The owner/operator of 89 hotels has completed a reverse stock split in a ratio of one-for-three shares. The split affects all of Lodgian's issued and outstanding common shares, warrants and stock options. The company has placed 175 million shares on the market.

Lead underwriter Merrill Lynch, Pierce, Fenner & Smith Inc. has an option to buy up to an incremental 15% of the common shares offered to cover any over-allotments. The stock is trading in the $16.95-per-share range.

Lodgian emerged from Chapter 11 under the US Bankruptcy Code on Nov. 22, 2002 with 78 owned hotels. The hotels were owned by Lodgian subsidiaries Impac Hotels II LLC and Impac Hotels III LLC. When the two subsidiaries filed for court protection on Dec. 5, 2001, Lodgian listed total assets of $1 million and debt of $968.7 million.