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202-room Courtyard Denver Airport Hotel for $17.25 million, or $85,400 per room |
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| MCLEAN, VA, August 26, 2004 - Highland Hospitality Corporation (NYSE:HIH),
a lodging real estate investment trust, or REIT, announced today the signing
of a definitive agreement to acquire the 202-room Courtyard Denver Airport
hotel. The purchase price for the hotel is $17.25 million, or approximately
$85,400 per room. The company expects to close on the hotel within the
next 30 days.
James L. Francis, Highland�s President and CEO, stated, �We are very
excited about our planned acquisition of the Courtyard Denver Airport.
This property fits well with our strategy to acquire upscale limited-service
assets in urban and major airport markets. The Courtyard Denver Airport
is located near one of the busiest airports in the country and is situated
just outside one of the fastest growing major cities in the United States.�
Courtyard Denver Airport 6901 Tower Road Denver, Colorado . Certain statements and assumptions in this press release contain or are based upon �forward-looking� information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. |
| Contact:
Highland Hospitality Corporation
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| Also See: | The Embassy Suites Hotel Denver International Airport-Gateway Updates Facilities with a $4M Renovation Project / March 2002 |
| Denver Report / 2002 National Lodging Forecast / Ernst & Young LLP / Feb 2002 |