MHI Allies With Coakley Williams
SEPTEMBER 12, 2006. MHI Hospitality Corporation (AMEX:MDH) announced that it has entered into a strategic alliance agreement with Coakley & Williams Hotel Management Company, a Maryland hospitality management company.
Coakley Williams will provide the company with non-exclusive investment opportunities that align with MHI Hospitality's strategy. The alliance gives MHI Hospitality increased access to acquisition and development prospects, while offering Coakley Williams the first right to manage hotel properties submitted to and acquired by the company or one of its subsidiaries.
"We are very excited about this alliance with Coakley Williams," said Andrew M. Sims, president and chief executive officer. "This partnership brings together two highly experienced lodging companies into an agreement that will serve to facilitate higher returns for our shareholders through strategically identified investment opportunities."
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