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Highland Hospitality Corporation Acquires the 491 room Dallas/Fort Worth Airport Marriott Hotel
for $59 million in cash

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MCLEAN, VA, May 11, 2004 - Highland Hospitality Corporation (NYSE:HIH), a newly formed lodging real estate investment trust, or REIT, announced today the acquisition of the 491- room Dallas/Fort Worth Airport Marriott hotel for $59 million in cash, plus customary closing adjustments, or $120,000 per room.  Highland purchased the hotel from Host Marriott Corporation (NYSE:HMT) and assumed the existing management contract under which Marriott International (NYSE:MAR) will continue to operate the hotel.

James L. Francis, Highland’s President 


Marriott DFW Airport North
8440 Freeport Parkway
Irving, Texas
and CEO, stated, “The Dallas/Fort Worth Airport Marriott is a market-leading hotel in a major airport location.  This acquisition fits well with our stated strategy of investing in upscale full-service hotels in major urban and airport markets.  We expect the hotel to continue to perform well and provide us with a strong return on investment and position us to benefit from improving market conditions.” 

Located just one mile from the Dallas/Fort Worth International Airport and 15 miles from downtown Dallas, the hotel is comprised of 491 rooms and contains 18,000 square feet of meeting space.  Amenities include complimentary high-speed internet access, indoor and outdoor pools, fitness club, three food and beverage outlets, complimentary airport shuttle services, two-line speaker phones and data ports.  Area attractions include the Grapevine Mills Mall, Bass Pro Outdoor World, Irving Arts Center, AMC 30 Screen Theater, Dr. Pepper Star Center and Texas Stadium.  In addition to the airport, local demand generators include such companies as Abbott Labs, Siemens, Verizon Communications, Nokia, First Horizon, Canon, American Honda, Cap Gemini, Ernst & Young and Nissan North America. 

Highland Hospitality Corporation is a newly formed, self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. The Company now owns eight hotel properties with an aggregate of 2,216 rooms in five states. 

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 

Contact:
Highland Hospitality Corporation 
www.highlandhospitality.com

 
Also See: Highland Hospitality Corporation, a New Lodging REIT with Seven Hotel Properties, Reports a Loss of $2.7 million for Period Ended December 31, 2003 / February 2004
Newly Formed REIT, Highland Hospitality Corporation, Acquires First Three Properties for $71 million /
December 2003


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