RALEIGH, NC— Winston Hotels has closed on a $125 million line of credit provided by a group of four banks led by Wachovia Bank, N.A., as agent, and including Branch Bank and Trust Company, SouthTrust Bank, N.A., and Centura Bank. The credit line, which is non-amortizing and secured by 28 operating hotel properties, has a 3-year term. The new facility maintains a variable interest rate depending upon corporate leverage. This credit facility replaces the companys previous $140 million line of credit. The new secured credit facility is intended to provide Winston with added financial flexibility to explore growth opportunities.
Previous ArticleHawthorn Reports 2001 Was A ‘Suite’ Year
Next Article Travelodge Confirms Rescheduled Conference Date