Winston Hotels Buys 2nd Property In Joint Venture With Concord Hospitality

RALEIGH, NC— Winston Hotels, a real estate investment trust (REIT) that owns premium limited-service, upscale extended-stay and full-service hotels, announced the purchase of a vacant building located in an upscale suburb of Cleveland, OH known as Beachwood, for $3.05 million through a 50-50 joint venture with Cleveland-based Concord Hospitality Enterprises Company. The company and its joint venture partner believe the $3.05 million purchase price is significantly less than the replacement value of the property. The building will undergo an extensive renovation and become a 113-room Courtyard by Marriott, with an expected opening in early 2003. Concord, a prominent Marriott franchisee, also has been engaged by the joint venture to manage the hotel.