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 third quarter of 2002. The cash dividend is payable on October 16, 2002, to shareholders of record on September 30, 2002. The Company currently has approximately 21.5 million common shares outstanding. Based on today`s closing price of $8.02 per common share, the annualized dividend yield is 7.5%.
The Board also declared a cash dividend of $0.578125 per preferred share for the third quarter of 2002. The cash dividend is payable on October 16, 2002, to preferred shareholders of record on September 30, 2002. The Company currently has 3.0 million preferred shares outstanding.
Raleigh, North Carolina-based Winston Hotels, Inc., is a real estate investment trust specializing in the development, acquisition, repositioning and active asset management of premium limited-service, upscale extended-stay and full-service hotels, with a portfolio increasingly weighted toward the leading brands in the lodging industry`s upscale segment. The Company currently owns or is invested in 53 hotels with 7,273 rooms in 16 states, which includes: 46 wholly-owned properties with 6,330 rooms; a 49 percent ownership interest in three joint venture hotels with 453 rooms; a 50 percent ownership interest in two joint venture hotels with 215 rooms; and a mezzanine financing interest in two hotels with 275 rooms. For more information about Winston Hotels, visit the Winston Hotels Web site, www.winstonhotels.com.
CONTACT: Winston Hotels, Inc., Raleigh Patti L. Bell, 919/510-8003 firstname.lastname@example.org or Daly Gray Public Relations Jerry Daly or Carol McCune, 703/435-6293 email@example.com or firstname.lastname@example.org