Winston Hotels Acquires Courtyard by Marriott Hotel in St. Charles, Ill.; Sells Homewood Suites by Hilton in Alpharetta, Ga.; Al
08 9월 2006 - 4:15AM
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 that it has acquired the
121-room Courtyard by Marriott in St. Charles, Ill. for $9.2
million from a private investment group. "Built in 2000, this
well-located property is surrounded by a diversified mix of demand
generators that attract both corporate and leisure travelers," said
Joe Green, president and chief financial officer. "The hotel adds
to our growing list of properties located in or near major urban
markets, and we were able to acquire it at an attractive
valuation." Located about 35 miles west of downtown Chicago, the
hotel features about 1,000 square feet of meeting space, an indoor
pool, a fitness center, and complimentary high-speed wireless
internet access. Hotel Sale Winston also announced the sale of its
Homewood Suites in Alpharetta, Ga. that closed on August 28, 2006
for net sales proceeds of $9.7 million, resulting in a gain of
approximately $3.4 million. "We will continue to selectively sell
those assets where we believe we can better enhance shareholders in
the long term by reinvesting net sale proceeds", Green noted.
Dividend Winston's board of directors declared the company's
regular quarterly cash dividend for the 2006 third quarter on its
common and preferred shares. The cash dividend of $0.15 per common
share is payable on October 16, 2006 to common shareholders of
record on September 30, 2006. Based on yesterday's closing price of
$11.91 per common share, the annualized dividend yield is 5.0
percent. The board also declared a cash dividend of $0.50 per
Series B Cumulative Preferred share for the third quarter of 2006.
The cash dividend is payable on October 16, 2006, to preferred
shareholders of record on September 30, 2006. About the Company The
company currently owns or is invested in 52 hotel properties in 17
states having an aggregate of 7,064 rooms. This includes 44 wholly
owned properties with an aggregate of 5,993 rooms and eight hotels
in joint ventures totaling 1,071 rooms. The company's joint venture
hotels include 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 June 30, 2006, the
company also had approximately $59.7 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 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 (NYSE:WXH)
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Winston (NYSE:WXH)
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