X0202 4 2006-01-06 0 0001066138 LODGIAN INC LGN 0001107345 KEY COLONY FUND LP 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK AR 72211 0 0 1 0 0001336885 Key Colony Management, LLC 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK AR 72211 0 0 1 0 0001221852 LIEBLONG ALEX R 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK AR 72211 0 0 1 0 Common Stock 2006-01-06 4 P 0 7300 10.811 A 2788800 I Indirect This report is filed jointly by the following entities and individuals, which may be deemed to be direct or indirect 10% owners and members of a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934: Key Colony Fund, LP, Key Colony Management, LLC, and Alex R. Lieblong. The 7,300 shares of common stock reported as acquired are owned directly by Key Colony Fund, LP and indirectly by Key Colony Management, LLC, as general partner of Key Colony Fund, LP. The managing member of Key Colony Management, LLC is Alex R. Lieblong, who holds voting and dispositive power for the shares held by Key Colony Fund, LP. Each of Key Colony Management, LLC and Mr. Lieblong disclaims beneficial ownership of these shares except to the extent of its or his pecuniary interest therein. Of the 2,788,800 shares of common stock reported as beneficially owned following the transaction (i) 2,780,300 shares are owned directly by Key Colony Fund, LP and indirectly by Key Colony Management, LLC, as general partner of Key Colony Fund, LP, and (ii) 8,500 shares are owned directly by Lieblong & Associates, Inc. The managing member of Key Colony Management and the shareholder, director and officer of Lieblong & Associates is Alex R. Lieblong, who holds voting and dispositive power for the shares held by both entities. Each of Key Colony Management, LLC and Mr. Lieblong disclaims beneficial ownership of these shares except to the extent of its or his pecuniary interest therein. /s/ Goodloe M. Partee, Attorney-in-fact for Key Colony Fund, LP, Alex R. Lieblong and Key Colony Management, LLC 2006-01-09