WXH Winston Hotels

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.