Business Editors & Real Estate Writers
RALEIGH, N.C.--(BUSINESS WIRE)--April 29, 1997--Winston Hotels
Inc. (NASDAQ:WINN), a real estate investment trust and owner of
limited-service and extended-stay hotels, announced today it plans to
purchase the Comfort Suites hotel in Orlando, Fla., for $11.5
million, or approximately $57,000 per room.
The 215-room hotel will be Winston's second in the Florida
market, in addition to its Comfort Inn in Clearwater. The REIT also
expects to open early next year a 112-suite Homewood Suites hotel
currently under development in nearby Lake Mary.
"The Comfort Suites Orlando fits perfectly into our portfolio of
existing hotels," said Bob Winston, president & CEO of Winston
Hotels. "The purchase is in line with our stated strategy of
acquiring or building hotels which can be leaders in their markets,"
he added. Winston went on to say that the REIT would invest
approximately $1.2 million on a renovation of the eight-year-old
The Orlando Comfort Suites offers a comprehensive set of
amenities including a heated pool and whirlpool, poolside bar and
grill, children's playground, game room, guest laundry and a 24-hour
convenience store. The hotel has a free shuttle service to nearby
attractions such as Universal Studios, Sea World and Wet & Wild.
The purchase brings Winston's portfolio of operating hotels to 32
properties situated in six Southeastern states and Texas.
The REIT currently has six other properties - including the Lake
Mary project -- in various stages of development. Five of the
development projects are extended-stay hotels which will carry the
Homewood Suites flag. The sixth development -- a 120-room Courtyard
by Marriott hotel planned for Winston-Salem, N.C. -- was announced by
the REIT earlier this week.
For more information contact: Bob Winston, CEO, Winston Hotels
Raleigh, North Carolina-based Winston Hotels Inc., is a real
estate investment trust specializing in the development, acquisition,
and rehabilitation of hotel properties.
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