Courtyard Under New Ownership

The Courtyard by Marriott in Bentonville has a new owner, though it’s one many people might not immediately associate with the hotel brand.

Lodgian Inc. of Atlanta recently gave up the hotel, along with five others, to Merrill Lynch.

According to its annual report, filed with the Securities and Exchange Commission, Lodgian was unable to modify the terms of a $45.5 million loan that matured Oct. 1 2009. The loan was secured by the Bentonville hotel, as well as hotels in Kentucky, Maryland, New Hampshire and Texas.

The company surrendered control of the six hotels to a court-appointed receiver in February, according to the filings. It still operates 27 hotels in 18 states, including the Residence Inn by Marriott in Little Rock. Lodgian had net losses of $54 million for 2009; $12 million for 2008; $8.4 million in 2007 and $15 million in 2006.

Back in January, Lodgian’s board approved of a deal in which the hotel operator would be sold to Lone Star Funds, a private equity firm based in Dallas that specializes in purchasing distressed debt and equity assets, and has organized funds totaling $24 billion, according to its Web site.

A manager at the Bentonville Courtyard told us that there have been no changes since the hotel switched ownership, and that Merrill Lynch had arranged for it to be operated by Crescent Hotels & Resorts, of Fairfax, Va.