Winston Hotels Terminates Och-Ziff Merger Agreement and Enters into Inland American Merger Agreement
03 April 2007 - 2:30PM
Business Wire
Winston Hotels, Inc. (NYSE: WXH), a real estate investment trust
and owner of premium limited-service, upscale extended-stay and
full-service hotels, announced today that, on April 2, 2007, it
terminated its February 21, 2007 merger agreement with Wilbur
Acquisition Holding Company, LLC, a limited liability company held
by affiliates of Och-Ziff Real Estate and Norge Churchill, Inc.
effective immediately. The merger agreement with Wilbur Acquisition
Holding Company was terminated in connection with the decision by
the Board of Directors and the independent Special Committee of the
Board of Directors of Winston Hotels to enter into an agreement and
plan of merger with Inland American Real Estate Trust, Inc. Winston
Hotels complied with the termination provisions of the merger
agreement with Wilbur Acquisition Holding Company, including
payment of termination fees and reimbursement of the expenses of
Wilbur Acquisition Holding Company, which Winston expects to be
reimbursed from Inland American shortly. About Winston Hotels As of
December 31, 2006, Winston Hotels owned or was invested in 53 hotel
properties in 18 states, having an aggregate of 7,205 rooms. This
included 44 wholly owned properties with an aggregate of 6,013
rooms, a 41.7% ownership interest in a joint venture that owned one
hotel with 121 rooms, a 60% ownership interest in a joint venture
that owned one hotel with 138 rooms, a 49% ownership interest in a
joint venture that owned one hotel with 118 rooms, a 48.78%
ownership interest in a joint venture that owned one hotel with 147
rooms, a 13.05% ownership interest in a joint venture that owned
four hotels with an aggregate of 545 rooms, and a 0.21% ownership
interest in a joint venture that owned 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 December 31, 2006,
the company also had $52.1 million in loan receivables from owners
of several hotels. The company does not hold an ownership interest
in any of the hotels for which it has provided debt financing. For
more information about Winston Hotels Inc, visit the company's web
site at www.winstonhotels.com.
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