Business & Finance
Business and Finance
Business and Finance
Thu, July 21, 2011
Wed, July 20, 2011 MHI Hospitality Corporation Announces Reinstatement of Common Dividend
WILLIAMSBURG, Va.--([ BUSINESS WIRE ])--[ MHI Hospitality Corporation ] (NASDAQ: MDH) (the aCompanya) today announced that its Board of Directors has declared a quarterly cash dividend of$0.02per common share of beneficial interest, payable on October 11, 2011 to shareholders of record as of September 15, 2011. The common dividend represents a 3.0% annualized yield based on the closing price of the common shares on July 18, 2011.
"Consistent with our annual plan and as a result of our balance sheet restructuring, MHI Hospitality Corporation is reinstating its common dividend. We hope to grow the dividend in the quarters to come as our industry continues to recover and our newly repositioned assets mature."
Andrew M. Sims, Chief Executive Officer of the Company, commented, aConsistent with our annual plan and as a result of our balance sheet restructuring, MHI Hospitality Corporation is reinstating its common dividend. We hope to grow the dividend in the quarters to come as our industry continues to recover and our newly repositioned assets mature.a
About [ MHI Hospitality Corporation ]
MHI Hospitality Corporation is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper upscale full-service hotels in the Mid-Atlantic and Southern United States. Currently, the Companya™s portfolio consists of investments in ten hotel properties, nine of which are wholly-owned and comprise 2,110 rooms. All of the Companya™s wholly-owned properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. The Company has a 25.0 percent interest in the Crowne Plaza Hollywood Beach Resort. The Company also has 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 [ www.mhihospitality.com ].
