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Subsequent Events
12 Months Ended
Dec. 31, 2011
Subsequent Events [Abstract]  
Subsequent Events

15. Subsequent Events

On January 11, 2012, the Company paid a quarterly dividend (distribution) of $0.02 per common share (and unit) to those stockholders (and unitholders of MHI Hospitality, L.P.) of record on December 15, 2011.

On January 16, 2012, the Company authorized payment of a quarterly dividend (distribution) of $0.02 per common share (and unit) to the stockholders (and unitholders of MHI Hospitality, L.P.) of record as of March 15, 2012. The dividend (distribution) is to be paid on April 11, 2012.

On February 2, 2012, the Company granted 15,000 shares of restricted stock to certain of its independent directors, 29,500 shares of stock to its principal executive officers and two additional employees and an additional 1,500 shares of stock to one independent director under the Company's 2004 Long-Term Incentive Plan.

On March 5, 2012, we obtained a $30.0 million mortgage with TD Bank, N.A. on the Hilton Philadelphia Airport. The mortgage bears interest at a rate of 30-day LIBOR plus additional interest of 3.0% per annum and provides for payments of principal and interest on a monthly basis under a 25-year amortization schedule. The mortgage's maturity date is August 30, 2014, with an extension option until March 1, 2017, contingent upon the extension or replacement of the Hilton Worldwide license agreement. Proceeds of the mortgage were used to extinguish our indebtedness under the credit facility, prepay a portion of our Bridge Financing and for working capital. With this transaction, our syndicated credit facility was extinguished and our Crowne Plaza Tampa Westshore hotel was released therefrom and is now unencumbered.