WILLIAMSBURG, Va., Oct. 31 /PRNewswire-FirstCall/ -- MHI Hospitality
Corporation (Amex: MDH) announced today that the Company has entered into a
10-year franchise agreement with InterContinental Hotels Group (IHG)
(LON: IHG) (NYSE: IHG) (ADRs) through its franchising entity, Holiday
Hospitality Franchising, Inc., to brand the hotel as the Crowne Plaza(R) Tampa
Westshore.
The hotel is situated on 3.82 acres in Tampa's Westshore Corridor, the
city's corporate, entertainment, restaurant and shopping district, and is
within two miles of Tampa International Airport. In conjunction with the
branding the Company will extensively renovate the hotel. Major physical
renovations are expected to be completed within 18 months, with the Crowne
Plaza(R) Tampa Westshore expected to open in the first quarter of 2009.
Andrew M. Sims, President and CEO of MHI Hospitality Corporation, stated,
"We are very pleased to partner once again with InterContinental Hotels Group
to flag our Tampa hotel acquisition as a Crowne Plaza(R). Our planned
repositioning and upbranding of the Crowne Plaza(R) Tampa Westshore makes this
asset an integral and promising addition to our real estate platform."
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-advised lodging REIT focused on the
acquisition, redevelopment and management of mid-scale, upscale and upper
upscale full service hotels in the Mid-Atlantic, Midwest and Southeastern
United States. Currently, the company's portfolio consists of eight properties
comprising 1,973 rooms, all of which operate under the Hilton,
InterContinental Hotels Group and Starwood Hotels and Resorts brands. In
addition, the Company has a 25 percent interest in the Crowne Plaza Resort
Hollywood Beach and a leasehold interest in the common area of Shell Island
Resort, a resort condominium property. MHI Hospitality Corporation was
organized in 2004 and is listed on the Russell Microcap(TM) Index. The company
is headquartered in Williamsburg, Virginia. For more information please visit
http://www.mhihospitality.com.
Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning
of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. Although the Company believes that the expectations
and assumptions reflected in the forward-looking statements are reasonable,
these statements are not guarantees of future performance and involve certain
risks, uncertainties and assumptions, which are difficult to predict and many
of which are beyond the Company's control. Therefore, actual outcomes and
results may differ materially from what is expressed, forecasted or implied in
such forward-looking statements. Economic conditions generally and the real
estate market specifically, management and performance of the Company's
hotels, plans for hotel renovations, financing plans, supply and demand for
hotel rooms in the Company's current and proposed market areas, the Company's
ability to acquire additional properties and the risk that potential
acquisitions may not perform in accordance with expectations,
legislative/regulatory changes, including changes to laws governing taxation
of real estate investment trusts and competition, and other factors, may
affect the Company's future results, performance and achievements. These
risks and uncertainties are described in greater detail under "Risk Factors"
in the Company's Annual Report on Form 10-K and subsequent reports filed with
the Securities and Exchange Commission. The Company undertakes no obligation
and does not intend to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
Although we believe our current expectations to be based upon reasonable
assumptions, we can give no assurance that our expectations will be attained
or that actual results will not differ materially.
SOURCE MHI Hospitality Corporation
Contact: Bill Zaiser, Chief Financial Officer of MHI Hospitality Corporation, +1-301-220-5400; or General Information, Vicki Baker of Financial Relations Board, +1-703-796-1798, for MHI Hospitality Corporation