MHI Hospitality Corporation Announces Proposed Rights Offering
02 October 2009 - 7:24AM
PR Newswire (US)
WILLIAMSBURG, Va., Oct. 1 /PRNewswire-FirstCall/ -- MHI Hospitality
Corporation (NASDAQ:MDH) announced today that the Company has filed
a registration statement on Form S-3 (the "Registration Statement")
with the Securities and Exchange Commission for a proposed rights
offering relating to non-transferable subscription rights to
purchase shares of the Company's common stock at a par value of
$0.01 per share. The Company has fixed October 12, 2009 as the
record date for determining the stockholders who will receive
subscription rights. The terms of the rights offering will be
included in the final prospectus. This announcement does not
constitute an offer to sell, or the solicitation of any offer to
buy, any securities, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state. A registration statement
relating to these securities has been filed with the Securities and
Exchange Commission but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. The
rights offering will be made by means of a prospectus only. When
available, copies of the prospectus may be obtained by contacting
Investor Relations, MHI Hospitality Corporation, 410 W. Francis
Street, Williamsburg, VA 23185, T: (757) 229-5648 or . 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 2,110 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 Hollywood Beach Resort 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
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. Factors
which could have a material adverse effect on the Company's future
results, performance and achievements, include, but are not limited
to: national and local economic and business conditions, including
the current economic downturn, that will affect occupancy rates at
the Company's hotels and the demand for hotel products and
services; risks associated with the hotel industry, including
competition, increases in wages, energy costs and other operating
costs; the availability and terms of financing and capital and the
general volatility of the securities markets, specifically, the
impact of the current credit crisis which has severely constrained
the availability of debt financing; risks associated with the level
of the Company's indebtedness and its ability to meet covenants in
its debt agreements; management and performance of the Company's
hotels; risks associated with redevelopment and repositioning
projects, including delays and cost overruns; 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; and legislative/regulatory changes, including changes
to laws governing taxation of real estate investment trusts. 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 the
Company believes its current expectations to be based upon
reasonable assumptions, it 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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