Winston Announces Dividends for Q4
RALEIGH, NC, December 13, 2006. 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 that its Board of Directors has declared the Company's regular quarterly cash dividend distributions on its common and preferred shares.
The Board declared a cash dividend of $0.15 per common share for the fourth quarter of 2006. The cash dividend is payable on January 16, 2007, to common shareholders of record on December 29, 2006. Based on today's closing price of $13.59 per common share, the annualized dividend yield is 4.4%.
The Board also declared a cash dividend of $0.50 per Series B Cumulative Preferred share for the fourth quarter of 2006. The cash dividend is payable on January 16, 2007, to preferred shareholders of record on December 29, 2006. 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.
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