Lodgian, Inc. announced the sale of 16 hotels to Atlanta-based Kronos Hotels & Resorts for a price of $64.9 million. The buyer has signed an agreement to purchase one additional hotel later this year.
The company announced its plan to dispose of 20 of the 27 non-core hotels in November 2006 and all of them have been sold. Out of the remaining seven, four are at present under contract and the balance three are being marketed actively. Read more