MDH Mhi Hospitality Corp. (MM)

WILLIAMSBURG, Va., Oct. 22 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation (NASDAQ:MDH) announced today that the Company received the 2008 Developer of the Year Award and the 2008 Renovation Award for the Crowne Plaza Hollywood Beach Resort. The awards were presented by InterContinental Hotels Group (LON: IHG; NYSE: IHG (ADRs)). The 311-room Hollywood, Florida resort received the 2008 Developer of the Year Award for achieving distinction in hotel development. The newly renovated property also was recognized for having successfully completed major modernization and renovation initiatives during the past year in order to enhance guest experience. The Crowne Plaza Resort Hollywood Beach was acquired by the Company in 2007 through a joint venture with The Carlyle Group. The resort is located on a barrier island on the South Florida coast between the Intracoastal Waterway and the Atlantic Ocean. The Crowne Plaza Hollywood Beach Resort features approximately 12,000 square feet of meeting space, a retail food and beverage outlet, large outdoor swimming pool and 300 valet parking spaces. Andrew M. Sims, President and CEO of MHI Hospitality Corporation, stated, "We are delighted to be recognized by Intercontinental Hotels Group for our development and improvement efforts at this hotel. In sourcing an underperforming yet well-located asset, and then unlocking its value through effective upbranding and repositioning, the Crowne Plaza Hollywood Beach Resort demonstrates the success of our business model." The Crowne Plaza Hollywood Beach Resort was honored at the 2008 IHG Americas Investors & Leadership Conference, held September 24-26 in Los Angeles. 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 2,138 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 Resort Hollywood Beach 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/. DATASOURCE: MHI Hospitality Corporation CONTACT: Bill Zaiser, Chief Financial Officer of MHI Hospitality Corporation, +1-301-220-5400; or General Information, Vicki Baker of Financial Relations Board, +1-703-796-1798, for MHI Hospitality Corporation Web Site: http://www.mhihospitality.com/

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