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Lodgian Names W. Thomas Parrington President and Chief Executive Officer
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01/16/2005
ATLANTA---July 16, 2003--Lodgian, Inc. (AMEX: LGN), one of the largest independent owners and operators of full-service hotels in the United States, today announced that W. Thomas Parrington has been named as the company's president and chief executive officer. Parrington, who has been a member of Lodgian's board of directors since the company emerged from bankruptcy in November 2002, was appointed interim CEO in May following the resignation of former CEO David E. Hawthorne, who presided over the company's reorganization and emergence from bankruptcy, which was completed in April 2003.
A 30-year veteran of the hospitality industry, Parrington has been associated with a number of public and private hotel companies, including Marriott, Ramada and Interstate Hotels, one of the industry's largest independent operating companies, where he was chief executive officer after serving as chief operating officer and chief financial officer.
"Tom has a long and distinguished career in the hospitality industry, as well as a proven track record and outstanding leadership abilities," said Russel S. Bernard, chairman of the board. "His hands-on experience will be a tremendous asset to Lodgian as the company charts a new course and a return to profitability."
Lodgian emerged from Chapter 11 with 78 hotels on November 25, 2002. In January 2003, eight hotels were returned to a lender in satisfaction of outstanding debt obligations, and one hotel was returned to the lessor of a capital lease. The remaining 18 hotels emerged from bankruptcy on May 22, 2003.
Lodgian is one of the largest independent owners and operators of full-service hotels in the United States. The company currently owns 96 hotels and has a minority interest in one other hotel for a total portfolio of 97 hotels with 18,265 rooms located in 30 states and Canada. Eighty-two hotels in the company's portfolio are franchised 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 franchises. Five hotels are independent, unbranded properties. For more information about Lodgian, visit the company's Web site: www.lodgian.com.
This press release includes forward-looking statements related to Lodgian's operations that are based on management 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," 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.
