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Highland Signs to Acquire Four Hotels From Wyndham

Highland Hospitality
Corporation , a lodging real estate investment trust, or REIT, announced
today the signing of a definitive agreement to acquire four hotels
consisting of 1,687 rooms from Wyndham International, Inc. . The four
hotels are the 510-room Hilton hotel in Parsippany, New Jersey, the 495-
room Crowne Plaza Ravinia hotel in Atlanta, Georgia, the 360-room Wyndham
Wind Watch Hotel in Hauppauge, Long Island, NY and the 322-room Tremont
Boston—A Wyndham Historic Hotel in Boston, Massachusetts. The purchase
price for the four-hotel portfolio is $227 million or approximately
$134,500 per room and the company expects to close on the hotels within 40
- 75 days of signing the definitive agreement. James L. Francis, Highland’s President and CEO, stated, “We are pleased
with the completion of our agreement to purchase four high quality urban
hotels in key markets. This acquisition fits well with our stated strategy
of investing in upscale full-service hotels in major urban markets with
high barriers to entry. We will further invest additional capital after
closing in order to reposition and renovate the portfolio, including the
re-branding of two hotels. This portfolio will be a great addition to our
balance sheet and will perform well as our industry and these key markets
continue to recover.”