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Highland Hospitality Acquires the Newly Developed Courtyard Gaithersburg-Washingtonian Hote for $29 million |
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Highland Hospitality Corporation (NYSE:HIH) , a lodging real estate investment trust, or REIT, announced today the acquisition of the 210-room Courtyard Gaithersburg- Washingtonian located in Gaithersburg, Maryland, for a purchase price of $29 million, plus customary closing costs, or approximately $138,000 per key. |
The company had previously placed an $8 million deposit into escrow, which was used to fund a portion of the purchase price. The property opened on May 31, 2006 and is being operated by an affiliate of Marriott International, Inc. (NYSE:MAR) under a long-term management agreement.
James L. Francis, Highland's President and CEO, stated, "We are very excited about the acquisition of the newly developed Courtyard Gaithersburg- Washingtonian hotel. This property is well-located along the I-270 technology corridor and is situated within a vibrant mixed-use development project with upscale retail, entertainment and restaurant venues. This acquisition will provide additional growth to our existing portfolio of high-quality assets and benefit from the barriers-to-entry that exist in this mixed-use location over the long term."
The Courtyard Gaithersburg-Washingtonian is a brand new nine-story hotel offering 210 rooms and over 2,500 square feet of meeting space. The hotel is part of the Washingtonian Center mixed-use development with upscale business, retail, entertainment and residential offerings. The Washingtonian Center is located adjacent to Interstate 270 in Suburban Maryland and is convenient to both the Gaithersburg and Rockville business communities, Dulles International Airport, and to downtown Washington, D.C. via Metro.
Highland Hospitality Corporation is a self-advised lodging REIT focused on hotel investments primarily in the United States. With the acquisition of the Courtyard Gaithersburg-Washingtonian the company now owns 27 hotel properties with an aggregate of 8,410 rooms in 13 states, the District of Columbia and Mexico.
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