First off, one of the best ways to lose weight is to add lean muscle. See muscle burns more calories than fat and by adding lean muscle you will increase your metobolic rate.
You will also not want to only work out one area of your body. Sure focus on the trouble spots but total body fitness is the best way to go.
I like a cross training method, where I mix in different workouts on different days. I highly recommend a program like P90X or Chalean for your goals.
I have not done Chalean, but it seems like a good program. P90X is great, I like the balance the program has. And don't feel bad if you can't do the advanced moves right away (or at all). Do the modified moves and you will see improvement.
lunges are great, but I lost a lot of weight and got tone legs from simply jumping until I couldnt jump anymore, resting, then doing this again about 5 times ...twice a week