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Highland Hospitality Corporation Finalizes Insurance Settlement and Sells Barcelo Tucancun Resort.

Publication: PR Newswire
Publication Date: 01-SEP-06
Format: Online
Delivery: Immediate Online Access

Article Excerpt
MCLEAN, Va., Sept. 1 /PRNewswire-FirstCall/ -- Highland Hospitality Corporation , a lodging real estate investment trust, or REIT, announced today that it has finalized the settlement of its insurance claim for the 332-room Barcelo Tucancun Beach resort located in Cancun, Mexico for a total of approximately $9 million in proceeds, all of which has been received to date.

The Barcelo Tucancun Beach resort was significantly damaged by Hurricane Wilma in October 2005, and was closed until April 22, 2006 while the Company rebuilt the sea wall, repaired the lobby, restaurant and other common areas located...

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