Investors Appear Poised To Take Advantage of Opportunities in the Distressed Hotels Arena This Year
 |
Private equity firms and corporations seemed poised to take advantage of opportunities in the distressed hotels arena this year.
In the past week, an affiliate of Lone Star Funds agreed to acquire Lodgian Inc. for $270 million, including assumed debt. And separately, at least two hotel operating companies announced plans to ramp up their acquisitions this year.
Lodgian is one of the nation’s largest independent hotel owners and operators. The company currently owns and manages a portfolio of 34 hotels with 6,401 rooms in 20 states. Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of 67.2% over Lodgian’s average closing for the past month. The transaction is expected to close during the second quarter of 2010.
http://www.costar.com/News/Article.aspx?id=E4CA4164D61B075E1651E4083BBF80D2
Innvestor's Blog 