MCLEAN, VA— Highland Hospitality Corp. has closed on a $67-million fixed-rate mortgage loan secured by a trio of Atlantic Coast lodging assets: the Hyatt Regency in Savannah, GA; the Portsmouth Renaissance Hotel & Conference Center in Portsmouth, VA; and the Hilton Garden Inn BWI Airport in Linthicum, MD. The seven-year loan was provided by Column Financial, an affiliate of Credit Suisse First Boston, and carries a fixed rate of interest of 6.47% annually. As noted by Highland’s Executive VP/CFO Douglas Vicari: “We are delighted to secure long-term financing at an attractive interest rate. This type of financing is aligned with our strategy to prudently leverage our company as we continue to acquire assets with the proceeds from our IPO.” At this time, the REIT owns eight hotel properties with an aggregate of 2,216 rooms in five states.
