WILLIAMSBURG, Va., Nov. 4, 2010 /PRNewswire/ -- MHI Hospitality
Corporation (Nasdaq: MDH) (the "Company") announced
today that it has entered into a 10-year franchise agreement with
Hilton Worldwide to rebrand its Raleigh,
North Carolina hotel as the Doubletree Hotel Raleigh
Downtown. The Company currently operates the hotel under the
Holiday Inn brand.
The franchise agreement requires the successful completion of a
product improvement plan no later than November 30, 2011. The Company has planned and
commenced an extensive $3.6 million
renovation of the hotel which is scheduled for completion in the
third quarter of 2011.
The 187-room hotel is ideally located in the heart of downtown
Raleigh, North Carolina's state
capital and adjacent to North Carolina State
University. The property features 15,000 square feet
of flexible meeting space, a restaurant and lounge, fitness center
and outdoor pool.
Andrew M. Sims, President and CEO
of MHI Hospitality Corporation, stated, "We are very pleased to
again partner with Hilton Worldwide in converting our Raleigh asset to its upper upscale Doubletree
brand. This upbranding is a logical fit for this well-located asset
and continues MHI Hospitality Corporation's portfolio repositioning
strategy aimed at the upper upscale market segment."
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-managed and
self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale to upper
upscale full-service hotels in the Mid-Atlantic and Southern United States. Currently, the
Company's portfolio consists of investments in ten hotel
properties, nine of which are wholly-owned and comprise 2,110
rooms. All of the Company's wholly-owned properties operate under
the Hilton Worldwide, InterContinental Hotels Group and Starwood
Hotels and Resorts brands. The Company also has a 25.0 percent
interest in the Crowne Plaza Hollywood Beach Resort. The
Company also has a leasehold interest in the common area of Shell
Island Resort, a resort condominium property. MHI Hospitality
Corporation was organized in 2004 and is headquartered in
Williamsburg, Virginia. For more
information please visit www.mhihospitality.com.
SOURCE MHI Hospitality Corporation