Highland Hospitality Corporation Announces the Signing of a Definitive Agreement to Acquire the Hilt
BOSTON, MA, October 24, 2005. Highland Hospitality Corporation , a lodging real estate investment trust, or REIT, announced today the signing of a definitive agreement to acquire the 385-room Hilton Boston Back Bay hotel. The purchase price for the hotel is $110.0 million, or approximately $286,000 per room. The Company intends to close on this acquisition next week.
James L. Francis, Highland's President and CEO, stated, "We are pleased to announce our first acquisition subsequent to our recent concurrent equity offering. The Hilton Boston Back Bay property is well-located in a high barrier-to-entry market. We believe this hotel will produce immediate returns for our shareholders and further strengthen the performance of our hotel portfolio."
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. The Company currently owns 20 hotel properties with an aggregate of 5,885 rooms in eleven states 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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