Coakley & Williams Enters Strategic Alliance With MHI

. October 14, 2008

SEPTEMBER 18, 2006. Coakley & Williams Hotel Management Company, a premier Maryland-based hotel operator, announced that it has entered into a strategic alliance agreement with MHI Hospitality Corporation (AMEX:MDH).

Coakley & Williams will actively provide MHI Hospitality with investment opportunities that align with both companies' aggressive growth strategies. The alliance gives Coakley & Williams the first right to manage hotel properties submitted to and acquired by MHI Hospitality or one of its subsidiaries and provide MHI Hospitality increased access to acquisition and development prospects.

"We are very exceptionally pleased to have forged this alliance with MHI," said Gary S. Williams, president and chief executive officer. "This partnership brings together two highly experienced and respected lodging companies who are focused on excelling in every aspect of the business of operating and investing in hotels.'

Since 1961, Coakley & Williams Hotel Management Company has developed its reputation as a national, high performance management company sharply focused on helping hotel investors succeed. The company has extensive experience with all property types & in all phases of the hotel business and currently manages more than 2600 hotel rooms in seven states and Washington DC.

MHI Hospitality Corporation is a self-advised lodging REIT focused on the acquisition and redevelopment of mid-scale and upscale full service hotels in the mid-Atlantic and southeastern United States. Currently, the company's portfolio consists of six properties operating under the Hilton and Intercontinental Hotels Group brands.

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