MHI Hospitality Corporation Announces Partial Redemption of Preferred Stock; Amends Raleigh Mortgage Loan

WILLIAMSBURG, Va.--(BUSINESS WIRE)--MHI Hospitality Corporation (NASDAQ: MDH) (the “Company”) announced today that the Company has entered into an agreement with the holders of the Company’s Series A Cumulative Redeemable Preferred Stock (the “Preferred Stock”) to redeem 1,901.547 shares of Preferred Stock for an aggregate redemption price of approximately $2.1 million plus the payment of accrued and unpaid cash and stock dividends.