Investment Firm Buys Publicly Held Lodgian

By Michael B. Baker / April 15, 2010 / Contact Reporter

Lodgian stockholders on Thursday approved the hotel operator's acquisition by an affiliate of Dallas-based investment firm Lone Star Funds.

Lodgian expects the $2.50-per-share or $270 million deal for its portfolio of 27 hotels to close on Monday. It has significantly reduced its portfolio in recent years, reported a more than $50 million loss for 2009 and was facing $55.7 million in mortgage debt scheduled to mature this year.

Its portfolio consists largely of upscale and midprice properties under InterContinental Hotels Group and Marriott International flags.