MHI Hospitality Corporation Announces Amendment to Warrant
July 13 2012 - 8:15AM
Business Wire
MHI Hospitality Corporation (NASDAQ: MDH)
(the “Company”) announced today that the Company has entered
into an amendment (the “Amendment”) of the warrant (the “Warrant”)
to purchase 1,900,000 shares of the Company’s common stock issued
on April 18, 2011, as amended, in favor of Essex Illiquid, LLC and
Richmond Hill Capital Partners, LP (collectively, the “Investors”).
Via the Amendment, the Investors and their affiliated group are
permitted to acquire up to an aggregate of the lesser of
(i) 500,000 shares of common stock and (ii) 5.0% of the issued
and outstanding shares of common stock, in addition to the Warrant
shares. Pursuant to the Amendment, if the Investors hold any
additional authorized shares at the time the Warrant is exercised,
the Investors will be required to certify to the Company compliance
with certain beneficial ownership limits. The Investors further
agreed to vote any additional authorized shares acquired by them in
the same proportions as votes cast in respect of common stock held
by other Company stockholders.
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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