I think this is an under-appreciated well run small company.

MDH share price has been dirt cheap. Before all hell broke loose in the economy, MDH's FFO for 2009 was expected to be over $1 per share. Q2's FFO of about $.23 per share was not bad.

MDH has no major renovations needed in the near future as MDH has done major renovations in their hotels over the last couple of years. Incidentally, they are very good at renovating hotels.

In addition to insider purchases in '09 in the $1+ range, in December '08 there were insider purchases in the $2 to $2.50 range and in the spring of '08 insider purchases in the $6+ range. Total dollar values aren't that large, but this is a small company.

Until the downturn the annual MDH per share dividend used to be $.68 with guidance of distributing about 60% to 70% of FFO. When, and if, things in the hotel industry and our economy return to normal, one could reasonably expect the MDH dividend as a percentage of FFO to approximate prior guidance.

I would recommend you listen to the Q2 2009 conference call which can be found by going to the investor relations part of the MDH website.

One needs to be careful of too large a purchase as the float is small.

Good luck.