Winston Hotels Announces Opening of Hilton Garden Inn in Wilmington, N.C.
April 11 2007 - 3:35PM
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 the March opening of the
119-room Hilton Garden Inn hotel in the Mayfaire Town Center
development, a 400-acre, $200 million planned community
development, in Wilmington, NC. The complex includes office
buildings, retail outlets, residential homes and hotels. Situated
approximately 1.5 miles from the Atlantic Ocean, it is centrally
located between Wilmington and Wrightsville Beach. Alliance
Hospitality Services operates the hotel. The company also announced
the sale of one wholly owned hotel and one joint venture hotel in
the first quarter, bringing to three the number of hotel
dispositions for the year. The company�s 2007 hotel dispositions
include the following wholly owned properties: the 81-room Holiday
Inn Express in Abingdon, VA (February) and the 174-room Holiday Inn
in Tinton Falls, NJ (March). The aggregate net proceeds for the two
wholly owned dispositions during 2007 totaled approximately $19.6
million, resulting in an aggregate net gain on sale of
approximately $10.5 million. Also in March, one of the company�s
unconsolidated joint ventures, in which the company holds a 13.05
percent ownership interest, sold the 158-room Courtyard by Marriott
in Shelton, CT. Currently, Winston Hotels, Inc. owns or is invested
in 51 hotel properties in 18 states, having an aggregate of 6,911
rooms. This includes 43 wholly owned properties with an aggregate
of 5,877 rooms, a 41.7 percent ownership interest in a joint
venture that owns one hotel with 121 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, a 13.05 percent
ownership interest in a joint venture that owns three hotels with
an aggregate of 387 rooms, and a 0.21 percent 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. For more information about
Winston Hotels, Inc, visit the company's web site at
www.winstonhotels.com.
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