ATLANTA— Buckhead America Corp., a hospitality services company, expects to report a substantial loss for 2001 and its board of directors have voted to expand the companys asset sales program. As of Sept. 30, 2001, the company reported assets of $43.3 million and liabilities of $31.3 million. The company said the 2001 loss reflects weak hospitality markets and the necessity for additional charges against earnings in the fourth quarter of 2001 of approximately $10 million. To conserve funds, the company said it has laid off personnel and instituted a salary deferment program for officers and managers. Buckhead America will exit the hotel management business. The company has contracted with Cornerstone Hospitality Management Co. to take over management of the companys owned properties. That process is expected to be completed next month, at which time Buckhead Americas Prospect, Ohio, management service center will be closed. Buckhead America also said it is seeking buyers for its 20 remaining owned or leased hotel properties.
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