MHI Hospitality Corporation to Acquire Tampa, Florida Hotel Asset for $13.5 Million
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MHI Hospitality Corporation to Acquire Tampa, Florida Hotel Asset for $13.5 Million
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2007-07-18
MHI Hospitality Corporation (Amex: MDH) announced today that the company has entered into a definitive agreement to purchase the 250-room former Clarion Hotel in Tampa, Florida for $13.5 million, or $54,000 per room. Situated on 3.82 acres, the hotel is centrally located in Tampa's Westshore Corridor, the city's corporate, entertainment, restaurant and shopping district, and is within two miles of Tampa International Airport. The asset features 10,000 square feet of meeting space, a full service restaurant, outdoor pool and approximately 250 surface parking spaces.
Consistent with the company's portfolio repositioning strategy MHI Hospitality intends to extensively renovate and rebrand the hotel. The company will commence capital improvements upon closing, which is expected to take place in the third quarter 2007 subject to customary closing conditions. To facilitate the acquisition closing the company may access funds from its line of credit. Major physical renovations are anticipated to be completed within 18 months.
Andrew M. Sims, President and CEO of MHI Hospitality Corporation, stated, "We are very pleased to announce the purchase of the former Clarion Hotel in Tampa. The acquisition of this well-situated Gulf Coast asset deepens our presence in the Florida market as well as enhances our overall portfolio."
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