MHI Hospitality announces $12.33 million redemption of preferreds

By Ashley Montgomery

Kansas City, Kan., June 20 - MHI Hospitality Corp. redeemed 11,514 shares of its series A cumulative redeemable preferred stock.

The total redemption price was $12,295,234. Holders also received accrued dividends.

The company used proceeds from a $14 million 5.6% secured loan due June 18, 2017 from C1 Bank to fund the redemption, according to a company news release.

MHI is a Williamsburg, Va.-based self-managed real estate investment trust focused on the acquisition, renovation, upbranding and repositioning of upscale to upper upscale full-service hotels.

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