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ATLANTA -- Lodgian, Inc. (AMEX: LGN), one of the nation's largest independent owners and operators of full-service hotels, today announced that six of its hotels sustained damage during four hurricanes in the past six weeks. Two of the hotels are closed, three are operating in a limited capacity and one is fully operational. E[acute accent]The 295-room Holiday Inn Melbourne, Fla., near Cape Canaveral, in which Lodgian has a 50 percent ownership interest, suffered the greatest amount of damage and will be closed until the second quarter of 2005. The 219-room Crowne Plaza West Palm Beach, Fla., is closed and will reopen in the first quarter of 2005. E[acute accent]Two small hotels in Pensacola, Fla.--the 122-room Holiday Inn Express and the 152-room Holiday Inn--and the 228-room Holiday Inn Winter Haven, Fla., are still operating with a limited number of rooms out of service, and the company is aggressively moving forward with its repair program. E[acute accent]The Holiday Inn Myrtle Beach, S.C. sustained less significant damage and is fully operational. E[acute accent]"All of the affected properties are covered by insurance, including coverage for business interruption," said W. Thomas Parrington, president and chief executive officer. "We will bear the cost of insurance deductibles, and we currently are determining repair and lost business estimates with our insurance carrier. E[acute accent]"During the third quarter of 2004, we experienced growth in revenue per available room from continuing operations of 3.7 percent, net of renovation and hurricane displacement of 1.3 percent and 1.2 percent, respectively," he said. E[acute accent]Parrington added that the company's previously announced renovation program remains on target to be completed during the first part of 2005. "We continue to move as quickly as possible to make improvements to our hotels in order to be highly competitive in their respective markets. We are beginning to see the benefit of our renovation program at properties completed earlier this year." E[acute accent]Lodgian is one of the largest independent owners and operators of full-service hotels in the United States. The company currently manages a portfolio of 87 hotels with 16,366 rooms located in 30 states and Canada. Of the company's 87-hotel portfolio, 74 are under the InterContinental Hotels Group (Crowne Plaza, Holiday Inn, Holiday Inn Select and Holiday Inn Express) and Marriott brands (Courtyard by Marriott, Fairfield Inn and Residence Inns), and 10 are affiliated with four other nationally recognized hospitality brands. Three hotels are independent, unbranded properties. For more information about Lodgian, visit the company's Website: www.lodgian.com.
E[acute accent]This press release includes forward-looking statements related to Lodgian's operations that are based on management's current expectations, estimates and projections. These statements are not guarantees of future performance and actual results could differ materially. The words "may," "should," "expect," "believe," "anticipate," "project," "estimate," "plan," and similar expressions are intended to identify forward-looking statements. Certain factors are not within the company's control and readers are cautioned not to put undue reliance on forward-looking statements. These statements involve risks and uncertainties including, but not limited to, the company's ability to generate sufficient working capital from operations and other risks detailed from time- to-time in the company's SEC reports. The company undertakes no obligations to update events to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time.
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