- Statement of Changes in Beneficial Ownership (4)

FORM 4 [ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * KEY COLONY FUND LP	2. Issuer Name and Ticker or Trading Symbol LODGIAN INC [ LGN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                      __ X __ 10% Owner _____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle) 10825 FIANCIAL CENTRE PARKWAY, SUITE 100	3. Date of Earliest Transaction (MM/DD/YYYY) 4/19/2010
(Street) LITTLE ROCK, AR 72211 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	4/19/2010		S (1)		3004853	D	$2.50	0	D
Common Stock	4/19/2010		D (1)		9000	D	$2.50	0	I	See footnote   (2)
Common Stock	4/19/2010		D (1)		8500	D	$2.50	0	I	See footnote   (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
( 1)	On April 19, 2010 Lodgian, Inc. was acquired by LSREF Lodging Investments, LLC with LSREF paying $2.50 for each share of Lodgian common stock outstanding (the Merger). Dispositions by officer or director reporting persons in the Merger were approved in advance by the Lodgian board of directors. The Merger is more fully described in the Lodgian Proxy Statement initially filed with the SEC on March 5, 2010.
( 2)	These shares are owned directly by Alex Lieblong, a director of Lodgian, Inc. and a principal of Key Colony Fund, LP, Key Colony Management, LLC and Lieblong & Associates, Inc.
( 3)	These shares are owned directly by Lieblong & Associates, Inc. Alex R. Lieblong is a shareholder, director and officer of Lieblong & Associates, Inc. and holds voting and dispositive power for the shares held by Lieblong & Associates, Inc. Mr. Lieblong disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KEY COLONY FUND LP 10825 FIANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK, AR 72211		X
Grondahl Michael J 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK, AR 72211	X
Key Colony Management, LLC 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK, AR 72211				10% Owner
LIEBLONG ALEX R 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK, AR 72211	X	X
Lieblong & Associates, Inc. 10825 FINANCIAL CENTRE PARKWAY SUITE 100 LITTLE ROCK, AR 72211		X

Signatures
s/Daniel E. Ellis, Attorney in Fact		4/20/2010
** Signature of Reporting Person		Date
s/ Daniel E. Ellis, Attorney in Fact		4/21/2010
** Signature of Reporting Person		Date
s/Daniel E. Ellis, Attorney in Fact		4/21/2010
** Signature of Reporting Person		Date
s/Daniel E. Ellis, Attorney in Fact		4/21/2010
** Signature of Reporting Person		Date
s/Daniel E. Ellis, Attorney in Fact		4/21/2010
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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