UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION
13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report: April 25, 1997
HUMPHREY HOSPITALITY TRUST, INC.
(Exact name of registrant as specified in its charter)
Virginia 52-1889548
(State of Incorporation) (I.R.S. employer
identification no.)
12301 Old Columbia Pike, Silver Spring MD 20904 (301) 680-4343
(Address of principal executive offices) (Registrant's telephone number)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 2. Acquisitions or Disposition of Assets
On April 17, 1997, Humphrey Hospitality Trust, Inc., through its
partnership, Humphrey Hospitality L.P. (the "Partnership") completed the
acquisition of a 62-room Best Western hotel in Harlan, Kentucky from Harlan
Hotel Corporation. On April 23, 1997, the Partnership completed the acquisition
of a 62-room Holiday Inn Express hotel in Danville, Kentucky from Danville Hotel
Corporation. On April 25, 1997, the Partnership completed the acquisition of a
56-room Comfort Inn hotel in Murphy, North Carolina from Howard and Ward,
Wheeling Inn, LLC.
The purchase price for the hotels were as follows:
Harlan, Kentucky $2,625,000
Danville, Kentucky $2,725,000
Murphy, North Carolina $1,975,000
The purchase price was paid through the use of cash and borrowings from
the Partnership's credit facility.
The properties are to be leased by the Partnership to Humphrey
Hospitality Management, Inc., the lessor of the Partnership's other hotel
properties, pursuant to percentage leases which provide for rent based, in part,
on the room revenues from the hotels. The lease for the Harlan Kentucky hotel
went into effect on April 17, 1997, the lease for the hotel located in Danville,
Kentucky went into effect April 23, 1997, and the lease for the hotel located in
Murphy, North Carolina went into effect April 25, 1997.
The following table sets forth (i) the annual Base Rent, and (ii) the
annual Percentage Rent formula:
Acquired Hotel Base Rent Percentage Rent Formula
- -------------- --------- -----------------------
Best Western $183,750 14.5% of quarterly room
Harlan, Kentucky revenues up to room revenues
of $800,000 per annum, plus
14% of semi-annual room
revenues up to $800,000 of
room revenues per annum, plus
35% of room revenues in
excess of $800,000 of room
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revenues per annum, plus 8%
of monthly other revenues.
Holiday Inn Express $190,750 14.2% of quarterly room
Danville, Kentucky revenues up to room revenues
of $900,000 per annum, plus
8.5% of semi-annual room
revenues up to $900,000 of
room revenues per annum, plus
35% of room revenues in
excess of $900,000 of room
revenues per annum, plus 8%
of monthly other revenues.
Comfort Inn $138,250 11% of quarterly room
Murphy, North Carolina revenues up to room revenues
of $740,000 per annum, plus
10% of semi-annual room
revenues up to $740,000 of
room revenues per annum, plus
35% of room revenues in
excess of $740,000 of room
revenues per annum, plus 8%
of monthly other revenues.
Item 7. Financial Statements. Pro Forma Financial Information and Exhibits
As of the date of this report, historical audited financial information
is not available. Audited financial information will be provided for the above
acquisitions, which meet the "significant amount of assets" test under Item 2 of
Form 8-K or Rule 3-05 of Regulation S-X for the periods specified under Rule
3-05 of Regulation S-X, within sixty days of this report.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused the report to be signed on its behalf by the
undersigned thereunto duly authorized.
Humphrey Hospitality Trust, Inc.
________________________________
Date: By:
__________________________ ________________________________
James I. Humphrey Jr.
Chairman and President
