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Hotel Industry News |
Saturday November 22nd, 2008 |
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Winston Hotels Announces the Sale of Hilton Head Hampton Inn |
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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 that it has sold the 125-room Hampton Inn in Hilton Head, South Carolina. |
The property was sold for $4.4 million in cash, net of closing costs, resulting in a gain of approximately $300,000.
"The sale of this asset is consistent with our strategy of pruning our hotel portfolio where appropriate and re-investing the proceeds in properties that are more consistent with our long-term growth strategies," said Joe Green, president & chief financial officer. "We plan to use the net proceeds to pay down debt. We continue to have an aggressive appetite to acquire premium-branded hotels that match our portfolio profile and to expand our hotel loan financing program."
About the Company
Raleigh, North Carolina-based Winston Hotels, Inc. is a real estate investment trust specializing in the development, acquisition, and repositioning of, and provision of subordinated financing to, premium limited-service, upscale extended-stay and full-service hotels, with a portfolio increasingly weighted toward the leading brands in the lodging industry's upscale segment. The company currently owns or is invested in 49 hotels with an aggregate of 6,886 rooms in 15 states, which includes: 42 wholly owned properties with an aggregate of 5,963 rooms; a 49 percent ownership interest in one joint-venture hotel with 118 rooms; a 48.78 percent ownership interest in one joint venture hotel with 147 rooms; and a 13.05 percent ownership interest in five joint-venture hotels with 658 rooms.
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