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Highland Hospitality Corporation to Acquire the Churchill Hotel in Washington, D.C. for $48.75 million |
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Highland Hospitality Corporation (NYSE:HIH) , a lodging real estate investment trust, or REIT, announced today the signing of a definitive agreement to acquire the 144-room Churchill Hotel in Washington, D.C. The purchase price for the hotel is $48.75 million. |
The Company intends to close on this acquisition within the next ten days, and has selected Crestline Hotels & Resorts, Inc. to manage the property as an independent hotel.
James L. Francis, Highland's President and CEO, stated, "We are pleased to announce our impending acquisition of the Churchill in downtown Washington, D.C., currently one of the strongest lodging markets in the country. This property is well-located and boasts very large guest room and suites, averaging in excess of 525 square feet. We are acquiring this property on a favorable trailing cap rate for D.C., and with our plans increase room count through conversion of a number of two-room suites in 2006, we expect our all- in investment to be less than $300,000 per key. This hotel is well-positioned to benefit from the favorable economic fundamentals forecasted for the nation's capital."
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. The Company currently owns 22 hotel properties with an aggregate of 6,564 rooms in 11 states and Mexico.
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