The audit report by Deloitte & Touche LLP points to approximately $55.7 million in mortgage debt maturing this year that cannot be extended without the approval of loan servicers. The largest facility, the Merrill Lynch Fixed Rate Pool 1, has a current principal balance of $33.9 million maturing July 1.

"To address this pending maturity, the company is pursuing opportunities to refinance the maturing mortgage debt," Lodgian stated in a release. "However, in light of the current state of credit markets generally and the real estate credit markets specifically, the company cannot currently predict the outcome of these efforts."

Lodgian agreed earlier this year to a $54.2-million buyout offer by an affiliate of Dallas-based Lone Star Funds. The transaction is valued at $270 million, including assumed debt.