$
95.71
$
89.98
$
5.73
6.4
%
RevPAR
$
63.34
$
57.93
$
5.41
9.3
%
RevPAR Index
96.5
%
93.4
%
3.3
%
45
8,830
IHG Hotels less two hotels closed
due to hurricane damage
Occupancy
63.0
%
63.1
%
(0.2
)%
ADR
$
80.40
$
76.49
$
3.91
5.1
%
RevPAR
$
50.61
$
48.27
$
2.34
4.8
%
RevPAR Index
96.6
%
99.0
%
(2.4
)%
8
1,512
Other Brands and Independent Hotels
Occupancy
46.6
%
48.2
%
(3.3
)%
ADR
$
66.53
$
64.51
$
2.02
3.1
%
RevPAR
$
30.99
$
31.08
($0.09
)
(0.3
)%
RevPAR Index
81.7
%
84.7
%
(3.6
)%
8
Lodgian Competitive Set RevPAR Growth vs. Industry Performance For Selected Quarters Lodgian Hotels Included In Competitive Sets
Lodgian
Lodgian
Hotel Count
Quarter
Comp Sets
Industry
Ratio
71
1st Qtr ‘04
4.5
%
7.7
%
58.4
%
71
2nd Qtr ‘04
5.6
%
8.6
%
65.1
%
71
3rd Qtr ‘04
5.2
%
6.4
%
81.3
%
71
4th Qtr ‘04
7.6
%
8.4
%
90.5
%
71
1st Qtr ‘05
6.3
%
7.2
%
87.5
%
71
2nd Qtr ‘05
8.1
%
8.3
%
97.6
%
Source: Smith Travel Research
Note: The 71 hotels represent the 75 consolidated continuing operations hotels less the two hotels closed due to hurricane damage, our Canadian property, and the property acquired in December 2004.
9
Lodgian, Inc. Assets Held for Sale as of August 1, 2005
Location
Brand
Rooms
Hotels:
Rolling Meadows, IL
Holiday Inn
420
Gadsden, AL
Holiday Inn Express
141
Metairie, LA
Quality Hotel
205
Jekyll Island, GA
Holiday Inn
198
Land:
Mt. Laurel, NJ (374,100 square feet)
10
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.
