MHI Hospitality Corporation Announces Amendment to Dividend Policy
09 Diciembre 2008 - 12:37PM
PR Newswire (US)
WILLIAMSBURG, Va., Dec. 9 /PRNewswire-FirstCall/ -- MHI Hospitality
Corporation (NASDAQ:MDH) announced today that in the interest of
capital preservation within the current economic environment and
upon the recommendation of senior management, the Company's board
of directors has approved a change to its dividend policy. The
Company intends to maintain its dividend distribution level at 100
percent of taxable income, consistent with maintaining its REIT
status, which may result in a reduction in the level of dividend
payouts going forward. Accordingly, management estimates that the
annualized dividend payout for 2009 will be approximately $0.20 per
share. The board of directors implemented this amendment after
careful consideration and based on its expectation that the U.S.
economy, and in particular the lodging industry, will continue to
face declining operating trends through 2009. The Company cannot
predict if, and when, it will amend its dividend policy in the
future. 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, +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/
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