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 hotel. 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 Inc., 919/510-6010. Raleigh, North Carolina-based Winston Hotels Inc., is a real estate investment trust specializing in the development, acquisition, and rehabilitation of hotel properties.
WINSTON HOTELS TO PURCHASE ORLANDO HOTEL
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