Highland Hospitality Corporation Announces the Acquisition of The Renaissance Nashville Hotel
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Highland Hospitality Corporation Announces the Acquisition of The Renaissance Nashville Hotel
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-03-06
Highland Hospitality Corporation (NYSE: HIH), a lodging real estate investment trust, or REIT, announced today the acquisition of the 673-room Renaissance Nashville hotel in Nashville, Tennessee. The Company purchased the hotel from an affiliate of Marriott International, Inc. (NYSE: MAR) for $77 million, or approximately $114,000 per key, plus closing costs. Highland has entered into a long-term management contract with an affiliate of Marriott International, Inc. to operate the hotel under the Renaissance flag, and plans to invest approximately $6.5 million in a two-year property improvement plan. The effective date of the closing is February 24, 2006.
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. With the acquisition of the Renaissance Nashville hotel, the Company now owns 24 hotel properties with an aggregate of 7,381 rooms in 12 states, Washington DC and Mexico. Additional information can be found on the Company's website at http://www.highlandhospitality.com.
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward- looking statements include, but are not limited to, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Highland Hospitality Corporation's control. The company undertakes no obligation to publicly release the result of any revisions to these forward- looking statements that may be made to reflect any future events or circumstances.
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