Winston Hotels Commences Public Offering of 3,000,000 Shares of Common Stock
22 August 2006 - 6:43AM
Business Wire
Winston Hotels, Inc. (NYSE: WXH), a real estate investment trust
(REIT) that owns, acquires and develops hotels directly and through
joint ventures, originates and acquires hotel loans and provides
hotel development and asset management services to joint ventures
in which it invests, announced today that it has commenced a public
offering of 3,000,000 shares of common stock. Friedman, Billings,
Ramsey & Co., Inc. is the sole book-runner of the offering and
Raymond James & Associates, Inc. is acting as co-lead manager,
with Robert W. Baird & Co. Incorporated and BB&T Capital
Markets, a division of Scott & Stringfellow, Inc., acting as
co-managers. The company intends to use the net proceeds from this
offering to reduce borrowings under its line of credit and for
general corporate purposes. The company has granted the
underwriters an option, exercisable within 30 days after the
pricing date, to purchase up to 450,000 additional shares of common
stock to cover over-allotments, if any. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor will there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state. The offering of these securities will be made only by means
of a prospectus, copies of which may be obtained from Friedman,
Billings, Ramsey & Co., Inc., 1001 19th Street North,
Arlington, Virginia 22209. About the Company The company currently
owns or is invested in 52 hotel properties in 17 states having an
aggregate of 7,055 rooms. This includes 44 wholly owned properties
with an aggregate of 5,984 rooms and eight hotels in joint ventures
totaling 1,071 rooms. The company's joint venture hotels include a
60% ownership interest in a joint venture that owns one hotel with
138 rooms, a 49% ownership interest in a joint venture that owns
one hotel with 118 rooms, a 48.78% ownership interest in a joint
venture that owns one hotel with 147 rooms, a 13.05% ownership
interest in a joint venture that owns four hotels with an aggregate
of 545 rooms and a 0.21% ownership interest in a joint venture that
owns one hotel with 123 rooms, for which substantially all of the
profit or loss generated by the joint venture is allocated to the
company. As of June 30, 2006, the company also had approximately
$59.7 million of outstanding loans in its loan portfolio that it
originated or purchased. The company does not hold an ownership
interest in any of the hotels for which it has provided financing.
Notes About Forward-Looking Statements In addition to historical
information, this press release contains forward-looking
statements. The reader can identify these statements by use of
words like "may," "will," "expect," "project," "anticipate,"
"estimate," "target," "believe," or "continue" or similar
expressions, including without limitation its acquisition,
disposition and development plans for hotel properties, its hotel
lending plans, its dividend policy, and its estimated net income
available to common shareholders, net income available to common
shareholders per share, FFO available to common shareholders, FFO
available to common shareholders per share and RevPAR. These
statements represent the company's judgment and are subject to
risks and uncertainties that could cause actual operating results
to differ materially from those expressed or implied in the forward
looking statements including, but not limited to, the failure of
customary closing conditions, changes in general economic
conditions, lower occupancy rates, lower average daily rates,
acquisition risks, development risks including risk of construction
delay, cost overruns, occupancy and governmental permits, zoning,
the increase of development costs in connection with projects that
are not pursued to completion, the risk of non-payment of
subordinated loans, or the failure to make additional hotel debt
investments and investments in hotels. Other risks are discussed in
the company's filings with the Securities and Exchange Commission,
including but not limited to its Annual Report on Form 10-K for the
year ended December 31, 2005. For more information, call Patti
Bell, Assistant Vice President of Administration & Investor
Relations of Winston Hotels, Inc., at (919) 510-8003. For more
information on Winston Hotels visit the Winston Hotels page at
www.winstonhotels.com.
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