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Wednesday, 26 December 2018

Co-Founders of Winston Hotels Form Venture to Acquire, Develop Hotels

Robert W. Winston III and Joseph V. Green, who had co-founded Winston Hotels Inc. and oversaw its sale in 2007, have formed a new company with the same name. The Raleigh, N.C., firm will acquire and develop select-service hotels and certain full-service properties in markets across the country.

Commercial Real Estate Direct Staff Report

Robert W. Winston III and Joseph V. Green, who had co-founded Winston Hotels Inc. and oversaw its sale in 2007, have formed a new company with the same name.

The Raleigh, N.C., firm will acquire and develop select-service hotels and certain full-service properties in markets across the country. But its focus, at least initially, will be markets east of Texas. It is particularly interested in major markets that have high barriers to entry and strong demand, resort markets near beaches and mountains and secondary markets with projected population and job growth.

Winston Hotels has identified five potential investments - one acquisition, a redevelopment and three developments - which it expects to put under contract early next year. All told, it plans on investing $150 million to $200 million on those deals.

The original Winston Hotels launched in 1993 and listed its shares a year later. In 2007, Inland American Real Estate Trust Inc. acquired the company in a deal...


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