MHI Hospitality Corporation Opens Crowne Plaza Tampa Westshore
March 10 2009 - 2:27PM
PR Newswire (US)
WILLIAMSBURG, Va., March 10 /PRNewswire-FirstCall/ -- MHI
Hospitality Corporation (NASDAQ:MDH) announced today that the
Company has opened the Crowne Plaza(R) Tampa Westshore in Tampa,
Florida. This follows the completion of an extensive 16-month
repositioning of the property in line with a 10-year franchise
agreement with InterContinental Hotels Group (IHG) [LON: IHG, NYSE:
IHG (ADRs)] through its franchising entity, Holiday Hospitality
Franchising, Inc. The 11-story hotel underwent a renovation of both
the interior and exterior. The newly reconfigured asset features
222 guest rooms including 44 Cabana suites, as well as 10,000
square feet of flexible meeting and pre-function space; a 6,500
square foot signature restaurant lease space; an outdoor pool, and
approximately 250 surface parking spaces. 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. Andrew M. Sims, President and
CEO of MHI Hospitality Corporation, stated, "We are very pleased to
announce the opening of the Crowne Plaza Tampa Westshore. This
completely repositioned hotel is a classic example of our portfolio
model in terms of full service amenities, value and strategic
location. As the asset gains increasing traction in the Florida
Gulf market, the Crowne Plaza Tampa Westshore should compete very
effectively." Crowne Plaza has been recognized by Lodging
Hospitality magazine as one of the industry's top growing hotel
brands. As part of the IHG global portfolio, the Crowne Plaza Tampa
Westshore is one of more than 300 hotels in nearly 60 countries.
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 nine properties
comprising 2,113 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 Hollywood Beach Resort 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. Factors
which could have a material adverse effect on the Company's future
results, performance and achievements, include, but are not limited
to: national and local economic and business conditions, including
the current economic downturn, that will affect occupancy rates at
the Company's hotels and the demand for hotel products and
services; risks associated with the hotel industry, including
competition, increases in wages, energy costs and other operating
costs; the availability and terms of financing and capital and the
general volatility of the securities markets, specifically, the
current credit crisis; risks associated with the level of the
Company's indebtedness and its ability to meet covenants in its
debt agreements; management and performance of the Company's
hotels; risks associated with redevelopment and repositioning
projects, including delays and cost overruns; 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; and legislative/regulatory changes, including changes
to laws governing taxation of real estate investment trusts. 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. DATASOURCE: MHI
Hospitality Corporation CONTACT: Bill Zaiser, Chief Financial
Officer of MHI Hospitality Corporation, +1-301-220-5400; or Vicki
Baker, +1-703-796-1808, for MHI Hospitality Corporation Web Site:
http://www.mhihospitality.com/
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