MHI Hospitality Corp. Announces Partial Redemption of Series A Cumulative Redeemable Preferred Stock; Financing of Tampa Ho...
2012年6月21日 - 12:00AM
ビジネスワイヤ(英語)
MHI Hospitality Corporation (NASDAQ: MDH)
(the “Company”) announced today that the Company has entered
into an agreement with the holders of the Company’s Series A
Cumulative Redeemable Preferred Stock (the “Preferred Stock”) to
redeem approximately 11,514 shares of Preferred Stock for an
aggregate redemption price of approximately $12,295,234, plus the
payment of related accrued and unpaid cash and dividends.
The Company also entered into an amendment of its existing Note
Agreement with Essex Equity High Income Joint Investment Vehicle,
LLC (“Essex”) whereby the Company made a $1.5 million prepayment
under the Note Agreement. In addition, the amount of the undrawn
term loan commitments under the Note Agreement increased to $7.0
million, of which $2.0 million is reserved with certain use
restrictions.
The Company also announced that it successfully executed a $14.0
million secured loan with C1 Bank collateralized by a first
mortgage on the Crowne Plaza Tampa Westshore Hotel in Tampa,
Florida. The loan carries a fixed interest rate of 5.60% and
amortizes on a 25 year schedule. The maturity date is June 18,
2017. Per the above, proceeds from the loan were used to redeem a
portion of the Preferred Stock and to prepay the Company’s Note
Agreement.
Andrew M. Sims, Chief Executive Officer of the Company,
commented, “The financing of our Tampa asset has enabled us to
redeem nearly half of the Company’s outstanding shares of Preferred
Stock, thereby replacing 12.0% capital with 5.6% capital, resulting
in an annual interest savings of approximately $800,000 on a
normalized basis. These transactions are wholly consistent with our
continuing balance sheet restructuring that, over the past ten
months, has included the closing of five single-asset mortgages and
the elimination of our syndicated credit facility.”
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-managed and
self-administered lodging REIT focused on the acquisition,
renovation, upbranding and repositioning of upscale to upper
upscale full-service hotels in the Mid-Atlantic and Southern United
States. Currently, the Company’s portfolio consists of investments
in ten hotel properties, nine of which are wholly-owned and
comprise 2,113 rooms. All of the Company’s wholly-owned properties
operate under the Hilton Worldwide, InterContinental Hotels Group
and Starwood Hotels and Resorts brands. The Company has a 25.0
percent interest in the Crowne Plaza Hollywood Beach Resort. MHI
Hospitality Corporation was organized in 2004 and is headquartered
in Williamsburg, Virginia. For more information please visit
www.mhihospitality.com.
Mhi Hospitality Corp. (MM) (NASDAQ:MDH)
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