Winston Hotels, LLC Formed to Develop/Acquire Hotels

RALEIGH, N.C.–(BUSINESS WIRE)–Three seasoned hotel executives with a combined 80 years of hotel,
development, acquisition, and management experience today announced the
formation of Winston Hotels, LLC to develop and acquire hotels across
the U.S.

The three executives include:

  • Robert W. Winston III, executive chairman of the board and co-founder,
    has been involved in hotel real estate for more than 27 years, most
    recently as chief executive officer with Winston Hospitality, a hotel
    operator founded in 1991. He is the former co-founder and chief
    executive officer of the original Winston Hotels, Inc., a publicly
    traded hospitality REIT (NYSE: WXH) that ranked in the top quartile of
    public hospitality REITs for shareholder investment returns before
    being acquired in 2007.
  • Joseph V. Green, chief executive officer and co-founder, brings with
    him nearly 40 years of hospitality and real estate leadership
    experience and in-depth expertise in corporate finance and real estate
    acquisitions/development in both public and private organizations. He
    co-founded and was president of the original Winston Hotels, Inc., and
    most recently served as president of The Preiss Company (TPCO), one of
    the nation’s largest, privately-held, student housing owner-operators
    with roughly $1.5 billion of assets under management.
  • Mathew A. Jalazo, executive vice-president of development, has been an
    integral part of hotel real estate transactions, including
    acquisitions and development, across the U.S. and Canada in his nearly
    15 years of experience. Prior to joining Winston, he served as the
    vice president of development for Urgo Hotels Resorts, a Bethesda,
    Md.-based hotel company that develops, acquires and operates
    distinctive and unique hotels and resorts in major markets and resort
    locations in the U.S., Canada and the Caribbean. During his tenure
    there, he was instrumental in growing the company’s portfolio from 18
    to 44 hotels.

Combined the executive team has executed over $2 billion in
transactions, including acquisitions, dispositions, recaps and
development.

“We see a significant number of hotel investment opportunities in the
foreseeable future for properties with the right dynamics,” Winston
said. “While certain markets may be at capacity, especially the top
MSAs, there always will be opportunities that offer above average
returns. That’s where we will concentrate our activity, typically as
long-term holders that are better prepared to weather market
disruptions.”

The newly formed company plans to focus on opportunistic developments
and value-add acquisitions. Winston will target markets with positive
current and future growth trends indictive of long-term demand growth.

“We have a long-term outlook with patient capital to develop through all
phases of the investment cycle,” Green added. “We prefer to look at the
bigger picture. Is the market experiencing limited supply growth or does
it have the ability to absorb supply growth in the long term? How has
the market rebounded from the Great Recession? As a result, we will be
in a limited group of developers who match our profile and experience,
which we believe gives us a significant competitive advantage in all
phases of the real estate cycle.”

Winston will target premium brands including select-service and compact
full-service hotels within the Marriott, Hilton, Hyatt and IHG brand
families.

“We plan to capitalize on our extensive and strong relationships with
brands, brokers and executives throughout the industry to grow our
existing pipeline of projects across the U.S.,” Jalazo noted. “We are
taking an aggressive, yet measured, approach to build a unique portfolio
of hotels in markets that can stand the test of time.”

About Winston Hotels, LLC

Winston Hotels, LLC is a full-service hospitality company that develops
and acquires hotels throughout the United States. Focusing on
opportunistic developments and value-add acquisitions, the company
targets markets with positive current and future growth trends
indicative of long-term demand growth. Winston’s executive team has
executed more than $2 billion in transactions, including acquisitions,
dispositions, recapitalizations and development.

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