Winston Hotels Opens Hilton Garden Inn in Akron, Ohio and Homewood Suites in Princeton, N.J.
November 30 2006 - 2:29PM
Business Wire
Winston Hotels, Inc. (NYSE:WXH), a real estate investment trust and
owner of premium limited-service, upscale extended-stay and
full-service hotels, today announced the opening of two newly
developed properties: the wholly owned, 142-room Homewood Suites in
Princeton, N.J., which opened today, and the jointly owned 121-room
Hilton Garden Inn in Akron, Ohio, which opened in early November.
Separately, the company announced it completed the sale of the
122-room Courtyard by Marriott hotel for net sale proceeds of $9.7
million, resulting in a gain of approximately $2.8 million. The
sale brings to seven the number of hotel dispositions by Winston in
2006. New Openings Homewood Suites � The 142-room property in
Princeton, N.J. opened today, approximately three months ahead of
schedule. Located in the Forrestal Center on Highway 1, the hotel
is one mile from Princeton University. The Princeton market has
approximately 12 million square feet of office space, including 6
million square feet of office space in the Forrestal Center
complex. Hilton Garden Inn � Situated adjacent to the Akron-Canton
Airport, the 121-room hotel, opened November 2nd. The property
anchors Gateway Corporate Park, a new, 33-acre business park that
includes 115,000 square feet of office space, retail and
restaurants. Winston holds a 41.7 percent ownership interest in the
joint venture and has provided an additional preferred equity
investment of $2.2 million. �We remain focused on constantly
seeking ways to enhance our portfolio and shareholder returns,�
said Joe Green, president and chief financial officer. �We will
continue to execute our strategy of selectively selling assets that
no longer meet our long-term operating objectives and reinvest the
net sales proceeds into facilities that have what we believe are
better long-term growth prospects.� About the Company Winston
currently owns or is invested in 53 hotel properties in 18 states
having an aggregate of 7,205 rooms. This includes 44 wholly owned
properties with an aggregate of 6,013 rooms and nine hotels in
joint ventures totaling 1,192 rooms. The company�s joint venture
hotels include a 41.7% ownership interest in a joint venture that
owns one hotel with 121 rooms, a 60% ownership interest in a joint
venture that owns one hotel with 138 rooms, a 49% ownership
interest in a joint venture that owns one hotel with 118 rooms, a
48.78% ownership interest in a joint venture that owns one hotel
with 147 rooms, a 13.05% ownership interest in a joint venture that
owns four hotels with an aggregate of 545 rooms and a 0.21%
ownership interest in a joint venture that owns one hotel with 123
rooms, for which substantially all of the profit or loss generated
by the joint venture is allocated to the company. As of September
30, 2006, the company also had approximately $61.7 million of
outstanding loans in its loan portfolio that it originated or
purchased. The company does not hold an ownership interest in any
of the hotels for which it has provided debt financing. In addition
to historical information, this press release contains
forward-looking statements. The reader can identify these
statements by use of words like �may,� �will,� �expect,� �project,�
�anticipate,� �estimate,� �target,� �believe,� �continue� or
similar expressions. These statements represent the company�s
judgment and are subject to risks and uncertainties that could
cause actual operating results to differ materially from those
expressed or implied in the forward looking statements including,
but not limited to, changes in general economic conditions, lower
occupancy rates, lower average daily rates, acquisition risks,
development and redevelopment risks including risk of construction
delay, cost overruns, occupancy, governmental permits, zoning, the
increase of development costs in connection with projects that are
not pursued to completion, lender consent rights in making loans,
the risk of non-payment of loans, or the failure to make additional
debt investments and investments in hotels. Other risks are
discussed in the company�s filings with the Securities and Exchange
Commission, including but not limited to its Annual Report on Form
10-K for the year ended December 31, 2005, Quarterly Reports on
Form 10-Q and its other periodic reports. Winston Hotels, Inc.
(NYSE:WXH), a real estate investment trust and owner of premium
limited-service, upscale extended-stay and full-service hotels,
today announced the opening of two newly developed properties: the
wholly owned, 142-room Homewood Suites in Princeton, N.J., which
opened today, and the jointly owned 121-room Hilton Garden Inn in
Akron, Ohio, which opened in early November. Separately, the
company announced it completed the sale of the 122-room Courtyard
by Marriott hotel for net sale proceeds of $9.7 million, resulting
in a gain of approximately $2.8 million. The sale brings to seven
the number of hotel dispositions by Winston in 2006. New Openings
-- Homewood Suites -- The 142-room property in Princeton, N.J.
opened today, approximately three months ahead of schedule. Located
in the Forrestal Center on Highway 1, the hotel is one mile from
Princeton University. The Princeton market has approximately 12
million square feet of office space, including 6 million square
feet of office space in the Forrestal Center complex. -- Hilton
Garden Inn -- Situated adjacent to the Akron-Canton Airport, the
121-room hotel, opened November 2nd. The property anchors Gateway
Corporate Park, a new, 33-acre business park that includes 115,000
square feet of office space, retail and restaurants. Winston holds
a 41.7 percent ownership interest in the joint venture and has
provided an additional preferred equity investment of $2.2 million.
"We remain focused on constantly seeking ways to enhance our
portfolio and shareholder returns," said Joe Green, president and
chief financial officer. "We will continue to execute our strategy
of selectively selling assets that no longer meet our long-term
operating objectives and reinvest the net sales proceeds into
facilities that have what we believe are better long-term growth
prospects." About the Company Winston currently owns or is invested
in 53 hotel properties in 18 states having an aggregate of 7,205
rooms. This includes 44 wholly owned properties with an aggregate
of 6,013 rooms and nine hotels in joint ventures totaling 1,192
rooms. The company's joint venture hotels include a 41.7% ownership
interest in a joint venture that owns one hotel with 121 rooms, a
60% ownership interest in a joint venture that owns one hotel with
138 rooms, a 49% ownership interest in a joint venture that owns
one hotel with 118 rooms, a 48.78% ownership interest in a joint
venture that owns one hotel with 147 rooms, a 13.05% ownership
interest in a joint venture that owns four hotels with an aggregate
of 545 rooms and a 0.21% ownership interest in a joint venture that
owns one hotel with 123 rooms, for which substantially all of the
profit or loss generated by the joint venture is allocated to the
company. As of September 30, 2006, the company also had
approximately $61.7 million of outstanding loans in its loan
portfolio that it originated or purchased. The company does not
hold an ownership interest in any of the hotels for which it has
provided debt financing. In addition to historical information,
this press release contains forward-looking statements. The reader
can identify these statements by use of words like "may," "will,"
"expect," "project," "anticipate," "estimate," "target," "believe,"
"continue" or similar expressions. These statements represent the
company's judgment and are subject to risks and uncertainties that
could cause actual operating results to differ materially from
those expressed or implied in the forward looking statements
including, but not limited to, changes in general economic
conditions, lower occupancy rates, lower average daily rates,
acquisition risks, development and redevelopment risks including
risk of construction delay, cost overruns, occupancy, governmental
permits, zoning, the increase of development costs in connection
with projects that are not pursued to completion, lender consent
rights in making loans, the risk of non-payment of loans, or the
failure to make additional debt investments and investments in
hotels. Other risks are discussed in the company's filings with the
Securities and Exchange Commission, including but not limited to
its Annual Report on Form 10-K for the year ended December 31,
2005, Quarterly Reports on Form 10-Q and its other periodic
reports.
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