Highland Hospitality Corp. / HIH

About Highland Hospitality Corp.

8405 Greensboro Dr., Suite 500, McLean, Va. 22102
www.highlandhospitality.com | 703-336-4901 | Founded: 2003

Industry: Hospitality/Travel | Category: Public Companies

In April, the company agreed to a $2 billion buyout offer from affiliates of JER Partners Acquisitions IV, a price that represented a 15 percent premium over Highland's three-month average closing share price at the time. Highland said it expected the deal to close in the third quarter.
The purchase followed a year in which Highland continued its rapid growth by acquiring five properties, including the new, 210-room Courtyard Gaithersburg hotel, the 240-room Melrose Hotel in the District and the Ritz-Carlton in downtown Atlanta, for a total of $350 million. Highland sold two properties in New Jersey and Cancun, Mexico, for about $65 million last year. In all, Highland owns 26 properties with more than 8,200 rooms in 13 states and the District.
In June, the company named Graham Wootten vice president and controller and Sean Dell'Orto vice president and treasurer.
Highland executives said they expect strong results in 2007, fueled by a rise in business travel. They also said they will look for opportunities to buy hotels in their key market, near airports and vacation spots around the nation.

2006 Financial Data

Revenues: $422,588,000 | Net Income: $32,875,000
Asssets: $1,313,196,000 | Earnings Per Share: $0.44
Stockholder Equity: $605,637,000 | Annual Dividend: $0.75
Total employees: 16 | Local employees: 16