RALEIGH, NC HOTEL BUSINESS. has learned that Winston Hotels, a real estate investment trust, plans to shift its focus away from hotel ownership to concentrate on building and financing hotel projects for other owner/operators.
In addition to two previously announced mezzanine financing agreements with Noble Investment Group, Winston is currently in negotiations for four or five additional financing/construction projects and “will probably sign three of them,” according to James Rosenberg, COO/Winston.
Rosenberg noted that the company would probably work on one more project with Noble this year, but plans to announce additional hotel alliances in the near future.
Winston recently completed $2.2 million in mezzanine financing for a 150-room Hilton Garden Inn in Tampa, FL as part of its strategic alliance with Noble Investment Group. Winston also provided $1.1 million in mezzanine financing to Noble last July to develop a 122-room Hilton Garden Inn in Atlanta, which is slated to open this spring. The Tampa hotel is slated to open in mid-2002. (3/7/01) Diana M. Rodriguez