Winston Announces Opening of Hilton Garden Inn, Wilmington NC
Company Also Announces Sale of One Wholly Owned Hotel and One Joint Venture Hotel
APRIL 11, 2007. 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.
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