Winston (NYSE:WXH)
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From Jul 2019 to Jul 2024
Winston Hotels, Inc. (NYSE:WXH), a real estate investment trust and
owner of premium limited-service, upscale extended-stay and full-service
hotels, today announced the opening of two newly developed properties:
the wholly owned, 142-room Homewood Suites in Princeton, N.J., which
opened today, and the jointly owned 121-room Hilton Garden Inn in Akron,
Ohio, which opened in early November.
Separately, the company announced it completed the sale of the 122-room
Courtyard by Marriott hotel for net sale proceeds of $9.7 million,
resulting in a gain of approximately $2.8 million. The sale brings to
seven the number of hotel dispositions by Winston in 2006.
New Openings
Homewood Suites — The 142-room property in
Princeton, N.J. opened today, approximately three months ahead of
schedule. Located in the Forrestal Center on Highway 1, the hotel is
one mile from Princeton University. The Princeton market has
approximately 12 million square feet of office space, including 6
million square feet of office space in the Forrestal Center complex.
Hilton Garden Inn — Situated adjacent to the
Akron-Canton Airport, the 121-room hotel, opened November 2nd. The
property anchors Gateway Corporate Park, a new, 33-acre business park
that includes 115,000 square feet of office space, retail and
restaurants. Winston holds a 41.7 percent ownership interest in the
joint venture and has provided an additional preferred equity
investment of $2.2 million.
“We remain focused on constantly seeking ways
to enhance our portfolio and shareholder returns,”
said Joe Green, president and chief financial officer. “We
will continue to execute our strategy of selectively selling assets that
no longer meet our long-term operating objectives and reinvest the net
sales proceeds into facilities that have what we believe are better
long-term growth prospects.”
About the Company
Winston currently owns or is invested in 53 hotel properties in 18
states having an aggregate of 7,205 rooms. This includes 44 wholly owned
properties with an aggregate of 6,013 rooms and nine hotels in joint
ventures totaling 1,192 rooms. The company’s
joint venture hotels include a 41.7% ownership interest in a joint
venture that owns one hotel with 121 rooms, 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 September 30, 2006, the company also
had approximately $61.7 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 debt
financing.
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,” “continue”
or similar expressions. 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,
changes in general economic conditions, lower occupancy rates, lower
average daily rates, acquisition risks, development and redevelopment
risks including risk of construction delay, cost overruns, occupancy,
governmental permits, zoning, the increase of development costs in
connection with projects that are not pursued to completion, lender
consent rights in making loans, the risk of non-payment of loans, or the
failure to make additional 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, Quarterly Reports on Form 10-Q and its other periodic reports.
Winston Hotels, Inc. (NYSE:WXH), a real estate investment trust
and owner of premium limited-service, upscale extended-stay and
full-service hotels, today announced the opening of two newly
developed properties: the wholly owned, 142-room Homewood Suites in
Princeton, N.J., which opened today, and the jointly owned 121-room
Hilton Garden Inn in Akron, Ohio, which opened in early November.
Separately, the company announced it completed the sale of the
122-room Courtyard by Marriott hotel for net sale proceeds of $9.7
million, resulting in a gain of approximately $2.8 million. The sale
brings to seven the number of hotel dispositions by Winston in 2006.
New Openings
-- Homewood Suites -- The 142-room property in Princeton, N.J.
opened today, approximately three months ahead of schedule.
Located in the Forrestal Center on Highway 1, the hotel is one
mile from Princeton University. The Princeton market has
approximately 12 million square feet of office space,
including 6 million square feet of office space in the
Forrestal Center complex.
-- Hilton Garden Inn -- Situated adjacent to the Akron-Canton
Airport, the 121-room hotel, opened November 2nd. The property
anchors Gateway Corporate Park, a new, 33-acre business park
that includes 115,000 square feet of office space, retail and
restaurants. Winston holds a 41.7 percent ownership interest
in the joint venture and has provided an additional preferred
equity investment of $2.2 million.
"We remain focused on constantly seeking ways to enhance our
portfolio and shareholder returns," said Joe Green, president and
chief financial officer. "We will continue to execute our strategy of
selectively selling assets that no longer meet our long-term operating
objectives and reinvest the net sales proceeds into facilities that
have what we believe are better long-term growth prospects."
About the Company
Winston currently owns or is invested in 53 hotel properties in 18
states having an aggregate of 7,205 rooms. This includes 44 wholly
owned properties with an aggregate of 6,013 rooms and nine hotels in
joint ventures totaling 1,192 rooms. The company's joint venture
hotels include a 41.7% ownership interest in a joint venture that owns
one hotel with 121 rooms, 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 September 30, 2006, the company
also had approximately $61.7 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
debt financing.
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," "continue" or similar expressions.
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, changes in general
economic conditions, lower occupancy rates, lower average daily rates,
acquisition risks, development and redevelopment risks including risk
of construction delay, cost overruns, occupancy, governmental permits,
zoning, the increase of development costs in connection with projects
that are not pursued to completion, lender consent rights in making
loans, the risk of non-payment of loans, or the failure to make
additional 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, Quarterly Reports on Form
10-Q and its other periodic reports.