MHI Hospitality Corporation Declares Dividend for First Quarter 2012

MHI Hospitality Corporation (NASDAQ: MDH) (the “Company”) today announced that its Board of Directors has declared a quarterly cash dividend of $0.02 per common share of beneficial interest for the quarter ending March 31, 2012. The first quarter dividend will be paid on April 11, 2012 to shareholders of record as of March 15, 2012.

About MHI Hospitality Corporation

MHI Hospitality Corporation is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper upscale full-service hotels in the Mid-Atlantic and Southern United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, nine of which are wholly-owned and comprise 2,113 rooms. All of the Company’s wholly-owned properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. The Company has a 25.0 percent interest in the Crowne Plaza Hollywood Beach Resort. MHI Hospitality Corporation was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information please visit www.mhihospitality.com.