<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(RULE 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b) (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(AMENDMENT NO. __________)(1)
LODGENET ENTERTAINMENT CORPORATION
--------------------------------------------------------------------------------
(Name of issuer)
COMMON STOCK, $0.01 PAR VALUE
--------------------------------------------------------------------------------
(Title of class of securities)
540211109
--------------------------------------------------------------------------------
(CUSIP number)
November 14, 2000
--------------------------------------------------------------------------------
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Continued on the following pages)
(Page 1 of 8 Pages)
-------------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE> 2
SCHEDULE 13G
------------------- -----------------
CUSIP NO. 540211109 PAGE 2 OF 8 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
PAR INVESTMENT PARTNERS, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 627,900 COMMON STOCK
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH
--------------------------------------------------------------
6 SHARED VOTING POWER
NONE
--------------------------------------------------------------
7 SOLE DISPOSITIVE POWER
627,900 COMMON STOCK
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
627,900 COMMON STOCK
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.1% COMMON STOCK
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 3
SCHEDULE 13G
------------------- -----------------
CUSIP NO. 540211109 PAGE 3 OF 8 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
PAR GROUP, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 627,900 COMMON STOCK
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
6 SHARED VOTING POWER
NONE
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
627,900 COMMON STOCK
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
627,900 COMMON STOCK
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.1% COMMON STOCK
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
PN
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 4
SCHEDULE 13G
------------------- -----------------
CUSIP NO. 540211109 PAGE 4 OF 8 PAGES
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
PAR CAPITAL MANAGEMENT, INC.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 627,900 COMMON STOCK
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH
--------------------------------------------------------
6 SHARED VOTING POWER
NONE
--------------------------------------------------------
7 SOLE DISPOSITIVE POWER
627,900 COMMON STOCK
--------------------------------------------------------
8 SHARED DISPOSITIVE POWER
NONE
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
627,900 COMMON STOCK
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.1% COMMON STOCK
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON *
CO
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE> 5
STATEMENT ON SCHEDULE 13G
Item 1(a). NAME OF ISSUER:
LODGENET ENTERTAINMENT CORPORATION
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
3900 West Innovation Street
Sioux Falls, South Dakota 57107
Item 2(a). NAMES OF PERSON FILING:
Par Investment Partners, L.P.
Par Group, L.P.
Par Capital Management, Inc.
Item 2(b). BUSINESS MAILING ADDRESS FOR THE PERSON FILING:
Par Capital Management, Inc.
One Financial Center, Suite 1600
Boston, MA 02111
Item 2(c). CITIZENSHIP:
State of Delaware
Item 2(d). TITLE OF CLASS OF SECURITIES:
COMMON STOCK, $0.01 PAR VALUE
Item 2(e). CUSIP NUMBER:
540211109
Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
Not Applicable
Item 4. OWNERSHIP:
(a) Amount Beneficially Owned:
627,900 COMMON STOCK, $0.01 par value
(b) Percent of Class:
5.1% COMMON STOCK, $0.01 par value
(c) Number of shares as to which such person has:
(i) 627,900 COMMON STOCK, $0.01 par value
(ii) shared power to vote or to direct the vote:
Page 5 of 8
<PAGE> 6
(iii) sole power to dispose or to direct the
disposition of:
627,900 COMMON STOCK, $0.01 par value
(iv) shared power to dispose or to direct the
disposition of:
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not Applicable
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not Applicable
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Not Applicable
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not Applicable
Item 9. NOTICE OF DISSOLUTION OF GROUP:
Not Applicable
Item 10. CERTIFICATION:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
Page 6 of 8
<PAGE> 7
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 5, 2000
PAR INVESTMENT PARTNERS, L.P.
By: PAR GROUP, L.P.
its general partner
By: PAR CAPITAL MANAGEMENT, INC.
its general partner
By: /s/ Frederick S. Downs, Jr.
---------------------------------------
Frederick S. Downs, Jr., Vice President
PAR GROUP, L.P.
By: PAR CAPITAL MANAGEMENT, INC.,
its general partner
By: /s/ Frederick S. Downs, Jr.
----------------------------------------
Frederick S. Downs, Jr., Vice President
PAR CAPITAL MANAGEMENT, INC.
By: /s/ Frederick S. Downs, Jr.
----------------------------------------
Frederick S. Downs, Jr., Vice President
Page 7 of 8
