Lodgian Retains Hunter to Dispose of 27 Hotels
ATLANTA, GA / WASHINGTON, DC, December 13, 2006. Hunter Realty, a leading national hotel brokerage and investment banking firm, today announced that it has been retained by Lodgian, Inc. (AMEX: LGN) to assist with its recently announced disposition program. Lodgian announced that it would sell the 27 hotels as part of a major strategic initiative to reconfigure its portfolio. The properties are expected to generate aggregate sale proceeds of $115 million to $122 million. Two other firms, HREC Investment Advisors and Jones Lang LaSalle Hotels, also will act as primary advisers to Lodgian on the divestment program.
"We have worked with Hunter Realty on the sale of a number of our other hotels in our divestment program," said Debi Ethridge, vice president, finance and investor relations. "They have significant expertise and strong national contacts. They've done an excellent job for us in the past, which led us to select them to represent us again."
"These hotels represent a wide variety of property types, locations and segments and range from deep turn-around opportunities to strong cash flow hotels," said Teague Hunter, CHB, executive vice president of Hunter Realty. "We already have received tremendous interest in these properties, both as individual asset sales and in various portfolio configurations."
Headquartered in Atlanta, Hunter Realty is one of the nation's well respected hotel brokerage firms, concentrating on hotels in the mid-market and upscale segments. The company's Hunter Capital Advisors division provides investment banking services and counsel to the hospitality industry. Additional information about the company and hotels listed for sale is available at www.hunterrealty.net
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