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Highland Hospitality Corporation for Approximately $18.0 million, or $91,800 per Room |
.
 MCLEAN,
VA, February 4, 2005 - Highland Hospitality Corporation (NYSE:HIH), a lodging
real estate investment trust, or REIT, announced today that it has closed
on the previously announced acquisition of the 196- room Sheraton Annapolis
located in Annapolis, Maryland, for approximately $18.0 million, plus customary
closing adjustments, or approximately $91,800 per room. The Company
purchased the hotel from Grubarges�Annapolis, LLC. Crestline Hotels
& Resorts, Inc. will manage the property as a Sheraton franchised hotel.
James L. Francis, Highland�s President and CEO, stated, �We are pleased with our acquisition of the Sheraton Annapolis, our first property closing in 2005. Subsequent to this transaction, we currently have approximately $70 million of remaining investment capacity, with which we are actively seeking to acquire additional properties that meet our strategic objectives.� The 196-room Sheraton Annapolis is situated in the State of Maryland�s capital and within close proximity to the US Naval Academy, the Annapolis Historic District and the Anne Arundel County Medical Center. The property provides approximately 9,400 square feet of meeting space and such amenities as an outdoor pool and spa, a restaurant and fitness center. The Company plans to invest an additional $3.0 to $3.5 million over the next two to three years to upgrade the guestrooms, meeting rooms, fitness center 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. With the acquisition of the Sheraton Annapolis, the Company now owns 18 hotel properties with an aggregate of 5,143 rooms in ten states. 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. |
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Highland Hospitality Corporation
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