MHI Hospitality Selects Sheraton for Jeffersonville Hotel
Former Ramada Inn to Reopen in 2008 as the Sheraton Riverside
WILLIAMSBURG, VA, February 26, 2007. MHI Hospitality Corporation (Amex: MDH) announced today that it has entered into a 15-year franchise license agreement with Starwood Hotels and Resorts to brand its 186-room Louisville asset as a Sheraton hotel. The Sheraton Riverside Louisville North Hotel is located at 700 West Riverside Drive in Jeffersonville, Indiana, directly across the Ohio River from downtown Louisville, Kentucky. As of this date, the hotel will be the only Starwood branded product in this metropolitan region.
Andrew M. Sims, president and chief executive officer of MHI Hospitality Corporation, commented, "We are pleased to announce the brand of our Louisville property as a Sheraton. Having access to the Starwood reservation system in Louisville, Kentucky uniquely positions the company within this dynamic market." Sims added, "This is also our first license with Starwood Hotels. We hope to continue to grow this relationship as we diversify our franchise partners."
As part of the franchise license agreement with Sheraton, which expires on the 15th anniversary of the hotel's opening expected in the first quarter of 2008, the hotel will undergo an extensive renovation. MHI Hospitality Corporation is working closely with Starwood Hotel's design, architectural and construction team on the renovation. The hotel has already undergone a thorough interior demolition and upon completion will showcase extensive improvements throughout the exterior and interior. These include all new guest rooms, new lobby pavilion and attractive new building exterior. As a part of the company's upbranding strategy, by joining the Sheraton system the former Ramada Inn will be repositioned to an upper upscale hotel as defined by Smith Travel Research.
This presentation includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933.
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