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Highland Hospitality Corporation Acquires the 299-room Omaha Marriott from LaSalle Hotel Properties for $28.5 million, Approximately $95,300 per Room


September 15, 2004 - Highland Hospitality Corporation , a lodging real estate investment trust, or REIT, announced today the acquisition of the 299-room Omaha Marriott, located in Omaha, Nebraska, for $28.5 million, plus customary closing adjustments, or approximately $95,300 per room. The Company purchased the hotel from LaSalle Hotel Properties and entered into a long-term agreement with Crestline Hotels & Resorts, Inc. to manage the property.
James L. Francis, Highland's President and CEO, stated, "We are excited about our acquisition of the Omaha Marriott. We believe that this hotel is a solid market leader that will immediately provide attractive yields for our Company. We further believe that these yields will be enhanced through an opportunity to convert the existing Marriott management contract to a Marriott franchise with Crestline Hotels & Resorts as manager."

The 299-room Omaha Marriott is situated approximately nine miles west of downtown Omaha, and is centrally located within the Regency Office Park. 

Omaha Marriott
10220 Regency Cir
Omaha, Nebraska
The hotel benefits from demand generated by nearly 40 Fortune 500 companies having a presence in the city, as well as being adjacent to the region's most popular upscale retail venues including Westroads Mall and Regency Court. The property contains approximately 12,000 square feet of flexible meeting space and provides such amenities as a business center, high-speed internet access in the guestrooms, indoor/outdoor pool and a fitness center.

Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. With the acquisition of the Omaha Marriott, the Company now owns 16 hotel properties with an aggregate of 4,750 rooms in nine 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. 

Sean Dell'Orto
Highland Hospitality Corporation
Also See: Highland Hospitality Corporation Acquiring Four Hotels (847 rooms) for Combined Purchase Price of $81.3 million / Aug 2004
Highland Hospitality Corporation Pays First Dividend, Reports Net Income of $2.2 million for 2nd Qtr / Aug 2004

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