Winston Terminates Och-Ziff Merger Agreement
APRIL 3, 2007. Winston Hotels, Inc. (NYSE: WXH), a real estate investment trust and owner of premium limited-service, upscale extended-stay and full-service hotels, announced today that, on April 2, 2007, it terminated its February 21, 2007 merger agreement with Wilbur Acquisition Holding Company, LLC, a limited liability company held by affiliates of Och-Ziff Real Estate and Norge Churchill, Inc. effective immediately. The merger agreement with Wilbur Acquisition Holding Company was terminated in connection with the decision by the Board of Directors and the independent Special Committee of the Board of Directors of Winston Hotels to enter into an agreement and plan of merger with Inland American Real Estate Trust, Inc. Winston Hotels complied with the termination provisions of the merger agreement with Wilbur Acquisition Holding Company, including payment of termination fees and reimbursement of the expenses of Wilbur Acquisition Holding Company, which Winston expects to be reimbursed from Inland American shortly
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