MHI Hospitality Corporation Amends Credit Agreement With BB&T
April 17 2008 - 3:28PM
PR Newswire (US)
WILLIAMSBURG, Va., April 17 /PRNewswire-FirstCall/ -- MHI
Hospitality Corporation (NASDAQ:MDH) announced today that the
Company has entered into a second amendment to its credit agreement
with Branch Banking & Trust Company ("BB&T"), as
administrative agent and lender, dated May 8, 2006. The amended
credit agreement with BB&T and certain other lenders increases
the lenders' revolver commitments by $20,000,000, and consequently,
increases the lenders' maximum revolver commitments under the
credit agreement to $80,000,000. With respect only to the Crowne
Plaza Tampa Westshore, the amendment increases the limitation on
revolver advances which may be used in connection with any one
property from $25,000,000 to $38,000,000. The second amendment also
increases the number of lenders necessary to take certain actions
under the credit agreement. Andrew M. Sims, President and Chief
Executive Officer of MHI Hospitality Corporation, commented, "The
new amended terms of our credit agreement with BB&T enhance our
resources in portfolio repositioning and strengthen our financial
platform overall." 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 1,971 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 presentation 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. General economic
conditions, including the timing and magnitude of the recovery in
the hospitality industry, future acts of terrorism, risks
associated with the hotel and hospitality business, the
availability of capital, the ability of the Company to acquire
additional hotel properties, the timely completion of planned hotel
renovations, and other factors, may affect the Company's future
results, performance and achievements. These risks and
uncertainties are described in greater detail in the Company's
current and periodic filings 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. DATASOURCE: MHI Hospitality Corporation CONTACT:
Bill Zaiser, Chief Financial Officer of MHI Hospitality
Corporation, +1-301-220-5400; or Vicki Baker, General Information
of Financial Relations Board, +1-703-796-1808, for MHI Hospitality
Corporation Web site: http://www.mhihospitality.com/
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