Highland's investment will equate to approximately $142,500 per room. Highland. The hotel will continue to be managed by Hyatt Hotels.
James L. Francis, President and CEO stated, "The Hyatt Regency Savannah is the fifth property we have acquired since our public offering on December 16th. This hotel is located in the heart of Savannah and benefits from a stable flow of corporate transient and leisure travel business year-round. Consequently, this irreplaceable asset will produce consistent current returns for Highland and its shareholders."
The 351-room Hyatt Regency Savannah is centrally located on the Savannah River in Savannah, Georgia. The hotel's convenient location adjacent to the landmark gold-domed City Hall makes it accessible to many of the city's leisure and business attractions. The hotel features 36,000 square feet of meeting space, including an 11,000 square foot exhibit hall with river views, as well as an 8,000 square foot ballroom and a restaurant and lounge with river views. In conjunction with the acquisition, Highland intends to complete a comprehensive renovation of the guestrooms, lobby, restaurant and lounge in 2004.
Highland Hospitality Corporation is a newly formed, self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. With the acquisition of the Hyatt Regency Savannah, the Company now owns five hotel properties in three states with an aggregate of 1,329 rooms.
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