RALEIGH, NC— Winston Hotels’ wholly owned taxable REIT subsidiary, Barclay Hospitality Services, has terminated the management contracts on six hotels operated by Interstate Management and Investment Corp. (IMIC) and has engaged Alliance Hospitality Management LLC here to operate the properties. It was reported that Barclay paid IMIC— a privately held hotel investment and management company based in Columbia, SC— $1.3 million in consideration for the termination of the contracts. Alliance now is said to operate approximately 85% of the hotels in which Winston holds an ownership interest. “Our goal is to closely align ownership and management interests to help achieve the highest possible return for our shareholders,” said REIT CEO Bob Winston. “Placing these hotels under a centralized system with Alliance Hospitality will help us more closely asset-manage these properties, [and]we believe shifting these hotels to Alliance will help us generate higher returns to our shareholders.”
