Lodgian Sells Fairfield Inn in Jackson
JACKSON, TN, March 20, 2006. Lodgian hast sold the 105-room Fairfield Inn, Jackson, Tenn., to an undisclosed buyer for $2.5 million.
Approximately $1.6 million of net proceeds were used to reduce the company's debt. For the twelve months ended December 31, 2005, the primarily exterior corridor hotel produced Adjusted EBITDA (a non-GAAP financial measure) of $82,000 and a net loss from operations of $(98,000).The sale is part of the company's previously announced plan to dispose of non-core properties in its portfolio.
Since the program was announced in 2003, Lodgian has sold 21 hotels, including this property, two land parcels and an office building, and reduced its debt by $73.3 million. Jones Lang LaSalle Hotels-Select Service Division brokered the sale of the property.
"We currently are marketing seven hotels and one land parcel for sale," said Ed Rohling, president and chief executive officer. "Aside from these selective dispositions, we invested $83 million in renovations in 2005 to improve the overall quality of our hotel product. Our goal going forward is to maximize the performance of these assets."
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