Winston Hotels Rounds Out its Interest in Two Hotels

RALEIGH, NC-Winston Hotels Inc. has acquired additional ownership interest in two Hilton Garden Inn hotels from its former joint-venture partner, Regent Partners Inc. The properties are located in Evanston, IL, and Windsor, CT. The $8.2-million acquisition gives the locally headquartered hotel REIT 100% ownership of the two properties.The equity buyout was based on a combined $37.5 million value for both hotels. Winston purchased Regent’s 51% interest in the Evanston and Windsor Hilton Garden Inns for $7.0 million and $1.2 million, respectively. The Evanston property remains subject to an $11.8 million first mortgage, while the company paid off the outstanding balance totaling $9.3 million under the first mortgage for the Windsor property. Alliance Hospitality Management LLC continues to manage the Evanston hotel and Hilton Corp. is operating the Windsor property.”We believe that now is a particularly good time to take full ownership of these properties, considering the current state of the hotel real estate cycle,” says Winston president and CEO Joe Green. “We believe that both properties are well positioned to compete for business in the marketplace.” The 178-room Evanston Hilton Garden Inn is located adjacent to Northwestern University on Chicago’s North Shore and within one block of two commuter rail stations that offer service to downtown Chicago and O’Hare International Airport. The hotel also is next to Church Street Plaza, a major retail and entertainment venue. The 157-room Windsor property serves Bradley International Airport and, according to Winston, is within driving distance of the corporate headquarters of Cigna, Konica, Advo and United Technologies. Winston Hotels specializes in the development, acquisition, and management of limited-service, extended-stay and full-service hotels. The company currently owns or is invested in 50 hotels with 7,071 rooms in 16 states.