Winston Hotels Buys Land Parcel in Downtown Raleigh, Plans to Build Two Hotels in Mixed-use Development
18 Aprile 2007 - 1:57PM
Business Wire
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 purchased a
0.73-acre vacant site in downtown Raleigh, N.C. located at the
corner of Hillsborough and West Street on which it plans to build a
high-rise, mixed-use development that will include a 120-room
Hampton Inn and Suites, an 80-room aloft hotel and approximately
5,000 square feet of retail and restaurant space. The high-rise may
also include up to 250 residential condominiums. Plans are expected
to be finalized this summer. Pending city planning, permitting and
other required government approvals, construction is expected to
begin in the 2008 first quarter. Currently, Winston Hotels, Inc.
owns or is invested in 51 hotel properties in 18 states, having an
aggregate of 6,911 rooms. This includes 43 wholly owned properties
with an aggregate of 5,877 rooms, a 41.7 percent ownership interest
in a joint venture that owns one hotel with 121 rooms, a 60 percent
ownership interest in a joint venture that owns one hotel with 138
rooms, a 49 percent ownership interest in a joint venture that owns
one hotel with 118 rooms, a 48.78 percent ownership interest in a
joint venture that owns one hotel with 147 rooms, a 13.05 percent
ownership interest in a joint venture that owns three hotels with
an aggregate of 387 rooms, and a 0.21 percent ownership interest in
a joint venture that owns one hotel with 123 rooms for which
substantially all of the profit or loss generated by the joint
venture is allocated to the company. For more information about
Winston Hotels, Inc, visit the company's web site at
www.winstonhotels.com.
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