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Lodgian emerges from bankruptcy
Wednesday, 11 Dec, 2002
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Hotel owner and operator Lodgian has claimed it and many of its subsidiaries have successfully emerged from its financial problems after filing for bankruptcy protection last year.
A statement from the company said it had staved off bankruptcy with 79 hotels under franchises such as Holiday Inn, Marriott, Hilton and Crowne Plaza.
Meanwhile, 18 hotels will continue under Chapter 11 protection and Lodgian said it plans to sell off nine hotels by the end of March 2003.
Lodgian also has a new $309 million credit facility financed by Merrill Lynch.
The hotel company’s problems had stemmed from a slump in demand following the September 11 terror attacks.
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