Hotel Online  Special Report

Highland Hospitality Corporation Acquires the 283 room Radisson Hotel Mount Laurel for $14.25 million; 
Will Invest an Additional $7.0 million to Reposition


MCLEAN, VA, September 2, 2004 - Highland Hospitality Corporation (NYSE:HIH), a lodging real estate investment trust, or REIT, announced today the acquisition of the 283- room Radisson Hotel Mount Laurel, located in Mount Laurel, New Jersey, for $14.25 million, or approximately $50,000 per room.  Highland entered into a long-term agreement with Sage Hospitality Resources to manage the property.

James L. Francis, Highland’s President and CEO, stated, “The acquisition of the Radisson Hotel Mount Laurel provides Highland with another opportunity to 

Radisson Hotel Mount Laurel
915 Route 73
Mt. Laurel, New Jersey 08054
renovate and reposition a hotel within a growing market.  We intend to invest significant capital to reposition this asset as an upscale, full-service branded hotel.  We believe these efforts will result in strong current returns for our shareholders and significant capital appreciation over time.” 

The 283-room Radisson Hotel Mount Laurel is situated within Mount Laurel Township, approximately ten miles east of Downtown Philadelphia and an estimated 17 miles from Philadelphia International Airport.  The hotel is within close proximity to several corporate office parks that host such companies as Lockheed Martin, Commerce Bank, Okidata and Cendant Mortgage.  The property contains approximately 12,000 square feet of flexible meeting space and provides such amenities as a heated outdoor pool, high-speed internet access, guestroom suites and a concierge level. 

Highland plans to invest an additional $7.0 million to reposition the hotel and upgrade the guestrooms, meeting space, restaurant, lounge and other common areas.

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 now owns 15 hotel properties with an aggregate of 4,451 rooms in eight 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. 

Highland Hospitality Corporation
Also See: Sage Hospitality Resources Among Principals in New 228 room Residence Inn in Downtown Denver; $44 million Project Requires No Public Money / June 2004
Sage Hospitality Will Use Federal New Markets Tax Credits For Proposed $80 million Renaissance Hotel in Downtown Portland / May 2004

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.