Highland to Acquire The Melrose in DC for $76 mil
WASHINGTON, DC, March 9, 2006. Highland Hospitality Corporation (NYSE:HIH) , a lodging real estate investment trust, or REIT, announced that it has entered into a definitive agreement to acquire the 240-room Melrose Hotel located in Washington, D.C. for a purchase price of $76 million, plus customary closing costs, or approximately $316,700 per key.
The company expects to close this transaction within the next ten days and has selected Crestline Hotels & Resorts, Inc. to manage the property as an independent hotel.
James L. Francis, Highland's President and CEO, stated, "Our planned acquisition of The Melrose Hotel will be our second hotel acquisition located in downtown Washington, D.C., supporting our belief that the economic fundamentals of our nation's capital will continue to make it one of the top lodging real estate markets in the United States. We believe this hotel will drive strong yields for our shareholders and benefit from the growing corporate and leisure demand in this market."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
