Winston Hotels Announces Dividends for First Quarter
March 13 2006 - 4:34PM
Business Wire
Winston Hotels, Inc. (NYSE: WXH), a real estate investment trust
(REIT) and owner of premium limited-service, upscale extended-stay
and full-service hotels, today announced that its Board of
Directors has declared the Company's regular quarterly cash
dividend distributions on its common and preferred shares. The
Board declared a cash dividend of $0.15 per common share for the
first quarter of 2006. The cash dividend is payable on April 13,
2006, to common shareholders of record on March 31, 2006. Based on
today's closing price of $10.65 per common share, the annualized
dividend yield is 5.6%. The Board also declared a cash dividend of
$0.50 per Series B Cumulative Preferred share for the first quarter
of 2006. The cash dividend is payable on April 13, 2006, to
preferred shareholders of record on March 31, 2006. About the
Company Raleigh, North Carolina-based Winston Hotels, Inc. is a
real estate investment trust specializing in the development,
acquisition, and repositioning of, and provision of subordinated
financing to, premium limited-service, upscale extended-stay and
full-service hotels, with a portfolio increasingly weighted toward
the leading brands in the lodging industry's upscale segment. The
Company currently owns or is invested in 56 hotel properties in 17
states having an aggregate of 7,667 rooms. This includes 49 wholly
owned properties with an aggregate of 6,719 rooms, a 60 percent
ownership interest in a joint-venture that owns one hotel with 138
rooms; a 49 percent ownership interest in a joint venture that owns
one hotel with 118 rooms, a 48.78 percent ownership interest in a
joint venture that owns one hotel with 147 rooms, and a 13.05
percent ownership interest in a joint venture that owns four hotels
with an aggregate of 545 rooms. The Company also currently has
loans outstanding to owners of 14 hotels with an aggregate of 3,337
rooms. These loans total $38.1 million. The company does not hold
an ownership interest in any of the hotels for which it has
provided financing. For more information about Winston Hotels, Inc.
visit the company's Web site at www.winstonhotels.com.
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