BOCA RATON, FL— Janus Hotels and Resorts, Inc. has finalized the gain calculation related to the short-term refinancing of four hotel properties which it owns in the vicinity of Cleveland, Ohio that it previously reported on August 7. The company estimated a pretax gain of approximately $6,816,000 as a result of this transaction. However, Janus reexamined the accounting for the refinancing with The Provident Bank and the terms of the settlement agreement with the original lender, LaSalle National Bank, as trustee, which provided for the forgiveness of accrued interest and late fees, net of certain closing and transaction costs, and identified errors, resulting in a recalculated pretax gain of approximately $5,787,000, which will be reported in third quarter. No currently payable federal taxes result from this transaction as the company has sufficient net operating losses to offset the gain, it reported. Janus will post its financial results for the fiscal quarter ending on September 30 on or prior to November 14. Janus Hotels and Resorts Inc. owns 13 hotels and manages 38 hotels, representing approximately 9,000 rooms.
