AUSTIN, TX— At a price of $4 million, Lodgian, Inc. has sold the 210-room Holiday Inn Austin-South here. An undisclosed buyer acquired the property. Lodgian will use the net proceeds from the disposition to reduce its debt. The sale is part of the company’s previously announced plan to sell off non-core properties. Including this disposition, Lodgian has now sold 16 hotels, two land parcels and an office building and lowered its debt by $56 million since the plan was announced in 2003. During the 12-month period that ended on April 30, the hotel produced an EBITDA of $247,000 and a net loss from operations of $174,000. CB Richard Ellis negotiated the sale.
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