WILLIAMSBURG, Va., Jan. 19, 2011 /PRNewswire/ -- MHI Hospitality
Corporation (Nasdaq: MDH) (the "Company") announced today that
its Board of Directors has appointed David
R. Folsom as President of the Company. Mr. Folsom also
will remain Chief Operating Officer.
Drew Sims, Chairman and Chief
Executive Officer of MHI Hospitality Corporation, commented,
"Dave Folsom's transactional and
capital markets expertise has been instrumental in the effective
execution of our business strategy over the last five years.
As well, Dave was integral to our team in successfully
navigating the recent recessionary environment. As President
and Chief Operating Officer, we believe Dave's leadership will
prove highly valuable as our Company pursues growth opportunities."
Prior to joining MHI Hospitality Corporation, Mr. Folsom served
as vice president of Paragon Real Estate, a commercial real estate
venture specializing in the acquisition and renovation of
multifamily assets. Before that, he spent several years as an
investment banker at BB&T Capital Markets where he participated
in over 70 equity, debt and preferred stock underwritings as well
as financial advisory transactions across multiple industries.
Mr. Folsom also served on the lead underwriting team for the
Company's 2004 initial public offering. He received his
M.B.A. from Georgetown University, is a
graduate of the United States Naval
Academy and served as a commissioned officer in the United States Marine Corps.
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