Lodgian Sells Three Holiday Inns for $9M

ATLANTA-The selling prices weren’t record-makers but neither were the properties being disposed of by locally based Lodgian Inc. Following a Chapter 11 disposition strategy of selling off non-strategic properties, Lodgian sold three Holiday Inns in the last 30 days for $9.2 million. The properties total 533 rooms and went for an average price of $17,261 per room in Dallas, Baltimore and Syracuse, NY.

The company wouldn’t disclose the buyers’ names because of a contract stipulation. Along with the November 2003 sale of the 98-room Holiday Inn North Miami, Lodgian has used the proceeds to reduce debt by more than $10 million, says company president and CEO W. Thomas Parrington.

The Florida sale, also to an undisclosed buyer, went for $3.3 million, or $33,673 per room, the highest per-room price Lodgian has managed to negotiate in the sales to date.