ATLANTA— Lodgian, Inc. has sold, in separate transactions, three Holiday Inn hotels as part of the company’s plan to sell 19 non-strategic hotels. The hotels were sold for an aggregate price of $9.2 million. The company has used a significant portion of the net proceeds, together with proceeds from the November 2003 sale of the Holiday Inn-North Miami, to reduce debt by more than $10 million. Together, these four hotels had EBITDA of $0.7 million and produced a net loss of $0.4 million for 2003. “We are making steady progress on our asset disposition plan and are in active negotiations on a number of other hotel transactions,” said W. Thomas Parrington, president/CEO. “We are hopeful that we can complete the sale of the remaining 15 non- strategic assets by year-end 2004. As indications of economic improvement continue, hotel real estate prices are firming and the number of active buyers is growing. “We also are continuing with renovations at our other hotels in accordance with our previously announced plans to keep them in competitive condition within their respective markets.”
