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International Guild of Hospitality & Restaurant Managers

Lodgian, Inc.

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Lodgian, Inc. (LODNQ.OB)

 Lodgian, Inc. is an owner and operator of full-service hotels in the United States . Lodgian owned or managed 106 hotels, containing 19,893 rooms located in 32 states and Canada as of December 31, 2001. Its hotels include 101 wholly owned hotels, four hotels in which the Company has a 50% or greater equity interest and one hotel in which it has a minority equity interest. On December 20, 2001 , the Company and 81 of its subsidiaries (collectively the Debtors) filed for voluntary reorganization with the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) under Chapter 11 of the Bankruptcy Code. The Debtors are operating their businesses as debtors-in-possession and are subject to the jurisdiction of the Bankruptcy Court while a reorganization plan is being formulated.

The Company is a successor to Servico, Inc. (Servico) as a result of Servico's merger (the Merger) with Impac Hotel Group, LLC (Impac), a privately owned hotel ownership, management and development company. The Merger was completed on December 11, 1998. Servico was incorporated in 1956, and from 1956 through 1990, was engaged in the ownership and operation of hotels under a series of different ownerships.

Lodgian's hotels are primarily full-service properties that offer food and beverage services, meeting space and banquet facilities and compete in the mid-price and upscale segments of the lodging industry. The Company is a national Holiday Inn and Marriott franchisee.

Approximately 80% of the Company's portfolio is composed of
Crowne Plaza , Holiday Inn and Marriott hotels. As of December 31, 2001, substantially all of the Company's owned and managed hotels were affiliated with national franchisers, including 69 hotels with Six Continents Hotels and Resorts, 16 with Marriott International, seven with Hilton, six with Choice Hotel, two with Starwood, one with Radisson and five with other franchisers.

The Company's license agreements with the national hotel franchisers typically authorize the operation of a hotel under the licensed name, at a specific location or within a specified area, and require that the hotel be operated in accordance with standards specified by the licensor. Generally, the license agreements require the Company to pay a royalty fee, an advertising/marketing fee, a fee for the use of the licensor's nationwide reservation system and certain ancillary charges.

 

 

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The data included within the Financial section is solely for information  and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly advised to obtain professional advice with qualified individuals or corporations for any investments of funds.

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