Press Release: Winston Hotels, Inc.
September 13, 2001
RALEIGH, NC -- Winston Hotels, Inc. (NYSE: WXH), yesterday 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 $0.28 per common share for the third quarter of 2001. The cash dividend is
payable on October 16, 2001 to shareholders of record on September 30, 2001. The Company currently has approximately
16.9 million common shares outstanding. Based on today's closing price of $ 9.70 per common share, the annualized
dividend yield is 11.5%.
The Board also declared a cash dividend of $0.578125 per preferred share for the second quarter of 2001. The cash
dividend is payable on October 16, 2001, to preferred shareholders of record on September 30, 2001. The Company
currently has 3.0 million preferred shares outstanding.
About the Company
Raleigh, North Carolina-based Winston Hotels, Inc., is a real estate investment trust specializing in the development,
acquisition and rehabilitation of premium limited-service, high-end extended-stay and full- service hotel properties,
with a portfolio increasingly weighted toward the leading brands in the lodging industry's upscale segment. The
Company currently owns 49 operating hotels with 6,723 rooms in 12 states, as well as a 49 percent ownership interest
in 3 other operating hotels with 454 rooms. Additionally, the Company has provided mezzanine financing to a third
party for the development and construction of a Hilton Garden Inn hotel in Atlanta, which opened in April of this
year, and a Hilton Garden Inn Hotel in Tampa, which is scheduled to open in May, 2002.
For more information, call Patti Bell, Investor Relations Manager Of Winston Hotels, Inc., at (919) 510-8003.
For more information on Winston Hotels visit the Winston Hotels page at www.winstonhotels.com.
SOURCE: Winston Hotels, Inc.