| 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. |
