Winston Announces Dividends for Q2

RALEIGH, N.C.—(BUSINESS WIRE)—June 16, 2003—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 second quarter of 2003. The cash dividend is payable on July 16, 2003, to common shareholders of record on June 30, 2003. Based on today`s closing price of $8.75 per common share, the annualized dividend yield is 6.9%.

The Board also declared a cash dividend of $0.578125 per preferred share for the second quarter of 2003. The cash dividend is payable on July 16, 2003, to preferred shareholders of record on June 30, 2003.

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 52 hotels with 7,200 rooms in 17 states, which includes: 44 wholly-owned properties with 6,141 rooms; a 49 percent ownership interest in three joint venture hotels with 453 rooms; a 13.05 percent ownership interest in two joint venture hotels with 215 rooms; and a mezzanine financing interest in three hotels with 391 rooms. For more information about Winston Hotels, visit the Winston Hotels web site www.winstonhotels.com.

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