MCLEAN, Va., Nov. 15 /PRNewswire-FirstCall/ -- Highland Hospitality Corporation , a lodging real estate investment trust, or REIT, announced today the acquisition of the 294-room Westin Princeton at Forrestal Village hotel from Starwood Hotels & Resorts Worldwide for $53.5 million plus customary closing costs, or approximately $182,000 per room. Highland has selected Crestline Hotels & Resorts, Inc. to manage the property under a Westin license agreement.
James L. Francis, Highland's President and CEO, stated, "We are pleased with our acquisition of the Westin Princeton at Forrestal Village, our first Westin-branded hotel and second Starwood product for our diversified portfolio. This hotel represents our second acquisition since our recent concurrent equity offering, and the pace of our targeted acquisitions remains positive."
The Westin Princeton is ideally situated in the Forrestal Village retail and office complex on Route 1 in Princeton. The hotel is located near some of Princeton's leading attractions, including McCarter Theater, Palmer Square, Princeton University and Mercer County Park.
Highland Hospitality Corporation is a self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. The Company currently owns 22 hotel properties with an aggregate of 6,564 rooms in 11 states and Mexico. Additional information can be found on the Company's website at http://www.highlandhospitality.com/.
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," " may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such forward- looking statements include, but are not limited to, the impact of the transaction on our business and future financial condition, our business and investment strategy, our understanding of our competition and current market trends and opportunities and projected capital expenditures. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Highland Hospitality Corporation's control. The company undertakes no obligation to publicly release the result of any revisions to these forward- looking statements that may be made to reflect any future events or circumstances.
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