<PAGE>
                                                                 EXHIBIT 10.4. 3


                                GAP MORTGAGE NOTE


$5,000,000.00                                                       May 22, 2003
                                                              New York, New York


         FOR VALUE RECEIVED LODGIAN DENVER LLC, LODGIAN NORTH MIAMI LLC, LODGIAN
COCONUT GROVE LLC, LODGIAN AUGUSTA LLC, LODGIAN FLORENCE LLC, LODGIAN FORT
MITCHELL LLC, LODGIAN LAFAYETTE LLC, LODGIAN MERRIMACK LLC, LODGIAN HAMBURG LLC,
LODGIAN SYRACUSE LLC, LODGIAN CINCINNATI LLC, LODGIAN TULSA LLC, LODGIAN JACKSON
LLC, LODGIAN MEMPHIS LLC, LODGIAN COLCHESTER LLC, LODGIAN BRIDGEPORT LLC,
LODGIAN FAIRMONT LLC, AND LODGIAN MORGANTOWN LLC, each a Delaware limited
liability company having its principal place of business at c/o Lodgian, Inc.,
3445 Peachtree Road, N.E., Suite 700, Atlanta, Georgia 30326 (collectively,
"Maker"), promises to pay to the order of LEHMAN BROTHERS HOLDINGS INC., a
Delaware corporation ("Payee"), at its principal place of business at 399 Park
Avenue, New York, New York 10022, or at such place as the holder hereof may from
time to time designate in writing, the principal sum of Five Million and 00/100
Dollars (the "Loan"), in lawful money of the United States of America, with
interest thereon to be computed on the unpaid principal balance from time to
time outstanding at the Applicable Interest Rate (as such term is defined in
Section 2 hereof), and to be paid in installments as follows:

         (a)      On the first day of each calendar month beginning with the
second full calendar month after the date hereof (each a "Payment Date"),
monthly payments of interest at the Applicable Interest Rate, calculated in
accordance with Section 3 hereof, for the full number of days in such previous
calendar month; and

         (b)      On each Payment Date, monthly payments of principal based on a
25-year amortization schedule and a loan constant based on the Applicable
Interest Rate on the date hereof;

with the entire outstanding principal balance, together with accrued and unpaid
interest and any other amounts due under this Note, shall be due and payable on
the maturity date of the Loan, as determined in accordance with Section 1
hereof.

         1.       LOAN TERM.

         The Loan shall be for a term of two years, and shall mature on the
second anniversary of the first day of the first full calendar month following
the date hereof or, if the date hereof is the first day of a calendar month,
then on the second anniversary of the date hereof (the "Initial Maturity Date").

         2.       APPLICABLE INTEREST RATE.

         (a)      Interest on the Loan shall accrue and be payable at LIBOR (as
such term is defined in subsection (b) of this Section) plus the applicable
Spread (as such term is defined in subsection (c) of this Section) as calculated
from time to time (the "LIBOR Rate").

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<PAGE>

         (b)      As used herein, the term "LIBOR", with respect to the relevant
Interest Period (as such term is defined in this subsection), shall mean the
rate per annum (rounded upwards, if necessary, to the nearest one-sixteenth
(1/16) of one (1%) percent) reported on the date two "Eurodollar Business Days"
(as such term is defined in this subsection) prior to the first day of such
Interest Period (the "LIBOR Reset Date"), as reported in The Wall Street Journal
as the London Interbank Offered Rate for U.S. dollar deposits having a term
comparable to such Interest Period and in an amount of $1,000,000.00 or more (or
if The Wall Street Journal shall cease to be publicly available or if the
information contained in The Wall Street Journal, in Payee's reasonable
judgment, shall cease to accurately reflect such London Interbank Offered Rate,
then LIBOR shall be as reported by any publicly available source of similar
market data selected by Payee that, in Payee's sole, but reasonable, judgment,
accurately reflects such London Interbank Offered Rate). The term "Interest
Period" shall mean the respective 30-day term of a particular LIBOR contract.
The term "Eurodollar Business Day" shall mean any day that is not a Saturday, a
Sunday or a day on which banks in the City of London are required or permitted
to be closed for interbank or foreign exchange transactions. LIBOR shall be
adjusted prospectively for reserve requirements that are applicable to Payee
which become effective on or after the date hereof.

         (c)      As used in this Note, the term "Spread" shall mean the number
of basis points added to LIBOR to determine the LIBOR Rate from time to time.
During the term of the Loan, the Spread shall be 525 basis points (5.25%).

         (d)      As used in this Note the term "Applicable Interest Rate" shall
mean the greater of: (i) the LIBOR Rate as applicable from time to time; and
(ii) seven and one-quarter percent (7.25%) per annum.

         3.       CALCULATION OF INTEREST; APPLICATION OF PAYMENTS.

         (a)      Interest on the outstanding principal balance of this Note
shall be calculated by multiplying the actual number of days elapsed in any
given payment period by a daily rate based on a 360-day year.

         (b)      The LIBOR Rate, and the amount of interest payable monthly,
shall be recalculated at each LIBOR Reset Date.

         (c)      Payments under this Note shall be applied in accordance with
the certain Mortgage (as defined below). All amounts due under this Note shall
be payable without setoff, counterclaim or any other deduction whatsoever.

         4.       INTENTIONALLY OMITTED.

         5.       SECURITY FOR THE LOAN.

         (a)      This Note is secured by: (i) that certain mortgage, deed of
trust or deed to secure debt instruments dated as of the date hereof (the
"Mortgage") affecting the real property and improvements more particularly
described on Schedule B hereto (collectively, the "Mortgaged Property"); and
(ii) such other documents now or hereafter executed by Maker, one or more
entities comprising Maker and/or Lodgian, Inc., in any capacity, and by or in
favor of Payee, which wholly or partially secure or guarantee payment of this
Note including, without limitation, any collateral assignments and reserve
and/or escrow accounts (such other documents, collectively, the "Other Security
Documents").


                                       2
<PAGE>

         (b)      As used herein, the term "Loan Documents" means, collectively,
this Note, the Mortgage, the Assignment, the Other Security Documents and any
and all other documents executed by any entity comprising Maker and/or Lodgian,
Inc., in any capacity, in connection with the Loan.

         6.       LATE CHARGE. If any sum payable under this Note (other than
the entire Debt (as such term is defined in Section 7 hereof) payable on or
before the Applicable Maturity Date) is not paid prior to the tenth (10th) day
after the date such payment is due, Maker shall pay to Payee on demand an
additional amount equal to five (5%) percent of such unpaid sum to defray the
expenses incurred by Payee in handling and processing such delinquent payment
and to compensate Payee for the loss of the use of such delinquent payment, and
such additional amount shall be secured by the Mortgage, the Assignment and the
Other Security Documents.

         7.       EVENTS OF DEFAULT. The entire outstanding principal balance of
this Note, together with all accrued and unpaid interest thereon and all other
sums due under the Loan Documents (all such sums, collectively, the "Debt"), or
any portion thereof, shall without notice become immediately due and payable at
the option of Payee: (a) if any payment required in this Note is not paid prior
to the tenth (10th) day after the date when due or on the Applicable Maturity
Date; or (b) upon the happening of any other Event of Default under and as
defined in the Mortgage (each of the foregoing, an "Event of Default"). In the
event that Payee retains counsel to collect the Debt or to protect or foreclose
the security provided in connection herewith, Maker also agrees to pay on demand
all costs of collection incurred by Payee, including reasonable attorneys' fees
for the services of counsel whether or not suit be brought.

         8.       DEFAULT RATE INTEREST. Maker does hereby agree that upon the
occurrence of an Event of Default, including Maker's failure to pay the Debt in
full on the Applicable Maturity Date, Payee shall be entitled to receive, and
Maker shall pay, interest on the entire outstanding principal balance and any
other amounts due at the rate equal to the lesser of (a) the maximum rate
permitted by applicable law; and (b) the Applicable Interest Rate plus three and
one-quarter (3.25%) percent (the lesser of such rates in (a) or (b), the
"Default Rate"); provided, however, that with respect to an Event of Default
that is an interest and principal amortization payment default, such rate of
interest shall apply from and after the date on which any such payment is due,
without any period of grace or cure. Interest shall accrue and be payable at the
Default Rate from the occurrence of the Event of Default until all such Events
of Default have been fully cured. Interest at the Default Rate shall be added to
the Debt, and shall be deemed secured by the Mortgage, the Assignment and the
Other Security Documents. This provision, however, shall not be construed as an
agreement or privilege to extend the date of the payment of the Debt, nor as a
waiver of any other right or remedy accruing to Payee by reason of the
occurrence of any Event of Default.

         9.       PREPAYMENT. (a) The principal balance of this Note may be
prepaid, in whole or (subject to the provisions of subsection (b) of this
Section) in part, upon: (i) not less than 30 days prior written notice to Payee
specifying the date on which prepayment is to be made (the "Prepayment Date");
(ii) payment of accrued interest to and including the Prepayment Date; and (iii)
payment of all other sums then due under this Note, the Mortgage, the Assignment
and the Other Security Documents. If any such notice of prepayment is given, the
principal amount set forth in such notice and the other sums required under this
Section shall be due and payable on the Prepayment Date.


                                       3
<PAGE>

         (b)      Partial prepayments of principal hereunder shall be permitted
only: (i) upon a casualty or condemnation event; or (ii) as provided in this
Section 9 of this Note. The amounts to be paid in connection with a partial
prepayment are set forth in subsection (a) of this Section.

         10.      LIMITATIONS ON RECOURSE. (a) Subject to the qualifications set
forth in this Section, Payee shall not enforce the liability and obligation of
Maker to perform and observe the obligations contained in this Note, the
Mortgage, the Assignment or the Other Security Documents by an action or
proceeding wherein a money judgment shall be sought against Maker, any member,
stockholder, partner, employee, officer or director of Maker (each a "Related
Party") except that Payee may bring a foreclosure action, an action for specific
performance or any other appropriate action or proceeding to enable Payee to
enforce and realize upon this Note, the Mortgage, the Assignment, the Other
Security Documents, and the interests in the Mortgaged Property and any other
collateral given to Payee pursuant to the Mortgage, the Assignment and the Other
Security Documents; provided, however, that, except as specifically provided in
this Section, any judgment in any such action or proceeding shall be enforceable
against Maker only to the extent of each Maker's respective interest in the
Mortgaged Property and in any other collateral given to Payee. Payee, by
accepting this Note, the Assignment, the Mortgage and the Other Security
Documents, agrees that it shall not sue for, seek or demand any personal
liability of or any deficiency judgment against Maker or any Related Party in
any such action or proceeding, under, by reason of or in connection with the
Mortgage, the Assignment, the Other Security Documents or this Note. The
provisions of this Section shall not, however: (i) constitute a waiver, release
or impairment of any obligation evidenced or secured by the Mortgage, the
Assignment or the Other Security Documents or this Note; (ii) impair the right
of Payee to name Maker as a party defendant in any action or suit for
foreclosure and sale under the Mortgage; (iii) affect the validity or
enforceability of any guaranty or indemnity agreement made in connection with
the Mortgage, this Note, the Assignment or the Other Security Documents; (iv)
impair the right of Payee to obtain the appointment of a receiver; (v) impair
the enforcement of the Assignment; (vi) impair the right of Payee to bring suit
with respect to fraud or intentional misrepresentation by Maker or any other
person or entity in connection with the Mortgage, this Note, the Assignment or
the Other Security Documents; or (vii) affect the validity or enforceability of
an environmental agreement or limit the liability of Maker or any other party
thereunder. Anything herein to the contrary notwithstanding, Payee shall have
the right in a foreclosure action to name as defendants Maker and any guarantor
of any of Maker's obligations hereunder, by reason of their potential liability
for the entire Debt or Payee's losses, as the case may be, as more particularly
set forth in this Section. Nothing herein shall limit any personal liability of
a Related Party for the payment of the Debt or any other sum due under this
Note, the Mortgage, the Assignment or the Other Security Documents, or for the
performance or observance of any other obligation of Maker under any guaranty,
indemnity or similar agreement executed by such Related Party for personal
obligations expressly set forth in such guaranty, indemnity or similar
agreement.

         (b)      Nothing herein shall be deemed to be a waiver of any right
which Payee may have under Section 506(a), 506(b), 1111(b) or any other
provisions of the U.S. Bankruptcy Code to file a claim for the full amount of
the Debt secured by the Mortgage or to require that all collateral shall
continue to secure all of the debt owing to Payee in accordance with this Note,
the Mortgage, the Assignment and the Other Security Documents.

         (c)      Notwithstanding the foregoing provisions of this Section or
any other provision in the Loan Documents, Maker (but not any Related Party,
other than pursuant to a written instrument executed by such Related Party
specifically providing for such liability) shall be fully liable for and shall
indemnify Payee for any or all loss, cost, liability, judgment, claim, damage or


                                       4
<PAGE>

expense sustained, suffered or incurred by Payee (including, without limitation,
Payee's reasonable attorneys' fees and reasonable out of pocket expenses)
arising out of or attributable or relating to:

                  (i)      the gross negligence or willful misconduct of Maker,
         or of Maker's principals or guarantor of the Loan;

                  (ii)     the physical waste or willful destruction of the
         Mortgaged Property;

                 (iii)     the breach of provisions in any of the Loan Documents
         concerning environmental laws, hazardous substances and asbestos, and
         any indemnification of Payee or other indemnitor therein with respect
         to such environmental laws, hazardous substances and asbestos;

                  (iv)     the removal or disposal of any portion of the
         personal property comprising the Mortgaged Property in violation of the
         Loan Documents;

                 (v)       the failure to satisfy and remove any mechanic or
         materialman liens against the Mortgaged Property to the extent there
         was available cash derived from the operation of the Mortgaged Property
         to pay the same or the work relating to such liens was not approved by
         Payee or permitted under the Loan Documents;

                  (vi)     the failure to satisfy taxes and other charges to the
         extent there was available cash derived from the operation of the
         Mortgaged Property to pay same;

                 (vii)     any security deposits or advance deposits collected
         with respect to the Mortgaged Property which are not delivered to Payee
         upon a foreclosure of the Mortgaged Property or action in lieu thereof;

                 (viii)    the failure of Maker (A) to comply with the single
         purpose entity requirements and covenants, with Employee Retirement
         Income Security Act of 1974 (or any successor legislation thereto), as
         amended, (B) to pay brokers' commissions or fees, (C) maintain required
         insurance policies with respect to the Mortgaged Property and the
         operation thereof, or (D) obtain prior consent of Maker with respect to
         material leases on or affecting the Mortgaged Property in accordance
         with the Assignment;

                 (ix)      any amendment, modification, cancellation or
         termination of any ground leases which constitute a portion of the
         Mortgaged Property without Payee's prior written consent;

                 (x)       the misappropriation, misapplication, conversion or
         any application of insurance proceeds, condemnation awards, rents or
         security deposit in violation of the Loan Documents (including
         interference with the operation of that certain Security Agreement and
         Lockbox Agreement dated as of the date hereof among Maker, Payee and
         Maker's loan servicer); and/or

                 (xi)      the intentional failure of Maker to comply with other
         legal requirements applicable to the Mortgaged Property or the
         operation thereof.

         (d)      Notwithstanding the foregoing, the agreement of Payee not to
pursue recourse liability against Maker as set forth in subsection (a) above
SHALL BECOME NULL AND VOID

                                       5
<PAGE>

and shall be of no further force or effect in the event of (i) any fraud or
material intentional misrepresentation by Maker or any principal of Maker or
guarantor of the Loan in connection with the Loan, including, without
limitation, any financial information concerning Maker, principal of Maker or
any guarantor of the Loan proving to be fraudulent in any respect, containing
any fraudulent information or misrepresenting in any material respect the
financial condition of Maker or any guarantor of the Loan; (ii) any contest of
the validity or enforceability of any or all of the Loan Documents; provided,
however, that Maker shall be permitted to allege that no default occurred under
the Loan Documents and that Maker is in compliance with the Loan Documents;
(iii) any violation of the due-on-sale or due-on-encumbrance provisions of the
Mortgage; (iv) Maker's failure, which failure continues after expiration of all
applicable notice and cure provisions, (A) to permit on-site inspections in
accordance with the Loan Documents, (B) to deliver financial statements
expressly required by the Loan Documents or (C) to deliver estoppel certificates
concerning the status of the Loan in accordance with the Loan Documents; (iv) a
voluntary bankruptcy filing by Maker, or an involuntary filing against Maker (if
such case is not dismissed within ninety (90) days) provided such filing was
facilitated, coordinated or directed by Maker, any of its principals or
affiliates, or any guarantor of the Loan; provided, however, that, the failure
of any of Maker's principals or affiliates to advance or contribute funds or
assets shall not be deemed to be a facilitation of any such filing; (v) any
amendment or modification of the organizational documents of Maker or any
constituent partner, member or other person or entity, in each case without the
prior written consent of Payee and in violation of the single purpose entity
and/or bankruptcy remoteness requirements; (ix) any violation of the provisions
waiving jury trial or counterclaims (other than compulsory counterclaims)
contained in the Loan Documents; and/or (x) any assertion in legal proceedings
by Maker, any principal of Maker or any guarantor of the Loan that (a) Payee has
modified the Loan Documents other than by written instrument signed by Payee,
(b) Payee has waived the provisions of the Loan Documents by failing to require
Maker's strict performance of the terms thereof or (c) Maker's and Payee's
relationship is other than that of a debtor/creditor arising under the Loan
Documents.

         11.      NO USURY. It is expressly stipulated and agreed to be the
intent of Maker and Payee at all times to comply with applicable state law or
applicable United States federal law (to the extent that it permits Payee to
contract for, charge, take, reserve, or receive a greater amount of interest
than under state law) and that this Section shall control every other covenant
and agreement in this Note and the other Loan Documents. If the applicable law
(state or federal) is ever judicially interpreted so as to render usurious any
amount called for under this Note or under any of the other Loan Documents, or
contracted for, charged, taken, reserved, or received with respect to the Debt,
or if Payee's exercise of the option to accelerate the maturity of this Note, or
if any prepayment by Maker results in Maker having paid any interest in excess
of that permitted by applicable law, then it is Maker's and Payee's express
intent that all excess amounts theretofore collected by Payee shall be credited
to the principal balance of this Note and all other Debt (or, if this Note and
all other Debt have been or would thereby be paid in full, refunded to Maker),
and the provisions of this Note and the other Loan Documents immediately be
deemed reformed and the amounts thereafter collectible hereunder and thereunder
reduced, without the necessity of the execution of any new documents, so as to
comply with the applicable law and so as to permit the recovery of the fullest
amount otherwise called for hereunder or thereunder. All sums paid or agreed to
be paid to Payee for the use, forbearance, or detention of the Debt shall, to
the extent permitted by applicable law, be amortized, prorated, allocated, and
spread throughout the full stated term of the Debt until payment in full so that
the rate or amount of interest on account of the Debt does not exceed the
maximum lawful rate from time to time in effect and applicable to the Debt for
so long as the Debt is outstanding. Notwithstanding anything to the contrary
contained herein or in any of the other Loan Documents, it is not the intention
of Payee to


                                       6
<PAGE>

accelerate the maturity of any interest that has not accrued at the time of such
acceleration or to collect unearned interest at the time of such acceleration.

         12.      TRANSFERS NOT PERMITTED. Without the prior written consent of
Payee, Maker shall not sell, convey, alienate, mortgage, encumber, pledge or
otherwise transfer, or permit the transfer of, directly or indirectly, the
Mortgaged Property or ownership interests of Maker.

         13.      AUTHORITY. Maker represents that Maker has full power,
authority and legal right to execute, deliver and perform its obligations
pursuant to this Note, the Mortgage and the other Loan Documents and that this
Note, the Mortgage and the other Loan Documents constitute valid and binding
obligations of Maker.

         14.      NOTICES. All notices or other communications required or
permitted to be given pursuant hereto shall be given in the manner specified in
the Mortgage directed to the parties at their respective addresses as provided
therein.

         15.      WAIVER OF JURY TRIAL. MAKER HEREBY AGREES NOT TO ELECT A TRIAL
BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY
JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH
REGARD TO THIS NOTE, THE MORTGAGE, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM,
COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY MAKER, AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE. PAYEE IS HEREBY AUTHORIZED TO
FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS
WAIVER BY MAKER.

         16.      GOVERNING LAW. This Note shall be governed by and construed in
accordance with the laws of the State of New York (without regard to conflicts
of laws principles) and the applicable laws of the United States of America.

         17.      MISCELLANEOUS.

         (a)      No release of any security for the Debt or any person liable
for payment of the Debt, no extension of time for payment of this Note or any
installment hereof, and no alteration, amendment or waiver of any provision of
the Loan Documents made by agreement between Payee and any other person or party
shall release, modify, amend, waive, extend, change, discharge, terminate or
affect the liability of Maker, and any other person or party who might be or
become liable for the payment of all or any part of the Debt, under the Loan
Documents.

         (b)      Maker and all others who may become liable for the payment of
all or any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, protest, notice of protest, notice of non-payment,
notice of intent to accelerate the maturity hereof and of acceleration.

         (c)      This Note may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the
part of Maker or Payee, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.


                                       7
<PAGE>

         (d)      Whenever used, the singular number shall include the plural,
the plural the singular, and the words "Payee" and "Maker" shall include their
respective successors, assigns, heirs, executors and administrators.

         (e)      If Maker consists of more than one person or party, the
obligations and liabilities of each such person or party shall be joint and
several.


                                       8
<PAGE>


         IN WITNESS WHEREOF, Maker has duly executed this Note and Payee, by its
signature, has accepted this Note, on the day and year first above written.

                                     MAKER:

                                     LODGIAN DENVER LLC
                                     LODGIAN NORTH MIAMI LLC
                                     LODGIAN COCONUT GROVE LLC
                                     LODGIAN AUGUSTA LLC
                                     LODGIAN FLORENCE LLC
                                     LODGIAN FORT MITCHELL LLC
                                     LODGIAN LAFAYETTE LLC
                                     LODGIAN MERRIMACK LLC
                                     LODGIAN HAMBURG LLC
                                     LODGIAN SYRACUSE LLC
                                     LODGIAN CINCINNATI LLC
                                     LODGIAN TULSA LLC
                                     LODGIAN JACKSON LLC
                                     LODGIAN MEMPHIS LLC
                                     LODGIAN COLCHESTER LLC
                                     LODGIAN BRIDGEPORT LLC
                                     LODGIAN FAIRMONT LLC
                                     LODGIAN MORGANTOWN LLC


                                     By:/s/ Daniel E. Ellis
                                        ---------------------------------------
                                     Name: Daniel E. Ellis
                                     Authorized Signatory/Vice President and
                                                                Secretary


                                [ACKNOWLEDGEMENT]


                                       9
<PAGE>


STATE OF NEW YORK          )
                           )       ss:
COUNTY OF NEW YORK         )

         On the 20th day of May in the year 2003 before me, the undersigned,
personally appeared Daniel E. Ellis, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual(s) whose name(s) is
(are) subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies), that by
his/her/their signature(s) on the instrument, the individual(s), or the person
upon behalf of which the individual(s) acted, executed the instrument, and that
such individual made such appearance before the undersigned in the City of New
York.


(Notarial Seal)                   /s/ Ellen Warren
                                  --------------------------------------------
                                  Notary Public

ELLEN WARREN
NOTARY PUBLIC, STATE OF NEW YORK
NO. 31-4847374
QUALIFIED IN NEW YORK COUNTY
COMMISSION EXPIRES:  JULY 31, 2005



                                       10
<PAGE>


                                   SCHEDULE A

                                 THE PROPERTIES

<TABLE>
<S>                                     <C>                                <C>
  Marriott Hotel - 238                  Courtyard - 90                     Fairfield Inn - 105
  #0707 D1A                             #1515 LAF                          #4205 JTN
  16455 East 40th Circle                214 E. Kaliste Saloom Rd.          535 Wiley Parker Rd.
  Aurora, CO 80011                      Lafayette, LA 70508                Jackson, TN 38305

  Mayfair House - 179                   Fairfield Inn- 116                 Holiday Inn Sycamore - 173
  #1178 MAY                             #2828 MMK                          #4242 MH1
  3000 Florida Ave.                     4 Amherst Rd                       6101 Shelby Oaks Dr.
  Miami, FL 33131                       Merrimack, NH 03054                Memphis, TN 38134

  Holiday Inn N. Miami - 98             Holiday Inn- 130                   Fairfield Inn - 117
  #1183 MHJ                             #3398 HAM                          #4545 BVT
  12210 Biscayne Blvd.                  5440 Camp Rd.                      84 South Park Drive
  Miami, FL 33181                       Hamburg, NY 14075                  Colchester, VT 05446

  Fairfield Inn - 117                   Holiday Inn - 152                  Holiday Inn - 159
  #1265 AUG                             #3348 SYR                          #4899 CWV
  201 Boy Scout Rd.                     100 Farrell Rd.                    100 Lodgeville Rd.
  Augusta, GA 30909                     Syracuse, NY 13209                 Clarksburg, WV 26330

  Holiday Inn - 105                     Holiday Inn Downtown - 243         Holiday Inn - 106
  #2050 FHI                             #3535 CND                          #4800 FWV
  8050 Holiday Place                    800 West 8'" St.                   1-79 and Old Grafton Rd.
  Florence, KY 41042                    Cincinnati, OH 45203               Fairmont, WV 26554

  Holiday Inn - 214                     Courtyard - 122                    Holiday Inn - 147
  #2020 CNS                             #3636 TUL                          #4848 MWV
  2100 Dixie Hwy                        3340 South 79'" East Ave.          1400 Saratoga Ave.
  Ft. Mitchell, KY 41011                Tulsa, OK 74145                    Morgantown, WV 26505
</TABLE>


                                       11