MHI Hospitality Corporation Announces Contract to Acquire Property in Hollywood, Florida
MIAMI, FL, September 15, 2005. MHI Hospitality Corporation, announced today that the company has signed a purchase and sale contract with MCZ/Centrum Florida VI Owner, L.L.C. (the "Developer"), to purchase an interest in a hotel condominium property in Hollywood, Florida. The property last operated as the Ambassador Resort. The developer will renovate the hotel and complete a condominium conversion, after which time MHI Hospitality Corporation, through an affiliate, will purchase the commercial spaces of the hotel. MHI will retain the services of MHI Hotels Services LLC to operate the hotel, and will seek to franchise with a well-known national hotel brand.
The existing property lies on the barrier island between the intracoastal waterway and the Atlantic Ocean, and once renovations are completed, is expected to include a marina and beach club in addition to the existing outdoor resort pool and meeting space. Capitalizing on the current demographic expansion in the Miami-Boca Raton corridor, Hollywood is experiencing a significant period of revitalized growth, benefiting in particular from the addition of the Westin Diplomat Resort and Spas and contiguous convention center.
Renovation of the Ambassador Resort commenced in June and is expected to be completed in the fall of 2006. Closing of the transaction is contingent on a variety of factors including MHI's ability to secure a franchise for the hotel.
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