Highland Hospitality
Corporation , a lodging real estate investment trust, or REIT, announced
today the acquisition of the 299-room Omaha Marriott, located in Omaha,
Nebraska, for $28.5 million, plus customary closing adjustments, or
approximately $95,300 per room. The Company purchased the hotel from
LaSalle Hotel Properties and entered into a long-term agreement with
Crestline Hotels & Resorts, Inc. to manage the property. James L. Francis, Highland’s President and CEO, stated, “We are excited
about our acquisition of the Omaha Marriott. We believe that this hotel is
a solid market leader that will immediately provide attractive yields for
our Company. We further believe that these yields will be enhanced through
an opportunity to convert the existing Marriott management contract to a
Marriott franchise with Crestline Hotels & Resorts as manager.”

The 299-room Omaha Marriott is situated approximately nine miles west of
downtown Omaha, and is centrally located within the Regency Office Park.
The hotel benefits from demand generated by nearly 40 Fortune 500
companies having a presence in the city, as well as being adjacent to the
region’s most popular upscale retail venues including Westroads Mall and
Regency Court. The property contains approximately 12,000 square feet of
flexible meeting space and provides such amenities as a business center,
high-speed internet access in the guestrooms, indoor/outdoor pool and a
fitness center.
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