MHI Hospitality Corporation Announces Completion of Crowne Plaza(R) Conversion for Hampton Hotel
09 Ottobre 2008 - 9:46PM
PR Newswire (US)
WILLIAMSBURG, Va., Oct. 9 /PRNewswire-FirstCall/ -- MHI Hospitality
Corporation (NASDAQ:MDH) announced today that the Company has
completed the conversion of its Hampton, Virginia hotel to the
Crowne Plaza(R) brand, pursuant to a 10-year franchise agreement
through its franchising entity, Holiday Hospitality Franchising,
Inc. with InterContinental Hotels Group (IHG) [LON: IHG, NYSE: IHG
(ADRs)]. The Crowne Plaza(R) Hampton Harborside is the Company's
fourth Crowne Plaza(R) asset and sixth IHG branded hotel. The
Company completed the conversion as well as a substantial portion
of the planned renovations six weeks ahead of original projections.
The Company purchased the 172-room former Radisson Hotel for
approximately $7.8 million, or approximately $45,000 per room, in
April 2008. The full service waterfront hotel is located on 3.5
acres in downtown Hampton. The property features 21,000 square feet
of retail space, 7,600 square feet of flexible meeting space, a
roof-top pool and a four-story, 300 car parking garage. The City of
Hampton is part of the Greater Norfolk metropolitan area, along
with the Virginia Beach resort area, the shipping and military hub
of Newport News and historic Williamsburg, Virginia. Andrew M.
Sims, President and CEO of MHI Hospitality Corporation, stated, "We
are very pleased to bring our Hampton asset into the Crowne
Plaza(R) system and to have completed substantial renovations at
the property six weeks ahead of schedule. This upbranding, combined
with our significant repositioning, will provide an attractive
lodging destination in the Greater Norfolk Metropolitan area."
About MHI Hospitality Corporation MHI Hospitality Corporation is a
self-advised lodging REIT focused on the acquisition, redevelopment
and management of mid-scale, upscale and upper- upscale
full-service hotels in the Mid-Atlantic, Midwest and Southeastern
United States. Currently, the Company's portfolio consists of nine
properties comprising 2,138 rooms, all of which operate under the
Hilton, InterContinental Hotels Group and Starwood Hotels and
Resorts brands. In addition, the Company has a 25 percent interest
in the Crowne Plaza Resort Hollywood Beach and a leasehold interest
in the common area of Shell Island Resort, a resort condominium
property. MHI Hospitality Corporation was organized in 2004 and is
listed on the Russell Microcap(TM) Index. The Company is
headquartered in Williamsburg, Virginia. For more information
please visit http://www.mhihospitality.com/. Forward-Looking
Statements This news release includes "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934 and Section 27A of the Securities Act of 1933. Although the
Company believes that the expectations and assumptions reflected in
the forward-looking statements are reasonable, these statements are
not guarantees of future performance and involve certain risks,
uncertainties and assumptions, which are difficult to predict and
many of which are beyond the Company's control. Therefore, actual
outcomes and results may differ materially from what is expressed,
forecasted or implied in such forward-looking statements. Economic
conditions generally and the real estate market specifically,
management and performance of the Company's hotels, plans for hotel
renovations, financing plans, supply and demand for hotel rooms in
the Company's current and proposed market areas, the Company's
ability to acquire additional properties and the risk that
potential acquisitions may not perform in accordance with
expectations, legislative/regulatory changes, including changes to
laws governing taxation of real estate investment trusts and
competition, and other factors, may affect the Company's future
results, performance and achievements. These risks and
uncertainties are described in greater detail under "Risk Factors"
in the Company's Annual Report on Form 10-K and subsequent reports
filed with the Securities and Exchange Commission. The Company
undertakes no obligation and does not intend to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. Although we believe our
current expectations to be based upon reasonable assumptions, we
can give no assurance that our expectations will be attained or
that actual results will not differ materially. DATASOURCE: MHI
Hospitality Corporation CONTACT: Bill Zaiser, Chief Financial
Officer of MHI Hospitality Corporation, +1-301-220-5400; or Vicki
Baker of Financial Relations Board, +1-703-796-1798, for MHI
Hospitality Corporation Web site: http://www.mhihospitality.com/
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