MHI Hospitality Corporation Completes $12.2 Million, 6.24% Percent, Secured Debt Financing
20 December 2011 - 1:00AM
Business Wire
MHI Hospitality Corporation (NASDAQ: MDH) (“MHI”
or the “Company”) today announced that it has successfully executed
a new $12.2 million secured loan with Goldman Sachs Commercial
Mortgage Capital, L.P., collateralized by a first mortgage on the
Sheraton Louisville Riverside Hotel in Jeffersonville, Indiana. The
loan is non-recourse and carries a term of five years with an
annualized interest rate of 6.2415% and will amortize on a 25-year
schedule. Proceeds from the loan were used to pay down indebtedness
under the Company’s existing credit facility.
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-managed and
self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale to upper
upscale full-service hotels in the Mid-Atlantic and Southern United
States. Currently, the Company’s portfolio consists of investments
in ten hotel properties, nine of which are wholly-owned and
comprise 2,110 rooms. All of the Company’s wholly-owned properties
operate under the Hilton Worldwide, InterContinental Hotels Group
and Starwood Hotels and Resorts brands. The Company has a 25.0
percent interest in the Crowne Plaza Hollywood Beach Resort. The
Company also has 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
www.mhihospitality.com.
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