MHI Hospitality Corporation Opens Crowne Plaza Tampa Westshore

WILLIAMSBURG, Va., March 10  /PRNewswire-FirstCall/ -- MHI Hospitality Corporation (NASDAQ:MDH) announced today that the Company has opened the Crowne Plaza(R) Tampa Westshore in Tampa, Florida.  This follows the completion of an extensive 16-month repositioning of the property in line with a 10-year franchise agreement with InterContinental Hotels Group (IHG) [LON: IHG, NYSE: IHG (ADRs)] through its franchising entity, Holiday Hospitality Franchising, Inc.

The 11-story hotel underwent a renovation of both the interior and exterior.  The newly reconfigured asset features 222 guest rooms including 44 Cabana suites, as well as 10,000 square feet of flexible meeting and pre-function space; a 6,500 square foot signature restaurant lease space; an outdoor pool, and approximately 250 surface parking spaces.  The hotel is situated on 3.82 acres in Tampa's Westshore Corridor, the city's corporate, entertainment, restaurant and shopping district, and is within two miles of Tampa International Airport.

Andrew M. Sims, President and CEO of MHI Hospitality Corporation, stated, "We are very pleased to announce the opening of the Crowne Plaza Tampa Westshore.  This completely repositioned hotel is a classic example of our portfolio model in terms of full service amenities, value and strategic location.  As the asset gains increasing traction in the Florida Gulf market, the Crowne Plaza Tampa Westshore should compete very effectively."

Crowne Plaza has been recognized by Lodging Hospitality magazine as one of the industry's top growing hotel brands.  As part of the IHG global portfolio, the Crowne Plaza Tampa Westshore is one of more than 300 hotels in nearly 60 countries.

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 2,113 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 listed on the Russell Microcap(TM) Index.  The Company 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 current credit crisis; 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 we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that actual results will not differ materially. 

DATASOURCE: MHI Hospitality Corporation



CONTACT:  Bill Zaiser, Chief Financial Officer of MHI Hospitality

Corporation, [phone]; or Vicki Baker, [phone], for MHI

Hospitality Corporation



Web Site:  http://www.mhihospitality.com/ 

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