|September 15, 2004 - Highland Hospitality Corporation , a lodging real
estate investment trust, or REIT, announced today the acquisition of the
299-room Omaha Marriott, located in Omaha, Nebraska, for $28.5 million,
plus customary closing adjustments, or approximately $95,300 per room.
The Company purchased the hotel from LaSalle Hotel Properties and entered
into a long-term agreement with Crestline Hotels & Resorts, Inc. to
manage the property.
The hotel benefits from demand generated by nearly 40 Fortune 500 companies having a presence in the city, as well as being adjacent to the region's most popular upscale retail venues including Westroads Mall and Regency Court. The property contains approximately 12,000 square feet of flexible meeting space and provides such amenities as a business center, high-speed internet access in the guestrooms, indoor/outdoor pool and a fitness center.
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. With the acquisition of the Omaha Marriott, the Company now owns 16 hotel properties with an aggregate of 4,750 rooms in nine 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.
Highland Hospitality Corporation
|Also See:||Highland Hospitality Corporation Acquiring Four Hotels (847 rooms) for Combined Purchase Price of $81.3 million / Aug 2004|
|Highland Hospitality Corporation Pays First Dividend, Reports Net Income of $2.2 million for 2nd Qtr / Aug 2004|