Highland Hospitality Corporation announced today that it has acquired the
351-room Hyatt Regency Savannah hotel for a purchase price of $50.0
million. 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. Additional information can be found on the
company`s website at http://www.highlandhospitality.com/.