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Westin Princeton at Forrestal Village for $53.5 million |
 MCLEAN,
VA, November 1, 2005 - Highland Hospitality Corporation (NYSE:HIH), a lodging
real estate investment trust, or REIT, announced today the signing of a
definitive agreement to acquire the 294-room Westin Princeton at Forrestal
Village hotel located at 201 Village Blvd., Princeton, New Jersey. The
purchase price for the hotel is $53.5 million, or approximately $182,000
per room. The Company intends to close on this acquisition within
the next thirty days. Highland has selected Crestline Hotels &
Resorts, Inc. to manage the property under a Westin license agreement.
James L. Francis, Highland�s President and CEO, stated, �We are excited to announce the acquisition of the Westin Princeton at Forrestal Village, our first Westin hotel and second Starwood product for our portfolio. This asset is well-positioned as a leader in a market that is poised for solid future growth and meets our stated acquisition objectives. We are pleased with our acquisition pace following our recent equity offering.� 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 21 hotel properties with an aggregate of 6,270 rooms in 11 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:
The Dow Hotel Company, LLC
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