Highland Hospitality
Corporation , a lodging real estate investment trust, or REIT, announced
today the signing of a definitive agreement to acquire the 197-room
Sheraton Annapolis hotel. The purchase price for the hotel is $18.0
million, or approximately $91,400 per room. James L. Francis, Highland’s President and CEO, stated, “We are very
excited about our planned acquisition of the Sheraton Annapolis hotel. We
believe this hotel will generate immediate strong returns for our
shareholders and we will further enhance the quality of this asset with a
renovation of its guestrooms, lobby, meeting rooms, restaurant and other
common areas.”
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