MHI Hospitality Corporation Extends Mortgage on Crowne Plaza Hampton Marina Hotel
June 26 2012 - 8:00AM
Business Wire
MHI Hospitality Corporation (NASDAQ: MDH)
(the “Company”) announced today that the Company has extended
the scheduled maturity date of the approximate $8.1 million
mortgage on the Crowne Plaza Hampton Marina Hotel with TowneBank
(the “Lender”). The new maturity date is June 30, 2013.
The maturity date was extended through a Third Amendment to
Commitment Letter. The Company has agreed to make quarterly
principal payments to the Lender of $200,000 each on July 1, 2012,
October 1, 2012, January 1, 2013 and April 1, 2013. No other
changes were made to the terms of the loan.
The full service waterfront hotel is located in downtown
Hampton, Virginia, part of the Greater Norfolk metropolitan area, a
Top 25 MSA. The property features 21,000 square feet of retail
space, 7,600 square feet of flexible meeting space, a roof-top pool
and a four-story, 300 car parking garage.
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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