Highland Acquisition of the Hilton Tampa Westshore

9th Jan 2004

Highland Hospitality Corporation announced today that it has acquired the
238-room Hilton Tampa Westshore hotel for a purchase price of $29.5
million, plus customary closing adjustments. Highland`s net investment
will equate to approximately $124,000 per room. Highland purchased the
asset from RLJ Development, LLC, and will assume a $17.0 million mortgage
loan on the asset as part of the total consideration. Crestline Hotels &
Resorts, Inc., a leading hotel management company, will manage the hotel.

James L. Francis, President and CEO stated, “We are excited about our
purchase of the Hilton Tampa Westshore property. The hotel recently
completed a rooms and lobby renovation and should be well positioned in
the Tampa airport market. In addition, the hotel`s close proximity to a
variety of stable demand generators should help this property produce
consistent returns for Highland.”

The 238-room Hilton Tampa Westshore hotel is located approximately five
minutes from the Tampa International Airport. The hotel is situated within
the Westshore business district that contains several corporations
including Bank of America, Outback Steakhouse, Inc. and Atex Media. The
market area also consists of other demand generators such as Raymond James
Stadium (home of the National Football League`s Tampa Bay Buccaneers) and
an upscale retail market offering such stores as Neiman Marcus, Nordstrom,
Tiffany`s and over 200 specialty stores. The hotel features approximately
12,000 square feet of meeting space and features such amenities as a
landscaped gazebo area with a large heated pool, a lighted tennis court, a
newly designed concierge lounge and shuttle service to the airport.

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 Hilton Tampa
Westshore property, the Company now owns six hotel properties with an
aggregate of 1,567 rooms in four states. Additional information can be
found on the company`s website at http://www.highlandhospitality.com/.




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