RALEIGH, N.C., Jan. 9 /PRNewswire/ -- Winston Hotels, Inc. (NYSE: WXH), today announced that the Company has closed on a $125 million line of credit provided by a group of four banks led by Wachovia Bank, N.A., as Agent, and including Branch Bank and Trust Company, SouthTrust Bank, N.A. and Centura Bank. The credit line, which is non-amortizing and secured by 28 operating hotel properties, has a 3-year term. The new facility maintains a variable interest rate depending upon corporate leverage. The current interest rate is based on LIBOR plus a spread of 2.00%, which is comparable to the spread of 1.45% under the previous facility. This credit facility replaces the Company's previous $140 million line of credit.
Winston Hotels President, James D. Rosenberg, commented: This new secured credit facility provides Winston Hotels with added financial flexibility as we explore further growth opportunities. We are excited to have consummated this transaction with such a reputable group of lenders and we look forward to continuing our productive relationship.
About the Company
Raleigh, North Carolina-based Winston Hotels, Inc., is a real estate investment trust specializing in the development, acquisition and rehabilitation of premium limited-service, high-end extended-stay and full-service hotel properties, with a portfolio increasingly weighted toward the leading brands in the lodging industry's upscale segment. The Company currently owns or is invested in 53 hotels with 7,452 rooms in 14 states, which includes 48 wholly owned properties with 6,723 rooms, a 49 percent ownership interest in 3 joint venture hotels with 454 rooms and a mezzanine financing interest in 2 hotels with 275 rooms.
For more information, call Patti Bell, Director of Investor Relations & Administration Of Winston Hotels, Inc., at (919) 510-8003.
For more information on Winston Hotels visit the Winston Hotels page at www.winstonhotels.com
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