MHI Hospitality Corporation (AMEX:MDH) announced today that the Company has entered into a 10-year franchise agreement with InterContinental Hotels Group (IHG) (LON: IHG) (NYSE:IHG) (ADRs) through its franchising entity, Holiday Hospitality Franchising, Inc., to brand the hotel as the Crowne Plaza(R) Tampa Westshore.
The hotel is situated on 3.82 acres in Tampa's Westshore Corridor, the city's corporate, entertainment, restaurant and shopping district, and is within two miles of Tampa International Airport. In conjunction with the branding the Company will extensively renovate the hotel. Major physical renovations are expected to be completed within 18 months, with the Crowne Plaza(R) Tampa Westshore expected to open in the first quarter of 2009.
Andrew M. Sims, President and CEO of MHI Hospitality Corporation, stated, "We are very pleased to partner once again with InterContinental Hotels Group to flag our Tampa hotel acquisition as a Crowne Plaza(R). Our planned repositioning and upbranding of the Crowne Plaza(R) Tampa Westshore makes this asset an integral and promising addition to our real estate platform."
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