Winston (NYSE:WXH)
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Winston Hotels, Inc. (NYSE: WXH), a real estate
investment trust (REIT) that owns, acquires and develops hotels
directly and through joint ventures, originates and acquires hotel
loans and provides hotel development and asset management services to
joint ventures in which it invests, announced today that it has
commenced a public offering of 3,000,000 shares of common stock.
Friedman, Billings, Ramsey & Co., Inc. is the sole book-runner of the
offering and Raymond James & Associates, Inc. is acting as co-lead
manager, with Robert W. Baird & Co. Incorporated and BB&T Capital
Markets, a division of Scott & Stringfellow, Inc., acting as
co-managers.
The company intends to use the net proceeds from this offering to
reduce borrowings under its line of credit and for general corporate
purposes.
The company has granted the underwriters an option, exercisable
within 30 days after the pricing date, to purchase up to 450,000
additional shares of common stock to cover over-allotments, if any.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state. The offering of these securities
will be made only by means of a prospectus, copies of which may be
obtained from Friedman, Billings, Ramsey & Co., Inc., 1001 19th Street
North, Arlington, Virginia 22209.
About the Company
The company currently owns or is invested in 52 hotel properties
in 17 states having an aggregate of 7,055 rooms. This includes 44
wholly owned properties with an aggregate of 5,984 rooms and eight
hotels in joint ventures totaling 1,071 rooms. The company's joint
venture hotels include a 60% ownership interest in a joint venture
that owns one hotel with 138 rooms, a 49% ownership interest in a
joint venture that owns one hotel with 118 rooms, a 48.78% ownership
interest in a joint venture that owns one hotel with 147 rooms, a
13.05% ownership interest in a joint venture that owns four hotels
with an aggregate of 545 rooms and a 0.21% 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. As of June 30, 2006, the company also had
approximately $59.7 million of outstanding loans in its loan portfolio
that it originated or purchased. The company does not hold an
ownership interest in any of the hotels for which it has provided
financing.
Notes About Forward-Looking Statements
In addition to historical information, this press release contains
forward-looking statements. The reader can identify these statements
by use of words like "may," "will," "expect," "project," "anticipate,"
"estimate," "target," "believe," or "continue" or similar expressions,
including without limitation its acquisition, disposition and
development plans for hotel properties, its hotel lending plans, its
dividend policy, and its estimated net income available to common
shareholders, net income available to common shareholders per share,
FFO available to common shareholders, FFO available to common
shareholders per share and RevPAR. These statements represent the
company's judgment and are subject to risks and uncertainties that
could cause actual operating results to differ materially from those
expressed or implied in the forward looking statements including, but
not limited to, the failure of customary closing conditions, changes
in general economic conditions, lower occupancy rates, lower average
daily rates, acquisition risks, development risks including risk of
construction delay, cost overruns, occupancy and governmental permits,
zoning, the increase of development costs in connection with projects
that are not pursued to completion, the risk of non-payment of
subordinated loans, or the failure to make additional hotel debt
investments and investments in hotels. Other risks are discussed in
the company's filings with the Securities and Exchange Commission,
including but not limited to its Annual Report on Form 10-K for the
year ended December 31, 2005.
For more information, call Patti Bell, Assistant Vice President of
Administration & Investor Relations of Winston Hotels, Inc., at (919)
510-8003. For more information on Winston Hotels visit the Winston
Hotels page at www.winstonhotels.com.