WILLIAMSBURG, Va., Aug. 1 /PRNewswire-FirstCall/ -- MHI HospitalityCorporation (Amex: MDH) announced today that the Company has entered intoan agreement to extend the Hilton Inns license franchise at the HiltonSavannah DeSoto in Savannah, Georgia until July 31, 2017. In line with therelicensing agreement the Company will implement a product improvement planand submit customary franchise fees to Hilton. Renovation of the hotel isscheduled to begin during the fourth quarter of 2007 and to be completed inthe fourth quarter of 2008. "We are delighted to extend our partnership with Hilton Hotels at theHilton Savannah DeSoto," said Andrew M. Sims, President and Chief ExecutiveOfficer of MHI Hospitality Corporation. "With the relicense andrepositioning of our asset we look forward to building upon a productive13-year collaboration with the Hilton brand." The Hilton Savannah DeSoto is centrally located in Savannah's historic,dining, shopping and theatre district. The property features 246 deluxerooms and suites, a restaurant and cocktail lounge, outdoor pool and 20,000square feet of meeting space. About MHI Hospitality Corporation MHI Hospitality Corporation is a self-advised lodging REIT focused onthe acquisition, redevelopment and management of mid-scale, upscale andupper upscale full service hotels in the Mid-Atlantic and southeasternUnited States. Currently, the Company's portfolio consists of sevenproperties comprising 1,723 rooms, all of which operate under the Hiltonand InterContinental Hotels Group brands. In addition, the Company has aleasehold interest in the common area of Shell Island Resort, a resortcondominium property. MHI Hospitality Corporation was organized in 2004 andis listed on the Russell Microcap(TM) Index. The Company is headquarteredin Williamsburg, Virginia. For more information please visithttp://www.mhihospitality.com. Forward-Looking Statements This presentation includes "forward-looking statements" within themeaning of Section 21E of the Securities Exchange Act of 1934 and Section27A of the Securities Act of 1933. Although the Company believes that theexpectations and assumptions reflected in the forward-looking statementsare reasonable, these statements are not guarantees of future performanceand involve certain risks, uncertainties and assumptions, which aredifficult to predict and many of which are beyond the Company's control.Therefore, actual outcomes and results may differ materially from what isexpressed, forecasted or implied in such forward-looking statements.General economic conditions, including the timing and magnitude of therecovery in the hospitality industry, future acts of terrorism, risksassociated with the hotel and hospitality business, the availability ofcapital, the ability of the Company to acquire additional hotel properties,the timely completion of planned hotel renovations, and other factors, mayaffect the Company's future results, performance and achievements. Theserisks and uncertainties are described in greater detail in the Company'scurrent and periodic filings with the Securities and Exchange Commission.The Company undertakes no obligation and does not intend to publicly updateor revise any forward-looking statement, whether as a result of newinformation, future events or otherwise. Although we believe our currentexpectations to be based upon reasonable assumptions, we can give noassurance that our expectations will be attained or that actual resultswill not differ materially.
