Winston Hotels Declares Dividend

NEW YORK— Winston Hotels announced that its board of directors has declared the companys regular quarterly cash dividend distributions on its common and preferred shares. The board declared a cash dividend of $0.28 per common share for the second quarter of 2001. The cash dividend is payable on July 16, 2001 to shareholders of record on June 29, 2001. The company currently has approximately 16.9 million common shares outstanding. Based on todays closing price of $10.15 per common share, the annualized dividend yield is11%. The board also declared a cash dividend of $0.578125 per preferred share for the second quarter of 2001. The cash dividend is payable on July 16, 2001, to preferred shareholders of record on June 29, 2001. The company currently has 3.0 million preferred shares outstanding.