MHI Hospitality Corporation Completes $30.0 Million Secured Debt Financing
March 07 2012 - 8:30AM
Business Wire
MHI Hospitality Corporation (NASDAQ: MDH) (“MHI”
or the “Company”) today announced that it has successfully executed
a new $30.0 million secured loan with TD Bank N.A., collateralized
by a first mortgage on the Hilton Philadelphia Airport Hotel in
Philadelphia, Pennsylvania. The loan carries a floating interest
rate of the 30-day LIBOR rate plus 3.0%, with a 50 basis point
floor on LIBOR, and amortizes on a 25 year schedule. The maturity
date is August 30, 2014 with an extension option until March 1,
2017, contingent upon the extension or acceptable replacement of
the Hilton Worldwide license agreement for the hotel. Proceeds from
the loan were used to pay off the remaining indebtedness under the
Company’s existing syndicated credit facility, to repay a portion
of the Company’s indebtedness under its Note Agreement with Essex
Equity, and for working capital purposes. With this transaction,
the Company’s syndicated credit facility is now terminated and the
Company’s Crowne Plaza Tampa Westshore Hotel is released therefrom
and unencumbered.
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 2,113 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 has a 25.0
percent interest in the Crowne Plaza Hollywood Beach Resort. MHI
Hospitality Corporation was organized in 2004 and is headquartered
in Williamsburg, Virginia. For more information please visit
www.mhihospitality.com.
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