Winston Announces Dividends for Second Quarter

Winston Hotels, Inc., 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 second quarter of 2004. The cash dividend is payable on July 16, 2004, to common shareholders of record on June 30, 2004. Based on today’s closing price of $9.76 per common share, the annualized dividend yield is 6.2%.

The Board also declared a cash dividend of $0.50 per Series B Cumulative Preferred share for the second quarter of 2004. The cash dividend is payable on July 16, 2004, to preferred shareholders of record on June 30, 2004.
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