In a released statement, company officials did not name specific strategies that would be explored, only that the strategies are aimed at enhancing shareholder value. It also warned that the exploration may not result in specific strategies or financial transactions. "The company does not intend to announce developments with respect to the exploration of strategic alternatives unless and until its board of directors has approved a specific alternative," the statement says.

When reached Monday for comment, Lodgian officials provided no further details regarding the announcement. Edward J. Rohling is the president and CEO of Lodgian.

The announcement comes on the heels of the company's decision last year to reconfigure its portfolio by selling 27 of the 71 hotels currently in its portfolio. The sale of the 27 properties was expected to generate aggregate sales proceeds of $115 million to $122 million, based upon sales contracts, letters of intent, broker opinions of value or management estimates. The sales would result in net positive cash flow of $60 million to $70 million after selling expenses and the successful refinancing of the company's current floating rate credit facility in the first quarter 2007.

Late last year, the company announced that four properties had been sold for $16.6 million. The 209-room Quality Hotel in Metairie, LA sold for $9 million with net proceeds of $5.7 million. Lodgian also sold its leasehold interest in the land for the former Holiday Inn Jekyll Island for $1.1 million after completing demolition of the hotel. The company also sold the 167-room Holiday Inn and the 108-room Azalea Inn in Valdosta, GA for $6.8 million.