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, announced today that, on April 2, 2007, it terminated its
February 21, 2007 merger agreement with Wilbur Acquisition Holding
Company, LLC, a limited liability company held by affiliates of Och-Ziff
Real Estate and Norge Churchill, Inc. effective immediately. The merger
agreement with Wilbur Acquisition Holding Company was terminated in
connection with the decision by the Board of Directors and the
independent Special Committee of the Board of Directors of Winston
Hotels to enter into an agreement and plan of merger with Inland
American Real Estate Trust, Inc. Winston Hotels complied with the
termination provisions of the merger agreement with Wilbur Acquisition
Holding Company, including payment of termination fees and reimbursement
of the expenses of Wilbur Acquisition Holding Company, which Winston
expects to be reimbursed from Inland American shortly.
About Winston Hotels
As of December 31, 2006, Winston Hotels owned or was invested in 53
hotel properties in 18 states, having an aggregate of 7,205 rooms. This
included 44 wholly owned properties with an aggregate of 6,013 rooms, a
41.7% ownership interest in a joint venture that owned one hotel with
121 rooms, a 60% ownership interest in a joint venture that owned one
hotel with 138 rooms, a 49% ownership interest in a joint venture that
owned one hotel with 118 rooms, a 48.78% ownership interest in a joint
venture that owned one hotel with 147 rooms, a 13.05% ownership interest
in a joint venture that owned four hotels with an aggregate of 545
rooms, and a 0.21% ownership interest in a joint venture that owned 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
December 31, 2006, the company also had $52.1 million in loan
receivables from owners of several hotels. The company does not hold an
ownership interest in any of the hotels for which it has provided debt
financing. For more information about Winston Hotels Inc, visit the
company's web site at www.winstonhotels.com.