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PART
I
ITEM
1 ITEM 2
ITEM 3 ITEM
4
ITEM
1. BUSINESS
General
Development of Business
Winston
Hotels, Inc. ("WHI") operates so as to qualify as a real
estate investment trust ("REIT") for federal income tax
purposes. During 1994, WHI completed an initial public offering of its
common stock ("Common Stock"), utilizing the majority of the
proceeds to acquire one hotel and a general partnership interest (as the
sole general partner) in WINN Limited Partnership (the
"Partnership"). The Partnership used a substantial portion of
the proceeds to acquire nine additional hotel properties. These ten
hotels were acquired from affiliates of WHI. WHI and the Partnership
(collectively the "Company") began operations as a REIT on
June 2, 1994. As of December 31, 2000, WHI’s ownership in the
Partnership was 92.86%.
During
1995 and 1996, WHI completed follow-on Common Stock offerings, as well
as a Preferred Stock offering in September 1997, and invested the net
proceeds from these offerings in the Partnership. The Partnership
utilized the proceeds to acquire 28 additional hotel properties. During
1998, the Company added 13 additional properties to its portfolio, five
of which were internally developed. During 2000, the Company sold two
hotels. As of December 31, 2000, the Company owned 49 hotel properties
(the "Current Hotels") in 12 states having an aggregate of
6,723 rooms.
The
Company also owns a 49% ownership interest in three joint ventures, two
of which each own an operating hotel and a third which owns a hotel
under development and expected to open in July 2001, collectively (the
"Joint Venture Hotels"). The Joint Venture Hotels consist of a
Hilton Garden Inn located in Windsor, CT, a Hampton Inn located in Ponte
Vedra, FL and a Hilton Garden Inn, currently under construction, located
in Evanston, IL. Additionally, the Company has provided mezzanine
financing to two unrelated parties for two other hotels in which the
Company will have no ownership interest.
As
of December 31, 2000, the Company leased 47 of the 49 Current Hotels to
CapStar Winston Company, L.L.C. ("CapStar Winston"), a wholly
owned subsidiary of MeriStar Hotels and Resorts, Inc. ("MeriStar"),
one of the Current Hotels to Bristol Hotel Tenant Company, a wholly
owned subsidiary of Bass PLC of London ("Bass") and one of the
Current Hotels to Secaucus Holding Corporation, a wholly owned
subsidiary of Prime Hospitality Corp. ("Prime"). CapStar
Winston also currently leases one Joint Venture Hotel located in Ponte
Vedra, FL and has signed a lease agreement to lease the Joint Venture
Hotel located in Evanston, IL to be opened in July 2001. Bass also
currently leases the Joint Venture Hotel located in Windsor, CT. All 49
of the Current Hotels were leased pursuant to separate percentage
operating lease agreements that provide for rent payments based, in
part, on revenues from the Current Hotels (the "Percentage
Leases"). Under the terms of the Percentage Leases, the lessees are
obligated to pay the Company the greater of base rent ("Base
Rent") or percentage rent ("Percentage Rent"). The
Percentage Leases are designed to allow the Company to participate in
the growth in revenues at the Current Hotels by requiring that a portion
of each Current Hotel’s room revenues in excess of specified amounts
will be paid to the Company as Percentage Rent.
Narrative
Description of Business
Growth
Strategy
The
Company’s growth strategy is to enhance shareholder value by
increasing cash available for distribution per share of Common Stock
through: (i) participating in any increased room revenue from the
Current Hotels and any subsequently acquired or developed hotels through
Percentage Leases; (ii) acquiring additional hotels, or ownership
interests in hotels, that meet the Company’s investment criteria;
(iii) selectively developing hotels to own and hotel additions as market
conditions warrant; (iv) leveraging off of its management team’s
expertise, such as third party development and purchasing and design
services, and (v) mezzanine financing activities whereby the Company
initiates hotel loans to third party borrowers.
Internal
Growth Strategy
The
Company participates in any increased room revenue from the Current
Hotels through Percentage Leases. The Company believes that internal
growth, through increases in Percentage Rent has and, in the future, may
result from: (i) continued sales and marketing programs by the lessees
and operators; (ii) completion of refurbishment projects as needed at
the Current Hotels; (iii) maintaining hotel franchises with demonstrated
market acceptance and national reservation systems; and (iv)
continuation of the industry-wide trend of increasing average daily room
rate ("ADR") and revenue per available room ("REVPAR").
The
Percentage Leases provide that a percentage of room revenues in
specified ranges is paid as Percentage Rent. For most leases, the
percentage of room revenues paid as Percentage Rent increases as a
higher specified level of room revenues is achieved. Pursuant to each
Percentage Lease, Base Rent and the ranges of room revenues specified
for purposes of calculating Percentage Rent are
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adjusted
on a quarterly or annual basis for inflation beginning on the first day
after the first full fiscal year of the Percentage Lease, based on
changes in the United States Consumer Price Index ("CPI").
Acquisition
Strategy
The Company intends to acquire additional hotels, or ownership interests
in hotels, with strong national franchise affiliations in the mid-scale
and upscale market segments, or hotel properties with the potential to
obtain such franchise affiliations. In particular, the Company will
consider acquiring limited-service hotels such as Hampton Inn and
Fairfield Inn by Marriott hotels; full-service hotels such as Hilton
Garden Inn, Courtyard by Marriott and Holiday Inn hotels; and
extended-stay hotel properties such as Homewood Suites by Hilton,
Hampton Inn and Suites, Residence Inn, Spring Hill Suites by Marriott
and Staybridge by Holiday Inn (see "Management’s Discussion and
Analysis of Financial Condition and Results of Operations ---- Forward
Looking Statements").
The Company intends to consider investments in hotel properties that
meet one or more of the following criteria: (i) properties in locations
with relatively high demand for rooms, a relatively low supply of hotel
properties and barriers to easy entry into the hotel business, such as a
scarcity of suitable sites or zoning restrictions; (ii) successful
hotels available at favorable prices; and (iii) newly developed hotels
that the developer does not intend to own. The Company believes its
relationship with each lessee and franchisor will provide additional
potential investment opportunities.
Additional investments in hotel properties may be made through the
Partnership, directly by WHI or with other entities. The Company’s
ability to acquire additional hotel properties and develop hotels
depends primarily on its ability to obtain additional debt financing,
proceeds from subsequent issuances of Common Stock or other securities,
proceeds from the sale of hotel properties or co-investments from other
investors.
Development
Strategy
The Company intends to pursue hotel development as suitable
opportunities arise. The Company may finance 100% of such development or
seek partners who would co-invest in development or rehabilitation joint
ventures. The Company intends to consider development of hotels with
strong national franchise affiliations in markets where the Company
believes that carefully timed and managed development will yield returns
to the Company that exceed returns from any available hotels in those
markets that meet the Company’s acquisition criteria (see
"Management’s Discussion and Analysis of Financial Condition and
Results of Operations ---- Forward Looking Statements"). The
Company earns certain fees from its joint venture development activity
and also is exploring other opportunities to use management’s
expertise to earn additional fees through third party development.
In June 1999, the Company entered into a joint venture agreement to
jointly develop and own upscale hotels with Regent Partners, Inc., a
leading real estate development, investment and services firm and a
wholly owned subsidiary of J.A. Jones, Inc. ("Regent"). By
combining Regent’s expertise in hotel development with the Company’s,
this approach offers each organization the potential for attractive
financial returns. Under the terms of the joint venture agreement (the
"Regent Joint Venture"), Regent and the Company co-develop the
hotels and receive fees for their respective services including
development, purchasing and, upon opening of the hotel, ongoing asset
management. The Regent Joint Venture consists of two separate joint
ventures, each of which owns one hotel.
The Regent Joint Venture’s initial project, a $16.5 million,
full-service 158-room Hilton Garden Inn in Windsor, CT, opened in
September 2000. Construction has begun on the Regent Joint Venture’s
second project, a $20 million, 177-room Hilton Garden Inn in the Chicago
suburb of Evanston, which is scheduled to open in July 2001. The Company
owns 49 percent of the Regent Joint Venture. The Company has the right
to acquire Regent’s interests in each project subject to the
provisions of the joint venture agreement.
In
April 2000, the Company entered into a joint venture agreement with
Marsh Landing Investment, LLC to jointly develop an $8.5 million,
118-room Hampton Inn in Ponte Vedra, FL. This hotel was opened in
December 2000. The Company owns 49% of the joint venture, and Marsh
Landing Investment, LLC, a company owned by Charles M. Winston and James
H. Winston, owns the remaining 51%. Both Charles M. Winston and James H.
Winston serve on the Company’s Board of Directors. The Company has the
right to acquire Marsh Landing Investment, LLC’s interest subject to
the provisions of the joint venture agreement.
In addition to generating development, purchasing and asset management
fee income and thus enhancing the Company’s revenues and cash flow,
other benefits of these joint venture agreements include expanding our
affiliations with leading upscale brands and the potential addition of
new hotels to our portfolio, despite the external capital constraints
prevalent in today’s real estate market.
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Mezzanine
Financing
On July 5, 2000, the Company entered into a strategic alliance with
Noble Investment Group, Ltd. ("Noble") to partially finance
and develop two Hilton Garden Inn hotels, one in Atlanta (Sugarloaf), GA
and one in Tampa, FL, and to explore other similar upscale Hilton and
Marriott opportunities. In July, the Company provided $1.1 million in
mezzanine funding for the 122-room Hilton Garden Inn in Atlanta
(Sugarloaf) and in February 2001, provided approximately $2.2 million in
mezzanine funding for the 153-room Hilton Garden Inn in Tampa. Noble is
responsible for providing the remainder of the funding and will own and
operate the hotels. Both projects are under construction; the Atlanta
(Sugarloaf) project is scheduled to open during the second quarter of
2001, and the Tampa project is scheduled to open during the first
quarter of 2002. In connection with the alliance, the Company will
co-develop the Atlanta (Sugarloaf) project with Noble, will provide all
development services for the Tampa project, and will receive fees for
its development services. The Company continues to seek additional
mezzanine financing opportunities.
Operations
and Property Management
As of December 31, 2000, CapStar Winston leased 47 of the Current
Hotels, 38 of which they also operated. Interstate Management and
Investment Corporation ("IMIC") managed eight of the Current
Hotels and Hilton Hotels Corporation ("Hilton") managed one of
the Current Hotels (collectively the "Property Managers")
pursuant to management agreements with CapStar Winston with respect to
each of such hotels. Bass and Prime each leased and operated one of the
Current Hotels. CapStar Winston and Bass also each leased and operated
one of the Joint Venture Hotels and CapStar Winston has signed a lease
agreement to lease and operate a third joint venture hotel to be opened
in July 2001. The lessees and the Property Managers seek to increase
revenues at the Current Hotels by using established systems to manage
the Current Hotels for marketing, rate achievement, expense management,
physical facility maintenance, human resources, accounting and internal
auditing. They are trained in all aspects of hotel operations, including
negotiation of prices with corporate and other clients and
responsiveness to marketing requirements in their particular markets,
with particular emphasis placed on customer service. The lessees and the
Property Managers employ a mix of marketing techniques designed for each
specific Current Hotel, which include individual toll-free lines,
cross-marketing of the Current Hotels’ billboards and direct
marketing, as well as taking advantage of national advertising by the
franchisors of the Current Hotels.
The lessees lease the Current Hotels pursuant to the Percentage Leases.
Under the Percentage Leases, the lessees, or the Property Managers,
generally are required to perform all operational and management
functions necessary to operate the Current Hotels. The lessees are
entitled to all profits and cash flow from the Current Hotels after
payment of rent under the Percentage Leases and other operating
expenses, including, in the case of the nine Current Hotels managed by
the Property Managers, the management fee payable to the Property
Managers. The lessees, their affiliates and the Property Managers may
manage other hotel properties in addition to hotels owned by the
Company, however, the lessees and their affiliates may not build or
develop a hotel or motel within five miles of a hotel owned by the
Company and leased by the lessee.
CapStar Winston is a wholly owned subsidiary of MeriStar, a New York
Stock Exchange company. As of December 31, 2000, MeriStar, the nation’s
largest independent hotel management company, leased or managed 222
hotels with 48,054 rooms in 34 states, the District of Columbia, Puerto
Rico, Canada and the U.S. Virgin Islands.
IMIC, a hotel development and management company, operates eight of the
Current Hotels under separate management agreements with CapStar
Winston. Each year, CapStar Winston pays IMIC a base management fee for
each Current Hotel managed by IMIC based on a percentage of the budgeted
gross operating profit for that year with incentive amounts based on
actual gross operating profits if they exceed budgeted amounts. IMIC has
agreed that each year it will spend a specified percentage of the gross
revenues of each Current Hotel managed by IMIC on repairs and
maintenance of the hotel. CapStar Winston and the Company have retained
the right to control the expenditure of funds budgeted for capital and
non-routine items, including, at their discretion, approving plans and
selecting and overseeing contractors and other vendors. IMIC currently
operates 28 hotels in six states, including 24 limited-service hotels
and 4 full-service, convention or resort hotels.
Hilton manages one of the Current Hotels under a management agreement
with CapStar Winston. Each year, CapStar Winston pays Hilton a
management fee based on a percentage of the gross operating profit for
the hotel managed by Hilton with certain incentive amounts. Hilton is
recognized internationally as a preeminent hospitality company. Hilton
develops, owns, manages or franchises 1,900 hotels, resorts and
vacations ownership properties. Its portfolio includes many of the world’s
best known and most highly regarded hotel brands, including Hilton,
Doubletree, Embassy Suites, Hampton Inn, Homewood Suites by Hilton, Red
Lion Hotels & Inns and Conrad International.
Bass is one of the leading hotel operating companies in the world. As of
December 31, 2000, Bass operated more than 3,000 hotels in close to 100
countries, primarily full-service hotels in the upscale and mid-scale
segments of the hotel industry with branded hotels including Crowne
Plaza, Holiday Inn, Holiday Inn Select and Holiday Inn Express hotels.
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Prime, a New York
Stock Exchange company, is one of the nation’s premier lodging
companies. Prime operates two proprietary brands, AmeriSuites
(all-suites) and Wellesley Inns (limited-service). It also owns and/or
manages hotels operated under franchise agreements with national hotel
chains. As of December 31, 2000, Prime Hospitality Corporation owned 135
hotels, operated 55 hotels under lease agreements with REITs and managed
24 hotels from third parties.
Franchise Agreements
All of the Company’s
Current Hotels operate under franchise licenses and the Company
anticipates that most of the additional hotel properties in which it
invests will be operated under franchise licenses. Franchisors provide a
variety of benefits for franchisees which include national advertising,
publicity and other marketing programs designed to increase brand
awareness, training of personnel, continuous review of quality standards
and centralized reservation systems.
The hotel
franchise licenses generally specify certain management, operational,
record keeping, accounting, reporting and marketing standards and
procedures with which the lessees must comply. The franchise licenses
obligate the lessees to comply with the franchisors’ standards and
requirements with respect to training of operational personnel, safety,
maintaining specified insurance, the types of services and products
ancillary to guest room services that may be provided, display of signs,
and the type, quality and age of furniture, fixtures and equipment
included in guest rooms, lobbies and other common areas.
Of the Current
Hotels’ franchise licenses, one expires in 2006, three expire in 2007,
five expire in 2008, three expire in 2009, two expire in 2010, three
expire in 2011, two expire in 2012, two expire in 2014, two expire in
2016, 18 expire in 2017 and eight expire in 2018. The franchise
agreements provide for termination at the franchisor’s option upon the
occurrence of certain events, including the lessees’ failure to pay
royalties and fees or perform its other covenants under the franchise
agreement, bankruptcy, abandonment of the franchise, commission of a
felony, assignment of the franchise without the consent of the
franchisor, or failure to comply with applicable law in the operation of
the relevant Current Hotel. The lessees are entitled to terminate the
franchise license only by giving at least 12 months notice and paying a
specified amount of liquidated damages. The franchise agreements will
not renew automatically upon expiration. The lessees are responsible for
making all payments under the franchise agreements to the franchisors.
Under the franchise agreements, the lessees pay a franchise fee of an
aggregate of between 3% and 5% of room revenues, plus additional fees
that amount to between 3% and 4% of room revenues from the Current
Hotels.
Competition
The hotel industry
is highly competitive with various participants competing on the basis
of price, level of service and geographic location. The Current Hotels
compete with other hotel properties in their geographic markets. Some of
the Company’s competitors may have greater marketing and financial
resources than the Company, the lessees, and the Property Managers.
Several of the Current Hotels are located in areas in which they may
compete with other Current Hotels for business. The Company competes for
acquisition opportunities with entities that may have greater financial
resources than the Company. These entities may generally be able to
accept more risk than the Company can prudently manage, including risks
with respect to the creditworthiness of a hotel operator.
Employees
The Company had 29
employees as of March 1, 2001.
Environmental Matters
Under various
federal, state and local laws and regulations, an owner or operator of
real estate may be liable for the costs of removal or remediation of
certain hazardous or toxic substances on such property. Such laws often
impose such liability without regard to whether the owner knew of, or
was responsible for, the presence of hazardous or toxic substances.
Furthermore, a person that arranges for the disposal or transports for
disposal or treatment of a hazardous substance at another property may
be liable for the costs of removal or remediation of hazardous
substances released into the environment at that property. The costs of
remediation or removal of such substances may be substantial, and the
presence of such substances, or the failure to promptly remedy such
substances, may adversely affect the owner’s ability to use or sell
such real estate or to borrow using such real estate as collateral.
Certain environmental laws and common law principles could be used to
impose liability for the release of and exposure to hazardous
substances, including asbestos-containing materials ("ACMs")
into the air, and third parties may seek recovery from owners or
operators of real properties for personal injury or property damage
associated with exposure to released hazardous substances, including
ACMs. In connection with the ownership and operation of the Current
Hotels, the Company, the lessees, or the Property Managers, as the case
may be, may be potentially liable for such costs.
Phase I
environmental site assessments ("ESAs") were obtained on all
of the Current Hotels. The Phase I ESAs were intended to identify
potential sources of contamination for which the Current Hotels may be
responsible and to assess the status of environmental regulatory
compliance. The Phase I ESAs included historical reviews of the Current
Hotels, reviews of certain public records, preliminary
investigations of the sites and surrounding properties, screening for
the presence of asbestos, PCBs and underground storage tanks, and the
preparation and issuance of a written report. The Phase I ESAs did not
include invasive procedures, such as soil sampling or ground water
analysis. The Phase I ESA reports have not revealed any environmental
condition, liability or compliance concern that the Company believes
would have a material adverse effect on the Company’s business, assets
or results of operations, nor is the Company aware of any such
condition, liability or compliance concern. Nevertheless, it is possible
that these reports do not reveal all environmental conditions,
liabilities or compliance concerns or that there are material
environmental conditions, liabilities or compliance concerns that arose
at a Current Hotel after the related Phase I ESA report was completed of
which the Company is unaware. Moreover, no assurances can be given that
(i) future laws, ordinances or regulations will not impose any material
environmental liability, or (ii) the current environmental condition of
the Current Hotels will not be affected by the condition of the
properties in the vicinity of the Current Hotels (such as the presence
of leaking underground storage tanks) or by third parties unrelated to
the Company.
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In addition to the
ESAs, the Company also obtained asbestos surveys for the Holiday Inn
Select-Garland (Dallas), Texas and the Comfort Inn-Greenville, South
Carolina. In each of the asbestos surveys, the consultants discovered
the presence of ACMs. The Company is monitoring the presence of the ACMs
with the assistance of its consultants.
The Company
believes that the Current Hotels are in compliance in all material
respects with all federal, state and local laws, ordinances and
regulations regarding hazardous or toxic substances and other
environmental matters. The Company has not been notified by any
governmental authority of any material noncompliance, liability or claim
relating to hazardous or toxic substance or other environmental
substances in connection with any of its properties.
Tax Status
The Company
elected to be taxed as a REIT under Sections 856-860 of the Internal
Revenue Code of 1986, as amended, effective for its short taxable year
ended December 31, 1994. The Company believes that it qualifies for
taxation as a REIT, and with certain exceptions, the Company will not be
subject to tax at the corporate level on its taxable income that is
distributed to the shareholders of the Company. A REIT is subject to a
number of organizational and operational requirements, including a
requirement that it currently distribute at least 95% of its annual
taxable income. For taxable years beginning after December 31, 2000, the
annual taxable income distribution requirement has been lowered to 90%.
Failure to qualify as a REIT will render the Company subject to federal
income tax (including any applicable minimum tax) on its taxable income
at regular corporate rates and distributions to the shareholders in any
such year will not be deductible by the Company. Although the Company
does not intend to request a ruling from the Internal Revenue Service
(the "Service") as to its REIT status, the Company has
obtained the opinion of its legal counsel that the Company qualifies as
a REIT, which opinion is based on certain assumptions and
representations and is not binding on the Service or any court. Even if
the Company qualifies for taxation as a REIT, the Company may be subject
to certain state and local taxes on its income and properties.
REIT Modernization Act
Prior to
January 1, 2001, under the REIT qualification requirements of the
Internal Revenue Code, REITs generally were required to lease their
hotels to third party operators. Under the REIT Modernization Act of
1999 (the "RMA"), which became effective January 1, 2001,
REITs are permitted to lease their hotels to wholly owned taxable REIT
subsidiaries of the REITs ("TRS Lessees"). Under the RMA, the
TRS Lessees may not operate the leased hotels and must enter into
management agreements with eligible independent contractors who will
manage the hotels. The Company has carefully considered opportunities
presented by the RMA and, at the present time, has decided to retain its
existing relationship with its lessees.
Seasonality
The Company’s operations historically have been seasonal in nature,
reflecting higher REVPAR during the second and third quarters.
This seasonality and the structure of the Percentage Leases,
which provide for a higher percentage of room revenues above the minimum
equal quarterly levels to be paid as Percentage Rent, can be expected to
cause fluctuations in the Company's receipt of quarterly lease revenue
under the Percentage Leases. In December 1999, the Securities and Exchange Commission
issued Staff Accounting Bulletin No. 101 (“SAB 101”) which provides
guidance on revenue recognition. The
Company adopted SAB 101 effective January 1, 2000.
SAB 101, which requires that a lessor not recognize contingent
rental income until annual specified hurdles have been achieved by the
lessee, effectively defers recognition by the Company of a significant
portion of percentage lease revenue from the first and second quarters,
to the third and fourth quarters of the calendar year.
SAB 101 has no impact on the Company’s FFO, or its
interim or annual cash flow from its third party lessees, and therefore,
on its ability to pay dividends (see Note 2 to the Company’s
consolidated financial statements).
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Executive
Officers of the Registrant
The following table lists the executive officers of the Company:
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Name
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Age
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Position
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Charles
M. Winston
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71
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Chairman
of the Board of Directors
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Robert
W. Winston, III
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39
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Chief
Executive Officer
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James
D. Rosenberg
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47
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President,
Chief Operating Officer and Secretary
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Joseph
V. Green
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50
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Executive
Vice President, Chief Financial Officer
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Kenneth
R. Crockett
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44
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Executive
Vice President of Development
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Charles M. Winston.
Charles Winston has served as Chairman of the Board of Directors
since March 15, 1994. Mr.
Winston is a native of North Carolina and a graduate of the University
of North Carolina at Chapel Hill with an A.B. degree.
Mr. Winston has more than 37 years of experience in developing
and operating full service restaurants and hotels.
Mr. Winston is Robert Winston’s father and brother of James
Winston, a director.
Robert W.
Winston, III. Robert
Winston has served as Chief Executive Officer and Director of the
Company since March 15, 1994. Mr.
Winston served as the Company’s President from March 15, 1994 through
January 14, 1999 and as Secretary for the periods from March 1994
through May 1995 and from October 1997 until May 5, 1998.
Mr. Winston is a native of North Carolina and a graduate of the
University of North Carolina at Chapel Hill with a B.A. degree in
economics. Mr. Winston is
Charles Winston’s son and James Winston’s nephew.
James D.
Rosenberg. Mr.
Rosenberg assumed the title of President on January 14, 1999.
Mr. Rosenberg has also served as Chief Operating Officer since
January 5, 1998, Secretary since May 5, 1998, and served as Chief
Financial Officer from January 5, 1998 through May 18, 1999.
Mr. Rosenberg is a CPA and a graduate of Presbyterian College and
received an MBA from the University of South Carolina.
Prior to joining the Company, Mr. Rosenberg held the position of
Senior Vice President with Holiday Inn Worldwide since 1994 where he was
responsible for managing 85 hotels in seven countries.
Prior to joining the Holiday Inn organization, Mr. Rosenberg was
a partner in Sage Hospitality Resources and served as Executive Vice
President and Chief Financial Officer of the Denver-based hospitality
firm. Mr. Rosenberg started
his career with Price Waterhouse, L.L.P.
Joseph V. Green. Mr.
Green assumed the title of Executive Vice President, Chief Financial
Officer on May 18, 1999. Mr.
Green has also served as Executive Vice President - Acquisitions and
Finance from January 1, 1998 through May 18, 1999, after having advised
Winston Hospitality, Inc. on matters regarding hotel acquisitions and
finance since 1993, including the initial public offering of WHI.
Mr. Green is a graduate of East Carolina University, was awarded
his J.D. degree from Wake Forest University School of Law and received a
Master of Laws in Taxation from Georgetown University.
Kenneth R. Crockett.
Mr. Crockett was appointed Senior Vice President of Development
of the Company in September 1995 and Executive Vice President of
Development in January 1998. Mr.
Crockett is a graduate of the University of North Carolina at Chapel
Hill with a B.S. degree in Business Administration. Prior to joining the
Company, Mr. Crockett was an Associate Partner for project development
in commercial real estate at Capital Associates, a real estate
development firm located in the Raleigh, North Carolina area.
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