MHI Hospitality Corporation (NASDAQ: MDH) (the “Company”) announced today that the Company has extended the scheduled maturity date of the approximate $8.1 million mortgage on the Crowne Plaza Hampton Marina Hotel with TowneBank (the “Lender”). The new maturity date is June 30, 2013.
The maturity date was extended through a Third Amendment to Commitment Letter. The Company has agreed to make quarterly principal payments to the Lender of $200,000 each on July 1, 2012, October 1, 2012, January 1, 2013 and April 1, 2013. No other changes were made to the terms of the loan.
The full service waterfront hotel is located in downtown Hampton, Virginia, part of the Greater Norfolk metropolitan area, a Top 25 MSA. The property features 21,000 square feet of retail space, 7,600 square feet of flexible meeting space, a roof-top pool and a four-story, 300 car parking garage.