"This term loan facility will allow us to fulfill our acquisition objectives in the near future, while giving us flexibility for growth going forward," says Highland executive vice president and CFO Douglas W. Vicari.
Additionally, in its Third Quarter 2004 Earnings Report issued in late October, officials of the hotel REIT explained that the facility "will provide additional capacity and flexibility for the company to meet its stated investment objectives, while maintaining its targeted leverage objectives of approximately 50% debt-to-capitalization."
Highland's recent acquisition activity includes the signing of a definitive agreement during the fourth quarter to purchase the 197-room Sheraton Barceló Annapolis Hotel in Annapolis, MD from Grubarges Annapolis LLC for $18 million. The company is planning to renovate the property, which boasts the largest meeting facility in Annapolis. Acquisition activity during the third quarter included a definitive agreement to buy Denver's 202-room Marriott Courtyard at Denver International Airport for $17.3 million, Omaha, NE's 299-room Omaha Marriott for $28.5 million and the 283-room Radisson Hotel Mount Laurel in Mount Laurel, NJ for just under $14.3 million.
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