Parrington Puts Lodgian on New Growth Path

ATLANTA-Lodgian Inc., which emerged from Chapter 11 in November 2002, is on a fresh growth curve as president and CEO W. Thomas Parrington prepares to sell off 19 of the locally based company’s 97 hotels to pay down debt and help fund continuing renovations in the rest of the portfolio.

“We believe the size and type of hotels we are selling typically are more effectively operated by individuals or small investor groups tied into the community than by a large corporation,” Parrington says in a prepared statement. “We are better structured to own and operate larger, mid-market properties in primary and selected secondary markets and will focus our attention there.”

The hotels being sold are primarily full-service properties in secondary and tertiary markets. Parrington, a former executive at Marriott, Interstate and Ramada, says several hotels are already under contract. “We expect to close several sales by year end,” he says. The company has invested $30 million to date in upgrading its portfolio.