MHI Hospitality Corporation Receives Economic Development Award for Hampton, VA Asset
30 October 2008 - 3:26AM
PR Newswire (US)
WILLIAMSBURG, Va., Oct. 29 /PRNewswire-FirstCall/ -- MHI
Hospitality Corporation (NASDAQ:MDH) announced today that the
Company received the Stakeholder of the Year Award for the Crowne
Plaza Hampton Harborside. The award was presented by the Downtown
Hampton Development Partnership in recognition of a business or
individual that contributed significantly to the city's new
development or redevelopment over the past year. The Stakeholder of
the Year Award was presented to the hotel's general manager, Donald
Davis, at an awards dinner taking place on October 22nd in Hampton.
The Company purchased the 172-room former Radisson Hotel for
approximately $7.8 million in April 2008 and immediately commenced
a $4.5 million renovation. In October the Company completed the
hotel's conversion to the Crowne Plaza brand. The upbrand as well
as a substantial portion of the renovations were completed six
weeks ahead of original projections. Andrew M. Sims, President and
CEO of MHI Hospitality Corporation, stated, "We are delighted to be
recognized by the Downtown Hampton Development Partnership for our
repositioning efforts at the Crowne Plaza Hampton Harborside. We
have made considerable progress over the last six months in
renovating this well-located and promising asset. When these
efforts are complete we expect the hotel to be a valuable addition
to the Greater Norfolk metropolitan area." 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. 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, General Information
of Financial Relations Board, +1-703-796-1798, for MHI Hospitality
Corporation Web site: http://www.mhihospitality.com/
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