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Highland Hospitality Corporation to Acquire The Melrose Hotel in Washington, D.C. for $76 million |
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Highland Hospitality Corporation (NYSE:HIH) , a lodging real estate investment trust, or REIT, announced that it has entered into a definitive agreement to acquire the 240-room Melrose Hotel located in Washington, D.C. for a purchase price of $76 million, plus customary closing costs, or approximately $316,700 per key. |
The company expects to close this transaction 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, "Our planned acquisition of The Melrose Hotel will be our second hotel acquisition located in downtown Washington, D.C., supporting our belief that the economic fundamentals of our nation's capital will continue to make it one of the top lodging real estate markets in the United States. We believe this hotel will drive strong yields for our shareholders and benefit from the growing corporate and leisure demand in this market."
Highland Hospitality Corporation is a self-advised lodging REIT focused on hotel investments primarily in the United States. The company owns 24 hotel properties with an aggregate of 7,381 rooms in 12 states, Washington, D.C. and Mexico.
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