Lodgian Sells 3,057-Room Portfolio for $65M

ATLANTA-Locally based Lodgian Inc. has sold 16 hotels for an aggregate price of $64.9 million as part of a plan to shed 27 non-core assets. Taking the deeds is Kronos Hotels & Resorts, which also signed an agreement to buy an additional hotel before the year ends.

“This transaction is a major part of the execution of our plan to streamline the portfolio,” says Lodgian CEO Ed Rohling, in a prepared statement. The disposition plan was announced in November 2006.

In Alabama, the just-sold hotels are the 202-room Holiday Inn in Sheffield and 112-room Holiday Inn Express in Dothan, where it also bought a 102-room Quality Inn. The Florida properties are the 152-room Holiday Inn in Pensacola, 122-room Holiday Inn Express in Pensacola and 228-room Holiday Inn in Winter Haven. In Pennsylvania, the Atlanta-based Kronos bought a 189-room Holiday Inn in Lancaster, 201-room Holiday Inn Greentree in Pittsburgh and 100-room Holiday Inn in York. In Georgia, the buyer got the 297-room Ramada Plaza in Macon, 126-room Park Inn in Brunswick and 117-room Augusta West Inn in Augusta. The portfolio included the 244-room Holiday Inn in Lansing, MI; 275-room Crowne Plaza in Cedar Rapids, IA; 393-room Clarion Hotel in Louisville, KY; and 197-room Ramada in Charleston, SC.