Schedule III- Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III- Real Estate And Accumulated Depreciation [Abstract]

Schedule III- Real Estate And Accumulated Depreciation

MHI HOSPITALITY CORPORATION

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

AS OF DECEMBER 31, 2011

(in thousands)


Description	Encum- brances			Initial Costs				Costs Capitalized Subsequent to Acquisition				Gross Amount At End of Year						Accumulated Depreciation			Date of Construction		Date Acquired		Life on Which Depreciation on Latest Statement of Operations is Computed
Description	Encum- brances			Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total		Accumulated Depreciation			Date of Construction		Date Acquired
Crowne Plaza Hampton Marina Hampton, Virginia	$	8,151		$	1,061	$	6,733	$	33	$	3,118	$	1,094	$	9,851	$	10,945	$	(1,005	)		1988		2008		3-39 years
Crowne Plaza Jacksonville Riverfront Jacksonville, Florida		14,000			7,090		14,604		47		2,623		7,137		17,227		24,364		(2,951	)		1970		2005		3-39 years
Crowne Plaza Tampa Westshore Tampa, Florida			⁽¹⁾		4,153		9,670		270		21,894		4,423		31,564		35,987		(2,736	)		1973		2007		3-39 years
Hilton Philadelphia Airport Philadelphia, Pennsylvania			⁽¹⁾		2,100		22,031		54		3,250		2,154		25,281		27,435		(4,836	)		1972		2004		3-39 years
Hilton Savannah DeSoto Savannah, Georgia		22,489			600		13,562		14		10,711		614		24,273		24,887		(4,895	)		1968		2004		3-39 years
Hilton Wilmington Riverside Wilmington, North Carolina		21,885			785		16,829		112		9,892		897		26,721		27,618		(7,313	)		1970		2004		3-39 years
DoubleTree by Hilton Brownstone – University Raleigh, North Carolina		7,980			815		7,416		157		4,135		972		11,551		12,523		(2,440	)		1971		2004		3-39 years
Holiday Inn Laurel West Laurel, Maryland		7,452			900		9,443		205		2,316		1,105		11,759		12,864		(2,670	)		1985		2004		3-39 years
Sheraton Louisville Riverside Jeffersonville, Indiana		12,200			782		6,891		196		14,467		978		21,358		22,336		(2,334	)		1972		2006		3-39 years

	$	94,158		$	18,286	$	107,179	$	1,088	$	69,462	$	19,374	$	176,641	$	198,959	$	(31,304	)

(1)	These properties secured the credit facility with a syndicated bank group led by Branch Banking and Trust (BB&T).

RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION

RECONCILIATION OF REAL ESTATE


Balance at December 31, 2008	$	187,602
Improvements		157,080
Disposal of Assets		(152,153	)

Balance at December 31, 2009	$	192,529
Improvements		3,394
Disposal of Assets		(37	)

Balance at December 31, 2010	$	195,886
Improvements		3,380
Disposal of Assets		(307	)

Balance at December 31, 2011	$	198,959

RECONCILIATION OF ACCUMULATED DEPRECIATION


Balance at December 31, 2008	$	16,039
Improvements		4,942
Disposal of Assets		(110	)

Balance at December 31, 2009	$	20,871
Improvements		5,295
Disposal of Assets		(21	)

Balance at December 31, 2010	$	26,145
Improvements		5,325
Disposal of Assets		(166	)

Balance at December 31, 2011	$	31,304

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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