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 MCLEAN,
VA, June 23, 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 410-room Wyndham Palm Springs hotel.
The purchase price for the hotel is $57.0 million, or approximately $139,000
per room.
The Company intends to close on this acquisition within the next thirty days. James L. Francis, Highland�s President and CEO, stated, �We are very excited about our planned acquisition of the Wyndham Palm Springs hotel. We believe this hotel will benefit from the expansion of the adjacent convention center and the strengthening of the Palm Springs market.� 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 owns 19 hotel properties with an aggregate of 5,475 rooms in ten states and Mexico. Additional information can be found on the Company�s website at www.highlandhospitality.com. 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
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| Also See: | Duane Rohrbaugh Heads Up New Management Team at Wyndham Palm Springs / Jan 2002 |
| Wyndham Palm Springs and The St. Anthony Now Managed by Wyndham / October 2001 |