ATLANTA Lodgian recently reported that its total revenue for the first quarter ended March 31, 2001 was $114.8 million, compared to $138.4 million for the first quarter of 2000. The 17% decrease is primarily due to the disposition of 20 hotels in the owned portfolio. RevPAR for 1Q increased 0.7% as compared to the first quarter of 2000 as a result of a 4.3% increase in ADR, partially offset by a 3.5% decline in occupancy. 1Q EBITDA was $19.7 million, a 26.5% decrease compared to the first quarter 2000 EBITDA on a same unit basis.
Due to continued overall weakness in the current economic environment and specific weakness in certain of the company s markets, Lodgian said it now anticipates the same unit RevPAR in 2001 will be flat to down approximately 1%. The company currently projects EBITDA for 2001, after excluding an estimate of $6 million for unusual costs, will range from $103 million to $108 million, before considering any additional hotel dispositions. As a result of reducing expectations for 2001, the company has reduced its total 2001 planned capital expenditures to $35 million. (5/16/01)