PROVIDENCE, R.I., Oct. 26 TPG Hospitality, Inc. (a Procaccianti Group company), the integral hotel management company within vertically integrated TPG Companies with over 17,000 rooms under management in 23 states, has quietly and steadily climbed to the top of the list of the industry's leading hotel management companies.
Today, Gary Gray, Senior Vice President, confirms, "Lodgian has awarded TPG Hospitality, Inc. the management of approximately 2,000 premium branded hotel rooms representing eight full service hotels." At the time of this release, Gray indicated that TPG Hospitality, Inc. had transitioned management of two properties including the 270-room beachside Crowne Plaza in Melbourne, FL and the 231-room Crowne Plaza in Silver Spring, MD.
Read More:
Showing posts with label Lodgian. Show all posts
Showing posts with label Lodgian. Show all posts
Tuesday, October 26, 2010
Thursday, March 18, 2010
Lodgian Receives Audit Report with Going Concern Explanation
ATLANTA, March 17, 2010 /PRNewswire via COMTEX/ -- Lodgian, Inc. (NYSE Amex Equities: LGN) today announced that the audit report of its independent registered public accounting firm, Deloitte & Touche LLP, included in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 (the "Form 10-K"), while expressing an unqualified opinion regarding the company's audited financial statements, identified matters which raise substantial doubt about the company's ability to continue as a going concern. The company's announcement does not represent any changes or amendment to its 2009 financial statements or to its Form 10-K which was filed with the Securities and Exchange Commission on March 16, 2010.
Read more:
Read more:
Thursday, February 25, 2010
Lodgian Reports 2009 Fourth Quarter and Full-Year 2009 Results
Fourth quarter 2009 total revenue for our 33 continuing operations hotels declined approximately 18.2 percent to $41.8 million, compared to the 2008 fourth quarter. Occupancy decreased 10.6 percent to 57.2 percent, while average daily rate decreased 9.1 percent to $90.56 in the 2009 fourth quarter. Loss from continuing operations was $(8.4) million, compared to $(4.9) million in the 2008 fourth quarter.
Read more:
Read more:
Friday, January 22, 2010
Lone Star Funds Acquires Lodgian
Lodgian Inc. has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds for approximately US$270 million, including assumed debt.
Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
Read more:
Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of approximately 67.2 percent over Lodgian's average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian's average closing share price during the trading period of six calendar months prior to January 15.
Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.
Read more:
Saturday, October 3, 2009
Lodgian in default on loans
Lodgian Inc. is in default on a $45.6 million loan secured by six of its hotels, will turn over one hotel to a lender and continues to make cost cuts.
The Atlanta-based hotel owner and operator said it is negotiating with the lender to extend or modify the $45.6 million loan, which matured Oct. 1, 2009. Unless an agreement is reached soon, Lodgian plans to return the six hotels to the lender to satisfy the debt. Cash flow from the hotels securing the loan is insufficient to meet the related debt service obligations, Lodgian said. The lender can begin foreclosure proceedings, but to date has not.
Read more:
The Atlanta-based hotel owner and operator said it is negotiating with the lender to extend or modify the $45.6 million loan, which matured Oct. 1, 2009. Unless an agreement is reached soon, Lodgian plans to return the six hotels to the lender to satisfy the debt. Cash flow from the hotels securing the loan is insufficient to meet the related debt service obligations, Lodgian said. The lender can begin foreclosure proceedings, but to date has not.
Read more:
Thursday, August 6, 2009
Lodgian Reports 2009 Second Quarter Results
ATLANTA, Aug. 5 /PRNewswire-FirstCall/ -- Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation's largest independent hotel owners and operators, today reported results for the 2009 second quarter ended June 30, 2009.
Second Quarter 2009 Highlights
-- Obtained maturity extensions on $120 million of mortgage debt which matured July 1, 2009, with the terms of the extensions ranging from 90 days to three years.
-- Sold two hotels during the 2009 second quarter for gross proceeds of $13.9 million.
Read more:
http://ir.lodgian.com/phoenix.zhtml?c=112638&p=irol-newsArticle&ID=1317019&highlight=
Second Quarter 2009 Highlights
-- Obtained maturity extensions on $120 million of mortgage debt which matured July 1, 2009, with the terms of the extensions ranging from 90 days to three years.
-- Sold two hotels during the 2009 second quarter for gross proceeds of $13.9 million.
Read more:
http://ir.lodgian.com/phoenix.zhtml?c=112638&p=irol-newsArticle&ID=1317019&highlight=
Tuesday, July 7, 2009
Lodgian Provides Update on Maturing Mortgage Debt
ATLANTA, July 2 /PRNewswire-FirstCall/ -- Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation's largest independent hotel owners and operators, today announced that the company has obtained extensions on $71.6 million of its mortgage indebtedness previously scheduled to mature on July 1, 2009, and remains in negotiations on extension of $45.7 million of mortgage debt which matured on July 1, 2009. The mortgage indebtedness, which was originated in June 2004 by Merrill Lynch and securitized in the collateralized mortgage-backed securities market, has been divided into three pools of indebtedness referred to by the company as the Merrill Lynch Fixed Rate Pools #1, #3 and #4. (The company repaid the Merrill Lynch Fixed Rate Pool #2 in 2007.) In summary, the company has reached agreements with the special servicers of this mortgage indebtedness to provide the following:
Read more:
http://ir.lodgian.com/phoenix.zhtml?c=112638&p=irol-newsArticle&ID=1304225&highlight=
Read more:
http://ir.lodgian.com/phoenix.zhtml?c=112638&p=irol-newsArticle&ID=1304225&highlight=
Wednesday, May 6, 2009
Lodgian Reports 2009 First Quarter Results
Quarter 2009 Results
First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period. During the 2009 first quarter, the displacement of total revenue resulting from renovations at three properties was $0.7 million, compared to $0.9 million in the 2008 first quarter. Loss from continuing operations was $(6.1) million in the 2009 first quarter, compared to $(6.0) million in the 2008 first quarter.
Net loss attributable to common shares was $(6.9) million, or $(0.32) per diluted share in the 2009 first quarter, compared to a net loss of $(7.5) million, or $(0.33) per diluted share in the 2008 first quarter.
EBITDA from continuing operations was flat to the prior year's first quarter at $6.3 million. Adjusted EBITDA for the same group of properties decreased 18.8 percent, from $8.5 million in the 2008 first quarter to $6.9 million in the 2009 first quarter. Adjusted EBITDA margins for the continuing operations hotels decreased by 60 basis points to 14.0 percent during the 2009 first quarter compared to the 2008 first quarter, due to lower revenues.
First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period. During the 2009 first quarter, the displacement of total revenue resulting from renovations at three properties was $0.7 million, compared to $0.9 million in the 2008 first quarter. Loss from continuing operations was $(6.1) million in the 2009 first quarter, compared to $(6.0) million in the 2008 first quarter.
Net loss attributable to common shares was $(6.9) million, or $(0.32) per diluted share in the 2009 first quarter, compared to a net loss of $(7.5) million, or $(0.33) per diluted share in the 2008 first quarter.
EBITDA from continuing operations was flat to the prior year's first quarter at $6.3 million. Adjusted EBITDA for the same group of properties decreased 18.8 percent, from $8.5 million in the 2008 first quarter to $6.9 million in the 2009 first quarter. Adjusted EBITDA margins for the continuing operations hotels decreased by 60 basis points to 14.0 percent during the 2009 first quarter compared to the 2008 first quarter, due to lower revenues.
