MHI Hospitality to Rebrand Raleigh, NC Holiday Inn as a Doubletree
WILLIAMSBURG, VA - Nov. 4, 2010 - MHI Hospitality Corporation (Nasdaq: MDH) (the "Company") announced today that it has entered into a 10-year franchise agreement with Hilton Worldwide to rebrand its Raleigh, North Carolina hotel as the Doubletree Hotel Raleigh Downtown. The Company currently operates the hotel under the Holiday Inn brand.
The franchise agreement requires the successful completion of a product improvement plan no later than November 30, 2011. The Company has planned and commenced an extensive $3.6 million renovation of the hotel which is scheduled for completion in the third quarter of 2011.
The 187-room hotel is ideally located in the heart of downtown Raleigh, North Carolina's state capital and adjacent to North Carolina State University. The property features 15,000 square feet of flexible meeting space, a restaurant and lounge, fitness center and outdoor pool.
Andrew M. Sims, President and CEO of MHI Hospitality Corporation, stated, "We are very pleased to again partner with Hilton Worldwide in converting our Raleigh asset to its upper upscale Doubletree brand. This upbranding is a logical fit for this well-located asset and continues MHI Hospitality Corporation's portfolio repositioning strategy aimed at the upper upscale market segment."
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 2,110 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 also has a 25.0 percent interest in the Crowne Plaza Hollywood Beach Resort. The Company also has a leasehold interest in the common area of Shell Island Resort, a resort condominium property. 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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