Winston Opens Courtyard by Marriott in Chapel Hill

11th Oct 2004

Winston Hotels, a real estate investment trust (REIT) and owner of premium limited-service, upscale extended-stay and full-service hotels, today announced the opening of the $14.7 million, 147-room Courtyard by Marriott hotel in Chapel Hill, N.C. We believe it is the first new hotel to open in more than a decade in the city, due to high barriers to new construction.

The hotel is owned by Chapel Hill Hotel Associates, LLC, a joint venture between Winston Hotels, with a 49 percent interest, and Chapel Hill Hotel Investments, LLC (CHHI), with a 51 percent interest. The hotel is leased from Chapel Hill Hotel Associates, LLC by Chapel Hill Lessee Company LLC, a new entity owned 49 percent by Winston Hotels and 51 percent by CHHI, and is managed by Alliance Hospitality Management, LLC. CHHI is owned 52 percent by Charles Winston and James Winston, both of whom are directors of the company, and 48 percent by three unrelated private investors.

The five-story hotel, located at 100 Marriott Way, has more than 1,800 square feet of meeting space, a 24-hour complimentary business center, on-site laundry facility and a courtyard cafe offering daily breakfast service. The hotel is adjacent to the Friday Center for Continuing Education and Meadowmont at the intersection of Friday Center Drive and Marriott Way. It is approximately one mile from the Chapel Hill campus of the University of North Carolina. Hotel guests visiting the university may park at the hotel and board the complimentary transit service to the campus across the street at the Friday Center.

“We believe our location and brand will be popular with business travelers and small group meetings, as well as with leisure travelers,” said Joe Green, president and chief financial officer. “Our close proximity and convenient transportation to the university also will attract visiting families, sports fans and others, such as visiting professors. “Development remains an important component of our long-term growth strategy,” he added. “We continue to seek opportunities on a selective basis and are excited about the pipeline of investments that we are considering.”

Under the terms of the joint venture, Winston provided development management services during construction of the hotel, for which it will be paid $700,000. Going forward, Winston will asset manage the property and be paid 1 percent of the gross revenue of the hotel.



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