ATLANTA Lodgian finally released its long-delayed first quarter results. During the period ended March 31, the company posted revenues of $138.4 million, up 1.9% despite a slightly smaller portfolio of hotels.
After adjusting for nearly $2.5 million of unusual expenses primarily related to nonrecurring professional fees and contracted labor, first quarter EBITDA was $28.4 million. Lodgian incurred a $.43 per share loss for the first quarter.
The company says its first quarter performance reflects an investment in improving the quality of its hotel assets through an aggressive program of renovation and repositioning. For the first three months of 2000, Lodgian incurred approximately $31.4 million in capital expenditures on its repositioning and renovation strategy. Despite the impact from renovations, same-unit RevPAR was $44.96, an increase of 2.9% compared to first quarter 1999. (9/15/00)