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RALEIGH, N.C. -- 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 2004. The cash dividend is payable on October 15, 2004, to common shareholders of record on September 30, 2004. Based on today's closing price of $10.47 per common share, the annualized dividend yield is 5.7%.
The Board also declared a cash dividend of $0.50 per Series B Cumulative Preferred share for the third quarter of 2004. The cash dividend is payable on October 15, 2004, to preferred shareholders of record on September 30, 2004.
About the Company
Raleigh, North Carolina-based Winston Hotels, Inc. is a real estate investment trust specializing in the development, acquisition, and repositioning of, and provision of subordinated financing to, 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 50 hotels with an aggregate of 7,038 rooms in 15 states, which includes: 44 wholly owned properties with an aggregate of 6,262 rooms; a 49 percent ownership interest in one joint-venture hotel with 118 rooms; and a 13.05 percent ownership interest in five joint-venture hotels with 658 rooms. In addition, the company owns a 48.78 percent ownership interest in one joint venture that is developing a hotel with 147 rooms which we expect to open later this month. The company also has issued mezzanine loans to owners of five hotels with an aggregate of 881 rooms. The company does not hold an ownership interest in any of the hotels for which it has provided mezzanine financing. For more information about Winston Hotels, visit the Winston Hotels Web site at www.winstonhotels.com
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