Winston Hotels today announced that it has sold the 125-room Hampton Inn in Hilton Head, South Carolina. The property was sold for $4.4 million in cash, net of closing costs, resulting in a gain of approximately $300,000. “The sale of this asset is consistent with our strategy of pruning our hotel portfolio where appropriate and re-investing the proceeds in properties that are more consistent with our long-term growth strategies,” said Joe Green, president & chief financial officer. “We plan to use the net proceeds to pay down debt. We continue to have an aggressive appetite to acquire premium-branded hotels that match our portfolio profile and to expand our hotel loan financing program.”
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