Highland Hospitality Shareholders Approve Takeover

Shareholders of Highland Hospitality, a real estate investment trust that specializes in lodging properties, today approved the company's purchase by JER Partners, the McLean-based private equity investment unit of J.E. Robert Companies. See Highland's news release. The all-cash deal is valued at $2 billion, which includes the assumption of $260 million of Highland debt.

Highland, also based in McLean, owns 28 hotels in 14 states and the District of Columbia, with a total of 8,636 rooms.

By Mike Shepard  |  July 13, 2007; 12:32 PM ET  | Category:  Hospitality
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