WILLIAMSBURG, Va. Oct. 7 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation announced today that it has extended the record date of its proposed rights offering to October 14, 2009. The Company had filed a registration statement on Form S-3 (the "Registration Statement") with the Securities and Exchange Commission for the proposed rights offering relating to non-transferable subscription rights to purchase shares of the Company''s common stock, par value $0.01 per share. The terms of the rights offering will be included in the final prospectus.
This announcement does not constitute an offer to sell, or the solicitation of any offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
The rights offering will be made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting Investor Relations, MHI Hospitality Corporation, 410 W. Francis Street, Williamsburg, VA 23185, Tel: (757) 229-5648.
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-advised lodging REIT focused on the acquisition, redevelopment and management of mid-scale, upscale and upper-upscale full-service hotels in the Mid-Atlantic, Midwest and Southeastern United States. Currently, the Company''s portfolio consists of nine properties comprising 2,110 rooms, all of which operate under the Hilton, InterContinental Hotels Group and Starwood Hotels and Resorts brands. In addition, the Company has a 25 percent interest in the Crowne Plaza Hollywood Beach Resort and a leasehold interest in the common area of Shell Island Resort, a resort condominium property. MHI Hospitality Corporation was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information please visit http://www.mhihospitality.com/.
Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable, these statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond the Company''s control. Therefore, actual outcomes and results may differ materially from what is expressed, forecasted or implied in such forward-looking statements. Factors which could have a material adverse effect on the Company''s future results, performance and achievements, include, but are not limited to: national and local economic and business conditions, including the current economic downturn, that will affect occupancy rates at the Company''s hotels and the demand for hotel products and services; risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs; the availability and terms of financing and capital and the general volatility of the securities markets, specifically, the impact of the current credit crisis which has severely constrained the availability of debt financing; risks associated with the level of the Company''s indebtedness and its ability to meet covenants in its debt agreements; management and performance of the Company''s hotels; risks associated with redevelopment and repositioning projects, including delays and cost overruns; supply and demand for hotel rooms in the Company''s current and proposed market areas; the Company''s ability to acquire additional properties and the risk that potential acquisitions may not perform in accordance with expectations; and legislative/regulatory changes, including changes to laws governing taxation of real estate investment trusts. These risks and uncertainties are described in greater detail under "Risk Factors" in the Company''s Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. The Company undertakes no obligation and does not intend to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Although the Company believes its current expectations to be based upon reasonable assumptions, it can give no assurance that our expectations will be attained or that actual results will not differ materially.
MHI Hospitality Corporation
CONTACT: Bill Zaiser, Chief Financial Officer of MHI Hospitality
Corporation, +1-301-220-5400; or Vicki Baker, General Information of Financial
Relations Board, +1-703-796-1798, for MHI Hospitality Corporation
Web Site: http://www.mhihospitality.com/
