Reports Gains in Overall and Same-Store Portfolio Operating Margins
WILLIAMSBURG, Va., Oct. 27 /PRNewswire-FirstCall/ -- MHI
Hospitality Corporation (NASDAQ:MDH) ("the Company"), a
self-advised lodging real estate investment trust (REIT), today
reported its consolidated results for the third quarter ended
September 30, 2009. HIGHLIGHTS: -- Total revenue increased
approximately $0.8 million or 4.6% over third quarter 2008 to
approximately $18.0 million. -- Total room revenue increased
approximately $0.7 million or 6.0 % over third quarter 2008 to
approximately $12.8 million. -- Adjusted operating income increased
approximately $0.6 million or 17.7% over third quarter 2008 to
approximately $3.7 million. -- Funds from Operations ("FFO")
increased approximately $0.1 million or 13.3% over third quarter
2008 to approximately $1.3 million or $0.12 per share for third
quarter 2009. -- Total assets of approximately $217.9 million at
September 30, 2009, versus approximately $203.2 million at
September 30, 2008. Andrew M. Sims, President and CEO of MHI
Hospitality Corporation, commented, "Our principal focus right now
is the aggressive ramp-up of our repositioned portfolio. We are
capturing market share with these efforts, as demonstrated by this
quarter's results. We are also working to strengthen our financial
position. We recently completed the formation of an asset
management group specializing in nonperforming hotel properties. We
believe this aligned new business initiative will create a valuable
fee income stream and position us favorably in terms of market
knowledge and future opportunities." Sims continued, "Although
market conditions remain challenging, the asset turnaround strategy
that we have successfully implemented since 2005 is now delivering
meaningful results that distinguish us from our peer group."
Operating Results The Company reported consolidated total revenue
of approximately $18.0 million for the three-month period ended
September 30, 2009, an increase of 4.6% over the three-month period
ended September 30, 2008. The Company had adjusted operating income
for the same period of approximately $3.7 million, an increase of
approximately $0.6 million or 17.7% as compared to adjusted
operating income of approximately $3.1 million for the third
quarter of 2008. For the third quarter, the Company also reported a
consolidated net loss of approximately $0.7 million, or $0.10 per
share, as compared to a consolidated net loss of approximately $0.5
million, or $0.08 per share, for the comparable 2008 period. During
the third quarter, FFO was approximately $1.3 million, or $0.12 per
share, compared to approximately $1.1 million, or $0.11 per share,
for the third quarter of 2008, an increase of 13.3%. During the
quarter, the Company reported an unrealized gain on the value of
its interest rate swap of approximately $0.3 million as compared to
an unrealized gain on the value of its interest rate swap of
approximately $0.1 million for the third quarter of 2008. The
interest rate swap is required by the Company's lenders on its
revolving credit facility. Adjusted operating income (and the
related margin) and FFO are non-GAAP financial measures within the
meaning of the rules of the Securities and Exchange Commission. The
Company defines adjusted operating income as net operating income
excluding depreciation and amortization, corporate general and
administrative expenses, lease revenue and related expenses as well
as other fee income not related to the Company's wholly-owned hotel
properties. The Company defines FFO as net income excluding
extraordinary items, depreciation and minority interest. Management
believes FFO is a key measure of a REIT's performance and should be
considered along with, but not as an alternative to, net income and
cash flow as a measure of the Company's operating performance.
Reconciliation of these non-GAAP financial measures are included in
the accompanying financial tables. Portfolio Operating Performance
The following tables illustrate the key operating metrics for the
three months ended September 30, 2009 and 2008 for the Company's
wholly-owned properties during each respective reporting period
("consolidated" properties) as well as the eight wholly-owned
properties in the portfolio that were not under development and
were under the Company's control during the three months ended
September 30, 2009 and the corresponding period in 2008
("same-store" properties). Accordingly, the same-store data does
not reflect the performance of the Crowne Plaza Tampa Westshore,
which opened in March 2009. The tables also exclude performance
data for the Crowne Plaza Hollywood Beach Resort, which was
acquired through a joint venture in August 2007 and in which the
Company has a 25.0% indirect interest. Consolidated (All Hotels)
Quarter Ended Quarter Ended September 30, September 30, 2009 2008
Variance ------------- ------------- -------- Occupancy % 63.5%
59.6% 6.6% Average Daily Rate ("ADR") $103.63 $116.43 -11.0%
Revenue per Available Room ("RevPAR") $65.85 $69.41 -5.1%
Same-Store (8 Hotels) Quarter Ended Quarter Ended September 30,
September 30, 2009 2008 Variance ------------- -------------
-------- Occupancy % 65.7% 59.6% 10.2% ADR $106.04 $116.43 -8.9%
RevPAR $69.65 $69.41 0.4% For the third quarter of 2009, adjusted
operating income increased 17.7% over the third quarter of 2008 and
same-store adjusted operating margins improved 471 basis points
over the third quarter of 2008 The following tables illustrate the
key operating metrics for the nine months ended September 30, 2009
and 2008 for the Company's wholly-owned properties during each
respective reporting period ("consolidated" properties) as well as
the six wholly-owned properties in the portfolio that were not
under development and were under the Company's control during the
nine months ended September 30, 2009 and the corresponding period
in 2008 ("same-store" properties). Accordingly, the same-store data
does not reflect the performance of the Sheraton Louisville
Riverside, which opened in May 2008; the Crowne Plaza Hampton
Marina, which the Company purchased in April 2008, or the Crowne
Plaza Tampa Westshore, which opened in March 2009. The tables also
exclude performance data for the Crowne Plaza Hollywood Beach
Resort in which the Company has a 25.0% indirect interest.
Consolidated (All Hotels) Nine Months Nine Months Ended Ended
September 30, September 30, 2009 2008 Variance -------------
------------- -------- Occupancy % 61.7% 64.2% -3.8% ADR $107.90
$120.13 -10.2% RevPAR $66.58 $77.09 -13.6% Same-Store (6 Hotels)
Nine Months Nine Months Ended Ended September 30, September 30,
2009 2008 Variance ------------- ------------- -------- Occupancy %
66.2% 68.0% -2.7% ADR $110.32 $120.25 -8.3% RevPAR $72.99 $81.80
-10.8% For the nine-month period ended September 30, 2009, adjusted
operating income increased 7.6% over the nine-month period ended
September 30, 2008 and same-store adjusted operating margins
improved 423 basis points over the comparable period in 2008.
Portfolio Update As of September 30, 2009, total assets were
approximately $217.9 million, including approximately $189.8
million of net investment in hotel properties plus approximately
$9.8 million for the Company's joint venture investment in the
Crowne Plaza Hollywood Beach Resort. -- The Company is executing a
relaunch with the Holiday Inn franchise at its Raleigh, North
Carolina property, which it expects to substantially complete by
year-end 2009. -- Ramp-up efforts including a variety of sales and
marketing tactics are on track at almost half of the Company's
wholly-owned hotel properties, including the Crowne Plaza Tampa
Westshore, the Sheraton Louisville Riverside, the Hilton Savannah
DeSoto and the Company's newest property, the Crowne Plaza Hampton
Marina. Balance Sheet/Liquidity At September 30, 2009, the Company
had approximately $5.3 million of available cash and cash
equivalents, of which approximately $0.8 million is reserved for
capital improvements and certain other expenses. The Company has
approximately $78.7 million outstanding on its $80.0 million
revolving line of credit, which had been deployed primarily to fund
the acquisition and renovation of the Sheraton Louisville Riverside
Hotel, the Company's equity contribution to its joint venture with
The Carlyle Group for the purchase of the Crowne Plaza Hollywood
Beach Resort, as well as the acquisitions of the Tampa, Florida and
Hampton, Virginia hotel properties. The Company has no debt
maturing before May 2011. The loans coming due at that time are a
combination of variable and fixed rate debt carrying favorable
terms. Dividend As previously announced, the most recent amendment
to the credit agreement entered into in May 2009 permits the
Company to pay in any given fiscal year a dividend in an amount
minimally necessary in order to preserve cash while maintaining the
Company's REIT status, provided that no dividend may be paid during
the first three quarters of such fiscal year. The Company
anticipates the amount of such a dividend will remain at 90% of
taxable income. If certain liquidity thresholds and other
conditions are met the Company may be able to declare and pay
additional cash dividends in any fiscal year. Any future changes to
the Company's current dividend policy will need to be in compliance
with restrictions on the payment of cash dividends as set forth in
the referenced amendment to the credit agreement. Asset Management
Group During the third quarter 2009, the Company formed a separate
subsidiary, MHI Asset Recovery, LLC, to pursue asset management
assignments from special servicers and other entities involved in
distressed hotel loans and workouts. As asset manager, the Company
will provide asset management services including, but not limited
to, property management, receiver services, litigation and contract
support, franchise selection, construction management, value
optimization, and project management on a fee-for-service basis.
Outlook and Market Trends In light of ongoing unpredictable
macro-economic and hospitality market conditions and their
potential impact on the Company's markets and customer base,
management has elected to suspend providing guidance regarding
projected financial performance for the near term. Earnings
Call/Webcast The Company will conduct its third quarter conference
call for investors and other interested parties at 10:00 a.m.
Eastern Time (ET) on Wednesday, October 28, 2009. The conference
call will be accessible by telephone and through the Internet.
Interested individuals are invited to listen to the call by
telephone at 800-860-2442. To participate on the webcast, log on to
http://www.mhihospitality.com/ at least 15 minutes before the call
to download the necessary software. 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 investments in eleven hotel
properties, nine of which are wholly-owned and comprise 2,110
rooms. All of the Company's wholly-owned properties operate under
the Hilton, InterContinental Hotels Group and Starwood Hotels and
Resorts brands. The Company also 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. Financial Tables Follow ... MHI HOSPITALITY
CORPORATION CONSOLIDATED BALANCE SHEETS September 30, December 31,
2009 2008 (unaudited) (audited) ---------- -------- ASSETS
Investment in hotel properties, net $189,827,578 $154,295,611
Properties under development - 33,101,773 Investment in joint
venture 9,816,963 10,253,732 Cash and cash equivalents 4,497,311
1,719,147 Restricted cash 759,704 2,573,444 Accounts receivable
3,310,079 1,352,203 Accounts receivable-affiliate 80,122 53,795
Prepaid expenses, inventory and other assets 6,393,281 4,603,118
Notes receivable, net 100,000 100,000 Shell Island lease purchase,
net 1,544,117 1,852,941 Deferred financing costs, net 1,529,706
1,312,670 --------- --------- TOTAL ASSETS $217,858,861
$211,218,434 ============ ============ LIABILITIES Line of credit
$78,737,858 $73,187,858 Mortgage loans 72,837,675 72,256,168 Loans
payable 4,639,022 - Accounts payable and accrued liabilities
8,990,136 11,451,976 Advance deposits 792,474 546,236 -------
------- TOTAL LIABILITIES 165,997,165 157,442,238 -----------
----------- Commitments and contingencies EQUITY MHI Hospitality
Corporation stockholders' equity Preferred stock, par value $0.01;
1,000,000 shares authorized; 0 shares issued and outstanding - -
Common stock, par value $0.01; 49,000,000 shares authorized;
6,964,263 shares and 6,939,613 shares issued and outstanding at
September 30, 2009 and 69,643 69,396 December 31, 2008,
respectively Additional paid in capital 48,692,539 48,586,775
Distributions in excess of retained earnings (13,655,850)
(12,341,122) ------------ ------------ Total MHI Hospitality
Corporation stockholders' equity 35,106,332 36,315,049 ----------
---------- Noncontrolling interest 16,755,364 17,461,147 ----------
---------- TOTAL EQUITY 51,861,696 53,776,196 ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $217,858,861
$211,218,434 ============ ============ MHI HOSPITALITY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS Three months Three months
Nine months Nine months ended ended ended ended September September
September September 30, 2009 30, 2008 30, 2009 30, 2008 ---------
--------- --------- --------- REVENUE Rooms Department $12,781,958
$12,055,723 $37,404,739 $36,680,246 Food and beverage department
4,124,670 4,040,957 13,187,953 13,319,651 Other operating
departments 1,073,404 1,085,229 3,419,049 3,154,402 ---------
--------- --------- --------- Total Revenue 17,980,032 17,181,909
54,011,741 53,154,299 EXPENSES Hotel operating expenses Rooms
Department 3,765,650 3,473,123 10,498,088 10,219,413 Food and
beverage department 2,957,662 3,220,355 8,990,305 9,962,929 Other
operating departments 206,865 226,483 581,202 650,502 Indirect
7,290,182 7,001,655 21,677,157 20,895,881 --------- ---------
---------- ---------- Total hotel operating expenses 14,220,359
13,921,616 41,746,752 41,728,725 Depreciation and amortization
2,152,350 1,797,075 6,148,408 4,777,680 Corporate general and
administrative 744,171 646,566 2,497,275 2,318,829 ------- -------
--------- --------- Total operating expenses 17,116,880 16,365,257
50,392,435 48,825,234 ---------- ---------- ---------- ----------
NET OPERATING INCOME 863,152 816,652 3,619,306 4,329,065 Other
income (expense) Interest Expense (2,546,971) (1,933,052)
(7,131,677) (4,810,231) Interest Income 9,861 22,318 37,689 57,141
Equity in earnings (loss) of joint venture (157,942) (333,188)
(169,966) 261,622 Loan impairment charge - (100,000) - (300,000)
Unrealized gain on hedging activities 316,914 116,016 854,171
86,743 Gain (Loss) on disposal of assets (51,740) 2,010 (42,870)
(114,962) -------- ----- -------- --------- Net loss before taxes
(1,566,726) (1,409,244) (2,833,347) (490,622) Income tax benefit
502,019 603,135 1,026,874 1,010,194 ------- ------- ---------
--------- Net income (loss) (1,064,707) (806,109) (1,806,473)
519,572 Adjust: Net (income) loss attributable to the
noncontrolling interest 371,894 282,336 631,031 (181,933) -------
------- ------- --------- Net income (loss) attributable to the
Company $(692,813) $(523,773) $(1,175,442) $337,639 ==========
=========== =========== ======== Net income (loss) per share
attributable to the Company Basic $(0.10) $(0.08) $(0.17) $0.05
Diluted $(0.10) $(0.08) $(0.17) $0.05 Weighted average number of
shares outstanding Basic 6,964,263 6,939,613 6,962,170 6,936,435
Diluted 6,990,263 6,975,613 6,988,170 6,973,100 MHI HOSPITALITY
CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS September 30,
September 30, 2009 2008 (unaudited) (audited) Cash flows from
operating activities: Net income (loss) attributable to the Company
$(1,175,442) $337,639 Adjustments to reconcile net loss to net cash
used in operating activities: Depreciation And Amortization
6,148,408 4,777,680 Equity in joint venture 169,966 (261,622) Loss
on disposal of assets 42,870 114,962 Loan impairment charge -
300,000 Unrealized loss on hedging activities (854,171) (86,743)
Amortization of deferred financing costs 554,241 256,002 Charges
related to equity- based compensation 106,010 237,196
Noncontrolling interest in operating partnership (631,031) 181,933
Changes in assets and liabilities: Restricted cash 234,179
(216,844) Accounts Receivable (1,957,876) 47,573 Inventory, prepaid
expenses and other assts (1,849,110) (2,399,976) Accounts payable
and other accrued liabilities (1,607,668) (1,009,373) Advance
deposits 246,237 279,138 Due from affiliates (26,327) (20,680)
-------- -------- Net cash provided by (used in) operating
activities (599,714) 2,536,885 --------- --------- Cash flows from
investing activities: Acquisition of hotel properties - (2,063,794)
Improvements and additions to hotel properties (8,253,701)
(29,793,040) Contributions to joint venture - (4,743,207)
Distributions from joint venture 266,803 27,362 Funding of
restricted cash reserves (887,733) (1,262,108) Proceeds of
restricted cash reserves 2,467,295 765,402 --------- ------- Net
cash used in investing activities (6,407,336) (37,069,385)
----------- ------------ Cash flows from financing activities:
Dividends and distributions paid (214,037) (5,438,138) Proceeds of
mortgage refinancing 743,832 10,707,127 Net proceeds of credit
facility 5,550,000 32,800,000 Payment of deferred financing costs
(771,278) (508,019) Proceeds of Loans 4,750,000 - Payment of
mortgages and loans (273,303) (490,000) --------- --------- Net
cash provided by financing activities 9,785,214 37,070,970
--------- ---------- Net increase in cash and cash equivalents
2,778,164 2,538,470 Cash and cash equivalents at the beginning of
the period 1,719,147 3,988,700 --------- --------- Cash and cash
equivalents at the end of the period Supplemental disclosures:
$4,497,311 $6,527,170 ========== ========== Cash paid during the
period for interest $6,842,607 $5,487,558 ========== ==========
Cash paid during the period for income $107,087 $158,240 taxes
======== ======== Non-cash investing and financing activities:
Assumption of existing indebtedness on purchase of hotel properties
$- $5,750,000 == ========== Refinance of mortgage notes $-
$5,260,000 == ========== MHI HOSPITALITY CORPORATION RECONCILIATION
OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (FFO) (unaudited)
Three months Three months Nine months Nine months ended ended ended
ended September September September September 30, 2009 30, 2008 30,
2009 30, 2008 ---------- ---------- ----------- -------- Net income
(loss) $(692,813) $(523,773) $(1,175,442) $337,639 Adjust
Noncontrolling Interest (371,894) (282,336) (631,031) 181,933 Add
depreciation and amortization 2,152,350 1,797,075 6,148,408
4,777,680 Add equity in depreciation and amortization of joint
venture 135,935 136,432 407,814 409,244 Adjust gain (loss) on
disposal of assets 51,740 (2,010) 42,870 114,962 ------ -------
------ ------- FFO $1,275,318 $1,125,388 $4,792,619 $5,821,458
========== ========== ========== ========== Weighted average Shares
Outstanding 6,964,263 6,939,613 6,962,170 6,936,435 Weighted
average Units outstanding 3,737,607 3,737,607 3,737,607 3,737,607
--------- --------- --------- --------- Weighted average Shares and
units 10,701,870 10,677,220 10,699,777 10,674,042 ==========
========== ========== ========== FFO per share and unit $0.12 $0.11
$0.45 $0.55 ===== ===== ===== ===== Industry analysts and investors
use Funds from Operations, FFO, as a supplemental operating
performance measure of an equity REIT. FFO is calculated in
accordance with the definition that was adopted by the Board of
Governors of the National Association of Real Estate Investment
Trusts, NAREIT. FFO, as defined by NAREIT, represents net income or
loss determined in accordance with GAAP, excluding extraordinary
items as defined under GAAP and gains or losses from sales of
previously depreciated operating real estate assets, plus certain
non-cash items such as real estate asset depreciation and
amortization, and after adjustment for any noncontrolling interest
from unconsolidated partnerships and joint ventures. Historical
cost accounting for real estate assets in accordance with GAAP
implicitly assumes that the value of real estate assets diminishes
predictably over time. Since real estate values instead have
historically risen or fallen with market conditions, many investors
and analysts have considered the presentation of operating results
for real estate companies that use historical cost accounting to be
insufficient by itself. Thus, NAREIT created FFO as a supplemental
measure of REIT operating performance that excludes historical cost
depreciation, among other items, from GAAP net income. Management
believes that the use of FFO, combined with the required GAAP
presentations, has improved the understanding of the operating
results of REITs among the investing public and made comparisons of
REIT operating results more meaningful. Management considers FFO to
be a useful measure of adjusted net income (loss) for reviewing
comparative operating and financial performance because we believe
FFO is most directly comparable to net income (loss), which remains
the primary measure of performance, because by excluding gains or
losses related to sales of previously depreciated operating real
estate assets and excluding real estate asset depreciation and
amortization, FFO assists in comparing the operating performance of
a company's real estate between periods or as compared to different
companies. Although FFO is intended to be a REIT industry standard,
other companies may not calculate FFO in the same manner as we do,
and investors should not assume that FFO as reported by us is
comparable to FFO as reported by other REITs. MHI HOSPITALITY
CORPORATION RECONCILIATION OF NET OPERATING INCOME TO ADJUSTED
OPERATING INCOME (unaudited) Three months Three months Nine months
Nine months ended ended ended ended September September September
September 30, 2009 30, 2008 30, 2009 30, 2008 --------- ---------
--------- --------- Net operating income $863,152 $816,652
$3,619,306 $4,329,065 Add corporate general and administrative
744,171 646,566 2,497,275 2,318,828 Add depreciation and
amortization 2,152,350 1,797,075 6,148,408 4,777,680 Subtract net
lease rental income (95,750) (117,966) (318,250) (353,897) Subtract
other fee (5,283) (35,184) (196,420) (150,478) income -------
-------- --------- --------- Adjusted operating income $3,658,640
$3,107,143 $11,750,319 $10,921,198 ========== ==========
=========== =========== We provide adjusted operating income as
supplemental information for investors. We eliminate
corporate-level costs and expenses to arrive at property-level
results because we believe property-level results provide investors
with supplemental information into the ongoing operating
performance of our hotels. We eliminate depreciation and
amortization because, even though depreciation and amortization are
property-level expenses, these non-cash expenses, which are based
on historical cost accounting for real estate assets, implicitly
assume that the value of real estate assets diminishes predictably
over time. As noted earlier, because real estate values have
historically risen or fallen with market conditions, many industry
investors have considered presentation of operating results for
real estate companies that use historical cost accounting to be
insufficient by themselves. As a result of the elimination of
corporate-level costs and expenses, depreciation and amortization,
net lease income as well as other fee income not related to our
wholly-owned hotel properties, the adjusted operating income we
present should not be used to evaluate our performance as a whole.
Management compensates for these limitations by separately
considering the impact of these excluded items to the extent they
are material to operating decisions or assessments or our operating
performance. Our consolidated statements of operations include such
amounts, all of which should be considered by investors when
evaluating our performance. We also believe that providing adjusted
operating income provides investors and management with useful
information for evaluating the period-to-period performance of our
hotels and facilitates comparisons with other hotels REITS and
hotel owners. DATASOURCE: MHI Hospitality Corporation CONTACT: Bill
Zaiser, Chief Financial Officer of MHI Hospitality Corporation,
+1-301-220-5405; 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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