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Steps part of ongoing restructuring effort
Lodgian Inc. said it has returned one of its hotel properties to its lender and may do the same with six more. The independent hotel owner and operator made those disclosures in a press release updating its ongoing restructuring efforts.
Lodgian said it has stopped servicing the debt secured by the Crowne Plaza in Worcester, Mass., and intends to return the hotel to the lender in full satisfaction of the debt. In addition, the company said its Merrill Lynch Fixed Rate Pool 3, which is secured by six hotels, is in default and that unless the $45.6 million loan on those properties can be extended or modified, they will be returned to the lender.
“We continue to focus on strengthening our balance sheet by extending maturities for certain debt facilities and pursuing options with respect to overleveraged assets," said Dan Ellis, Lodgian's president and ceo.
Lodgian currently owns and manages a portfolio of 37 hotels with 6,935 rooms in 22 states. Its holdings consist of 17 InterContinental Hotels Group brands (Crowne Plaza, Holiday Inn, Holiday Inn Select and Holiday Inn Express), 12 Marriott brands (Marriott, Courtyard by Marriott, SpringHill Suites by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott); two Hilton brands; five affiliated with such francisors as Starwood, Wyndham and Carlson; and an independent, unbranded property that's currently closed and held for sale.
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