MHI Announces Crowne Plaza for Hollywood, FL
WILLIAMSBURG, VA, September 27, 2006. MHI Hospitality Corporation (AMEX:MDH) announced that it has entered into a franchise agreement with InterContinental Hotels Group (IHG) to brand the company's Hollywood, Florida condominium hotel project as a Crowne Plaza Resort.
In September 2005, MDH entered into a contract to purchase the common space of the redeveloped hotel upon completion from MCZ/Centrum, the Chicago-based developer of the project. The Crowne Plaza hotel is expected to open as early as the fourth quarter of 2006.
The 310-room hotel will be named the Crowne Plaza Hollywood, FL-SIAN Waterway Resort, and will be part of the larger SIAN Resort project. SIAN Resort project will include many amenities, such as a beach club, restaurants, a residential component, and a planned additional high-rise hotel, of which MDH is the contract owner of the common space.
"We are excited to have reached this very important milestone, represented by the flagging of the hotel with the Crowne Plaza brand," said Andrew Sims, president and chief executive officer of MHI Hospitality Corporation. "This is the first time IHG has entered into a condominium hotel franchise project in the U.S. with third party management," he continued. "We believe this is a great opportunity and we hope to continue to expand our relationship with IHG and MCZ/Centrum." The hotel rooms will be owned by individual owners; those who elect to participate in its rental program will be managed and operated by MHI Hotels Services, LLC, the company's affiliated management group. Holiday Hospitality Franchising, Inc. is the brand licensor only, and does not have any ownership or management interest in the hotel, nor will it be involved in the sale or rental of individual units.
Additionally, MDH and MCZ/Centrum have entered into an option agreement whereby MDH may purchase up to 100 condominium hotel units at a fixed unit price upon realization of certain unit sale parameters. This contingent option expires June 15, 2007.
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