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Article: Lodgian Sells Holiday Inn Select Niagara Falls, New York.
- Article from:
- Business Wire
- Article date:
- July 19, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NIAGARA FALLS, N.Y. & ATLANTA -- Lodgian, Inc. (AMEX: LGN), one of the nation's largest independent owners and operators of full-service hotels, today announced that it sold the 397-room Holiday Inn Select Niagara Falls, N.Y., to an undisclosed buyer for $14.3 million. All of the net proceeds were used to reduce the company's debt. For the twelve months ended May 31, 2005, the hotel produced Adjusted EBITDA (a non-GAAP financial measure) of $148,000 and a net loss from operations of $(987,000).
The sale is part of the company's previously announced plan to dispose of non-core properties from its portfolio. Since the program was announced in 2003, Lodgian has sold ...