Lodgian voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Dec. 5, 2001. According to the company's last unaudited consolidated balance sheet of Sept. 30, 2001, filed with the Securities and Exchange Commission, Lodgian listed total assets of $1 million and debt of $968.7 million.
The company has been operating its 105 hotels in 32 states and Windsor, Ontario, Canada under a court-approved debtor-in-possession status since then.
Lodgian operates hotels under national recognized hospitality franchises such as Holiday Inn, Marriott, Hilton and Crowne Plaza. The company is regarded in the industry as one of the largest owner/operators of full-priced and mid-priced hotels in the United States.
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