UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | December 22, 2005 |
Lodgian, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| Delaware | 001-14537 | 52-2093696 |
| _____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 3445 Peachtree Road, NE, Suite 700, Atlanta, Georgia | 30326 | |
| _________________________________ (Address of principal executive offices) | ___________ (Zip Code) |
| Registrant’s telephone number, including area code: | 404-364-9400 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On December 22, 2005, a subsidiary of Lodgian, Inc. (the "Subsidiary Company") entered into a loan agreement (the "Loan Agreement") with Wachovia Bank, National Association ("Wachovia"). Pursuant to the Loan Agreement, Wachovia loaned the Subsidiary Company $10 million, which is secured by all of the Subsidiary Company’s assets. The Subsidiary Company owns a Holiday Inn hotel located in Phoenix, Arizona (the "Phoenix Hotel"). The Loan Agreement has a five year term and bears a fixed rate of interest of 6.03%.
Prior to entering into the Loan Agreement with Wachovia, the Phoenix Hotel served as part of the collateral, along with seven other hotels, under a loan agreement with Column Financial, Inc. dated January 31, 1995 (the "Column Financial Loan Agreement"). The Column Financial Loan Agreement bears a fixed rate of interest of 10.59%. $2.0 million of the Wachovia loan proceeds was used to pay down existing indebtedness under the Column Financial Loan Agreement. As of December 22, 2005, t he principal balance of the Column Financial Loan Agreement is $10.4 million and is now secured by seven of our hotels.
The Wachovia Loan Agreement is non-recourse to Lodgian, Inc., except in certain limited circumstances as set forth in the Loan Agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Lodgian, Inc. | ||||
| December 23, 2005 | By: | Daniel E. Ellis | ||
| Name: Daniel E. Ellis | ||||
| Title: Senior Vice President, General Counsel & Secretary | ||||
