Winston Hotels Announces Opening of Hilton Garden Inn in Wilmington, N.C.
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Winston Hotels Announces Opening of Hilton Garden Inn in Wilmington, N.C.
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-04-12
Company Also Announces Sale of One Wholly Owned Hotel and One Joint Venture Hotel
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. 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.
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