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or $91,400 per room |
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| MCLEAN, VA, October 26, 2004 - Highland Hospitality Corporation (NYSE:HIH),
a lodging real estate investment trust, or REIT, announced today the signing
of a definitive agreement to acquire the 197-room Sheraton Annapolis hotel.
The purchase price for the hotel is $18.0 million, or approximately $91,400
per room.
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. The company currently owns 17 hotel properties with an aggregate of 4,952 rooms in ten 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 |
James
L. Francis, Highland�s President and CEO, stated, �We are very excited
about our planned acquisition of the Sheraton Annapolis hotel. We
believe this hotel will generate immediate strong returns for our shareholders
and we will further enhance the quality of this asset with a renovation
of its guestrooms, lobby, meeting rooms, restaurant and other common areas.�