The adjusted EBITDA included interest expense of $482,000, depreciation and amortization of $97,000 and the $996,000 loss from operations.
The estimated replacement cost for a comparable property is a minimum $75,000 per room or about $30 million, hospitality industry sources tell GlobeSt.com. Lodgian president and CEO W. Thomas Parrington did not disclose the buyer's identity.
In a prepared statement, he says, "We continue to make steady progress on our planned disposition program. Five non-core properties and a land parcel remain earmarked for sale, and we expect to bring this program to completion by year end."
Lodgian has sold 17 hotels, two land parcels and an office building, and reduced its debt by $56 million since the program started in 2003, Parrington says.
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