Folsom takes operating role at MHI

6th Jan 2006

David R. Folsom is all set to join MHI Hospitality Corporation as Executive Vice President in the newly created position of chief operating officer. Folsom will assist CEO Andrew M. Sims in the execution of the company’s strategic business model focused on accretive acquisitions and selective dispositions, while spearheading the funding efforts of this growth through the commercial lending and capital markets.

Andrew Sims, CEO of MHI Hospitality commented, “We are pleased to add someone of David’s caliber to our executive team. His transactional and capital markets expertise will prove invaluable to us as we continue to grow our company. I am confident that the expansion of our senior management to incorporate David as our chief operating officer is a further step in positioning MHI Hospitality for the long-term.”

Mr. Folsom most recently served as vice president of Paragon Real Estate, a Cleveland-based early stage commercial real estate venture, specializing in the acquisition and renovation of multifamily assets. Prior to his tenure at Paragon, Mr. Folsom spent several years as an investment banker at BB&T Capital Markets, where he served on the lead underwriting team in the company’s initial public offering in 2004. While at BB&T, Mr. Folsom participated in over 70 equity, debt and preferred stock underwritings, as well as financial advisory transactions across many industries. He served concurrently in the Real Estate Securities Group and Debt Capital Markets Group while at BB&T. Mr. Folsom served, as a commissioned officer in the U.S. Marine Corps, is a graduate of the U.S. Naval Academy, and received his M.B.A. from Georgetown University.



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