RALEIGH, N.C.--(BUSINESS WIRE)--Dec. 31, 2002--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 66-room Hampton Inn in Chester, Virginia, for $3.3 million in cash, net of closing costs.
"We are pleased with the sale of the Hampton Inn in Chester, especially in this tough economic environment, as it is consistent with the Company's strategy of selectively pruning our hotel portfolio and focusing on investing in certain premium limited service and upscale hotel assets," said Joseph Green, chief financial officer. "We plan to use the net proceeds to pay down our debt, as we continue to consider investment opportunities in mezzanine debt and hotel assets, through various joint venture relationships that meet our investment objectives."
Raleigh, North Carolina-based Winston Hotels, Inc., is a real estate investment trust specializing in the development, acquisition, repositioning and active asset management of 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.
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