Hotel Online  Special Report



 Highland Hospitality Corporation Acquire the 252-room
Plaza San Antonio Marriott for $32.5 million


MCLEAN, VA, December 30, 2003 – Highland Hospitality Corporation (NYSE:HIH) announced today that it has acquired the 252-room Plaza San Antonio Marriott for a purchase price of $32.5 million, plus customary closing adjustments.  Highland’s net investment will equate to approximately $129,300 per room.  Highland purchased the asset from Host Marriott Corporation.  Crestline Hotels & Resorts, a leading hotel management company, will manage the hotel.

Plaza San Antonio, A Marriott Hotel
  555 South Alamo Street
San Antonio, Texas
James L. Francis, President and CEO stated, “We are very pleased to add this hotel to our portfolio.  The Plaza San Antonio Marriott is an ideal fit for our strategy to invest in upscale full-service and premium limited service hotels in primary and secondary urban markets.”

The 252-room Plaza San Antonio Marriott is situated on over 6.2 acres of landscaped grounds near San Antonio’s famed River Walk and is directly across the street from the city’s convention center.  The hotel’s downtown location also provides convenient access to major demand generators such as the downtown financial district and the Alamo Dome.  The hotel offers over 16,000 square feet of meeting space, and offers such amenities a sauna and whirlpool, a heated outdoor swimming pool and complimentary transportation to the downtown financial district.  In conjunction with the acquisition, Highland Hospitality plans to complete a comprehensive renovation of the guestrooms, lobby, restaurant and bar in 2004. 

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.  With the acquisition of the Plaza San Antonio Marriott property, the Company now owns four hotel properties with an aggregate of 978 rooms.  

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: The Procaccianti Group Acquires Three Hotels at Well Below Replacement Cost from Host Marriott / July 2003
Host Marriott Corporation Reflagging the 365-room Swissotel in Atlanta to a Westin / October 2003

To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.