Winston Hotels, Inc., (NYSE: WXH) today announced that its Board of Directors has authorized the Company to repurchase up to 1,000,000 shares of common stock. The Company has approximately 16,900,000 shares of common stock outstanding.
The purchase of common stock may be made through the New York Stock Exchange or privately negotiated transactions. Such purchases will be made from time to time depending upon market conditions, in management’s sole discretion.
“Winston’s financial strength provides us with the capability to initiate the common stock repurchase program to enhance shareholder value through the strategic buying of our Company’s common shares,” commented Jim Rosenberg, President and Chief Operating Officer. “In our view, our recent common stock price trends are not consistent with the underlying value of the Company. The repurchase program reflects the confidence that Winston’s Board of Directors and management have in the Company’s fundamentals and future prospects.”