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WINSTON HOTELS, INC.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

as of December 31, 2000

($ in thousands)

 

Initial Cost Cost Capitalized Subsequent to Acquisition

Gross Amounts 

Carried at 

Close of Period

Accumulated Depreciation Building and Improvements

Net Book Value Land, Buildings and Improvements Date of Acquisition Life Upon Which Depreciation in Latest Income Statement is Computed

Description

Encumbrances
Land Buildings and Improvements Land Buildings and Improvements Land Buildings and Improvements

Total

Hampton Inn

                                       

   Boone, NC

*

$

264

$

2,750

$

77

$

558

$

341

$

3,308

$

3,649

$

913

$

2,736

6/2/94

30

Hampton Inn

                                 

 

   

   Brunswick, GA

*

 

716

 

3,887

--

 

625

 

716

 

4,512

 

5,228

 

1,095

 

4,133

6/2/94

30

Hampton Inn

                                 

 

   

   Cary, NC

*

 

613

 

4,596

--

 

769

 

613

 

5,365

 

5,978

 

1,353

 

4,625

6/2/94

30

Hampton Inn

                                 

 

   

   Charlotte, NC

#

 

833

 

3,609

34

 

247

 

867

 

3,856

 

4,723

 

911

 

3,812

6/2/94

30

Hampton Inn

                                 

 

   

   Chester, VA

*

 

461

 

2,238

--

 

147

 

461

 

2,385

 

2,846

 

480

 

2,366

11/29/94

30

Hampton Inn

                                 

 

   

   Durham, NC

   

634

 

4,582

--

 

892

 

634

 

5,474

 

6,108

 

1,359

 

4,749

6/2/94

30

Hampton Inn & Suites

                                 

 

   

   Gwinnett, GA

#

 

557

 

6,959

21

 

39

 

578

 

6,998

 

7,576

 

1,034

 

6,542

7/18/96

30

Hampton Inn

                                 

 

   

   Hilton Head, SC

*

 

310

 

3,969

--

 

813

 

310

 

4,782

 

5,092

 

1,110

 

3,982

11/29/94

30

Hampton Inn

                                 

 

   

   Jacksonville, NC

*

 

473

 

4,140

2

 

370

 

475

 

4,510

 

4,985

 

1,139

 

3,846

6/2/94

30

Hampton Inn

                                 

 

   

   Las Vegas, NV

*

 

856

 

7,945

--

 

74

 

856

 

8,019

 

8,875

 

690

 

8,185

5/20/98

30

Hampton Inn

                                 

 

   

   Perimeter , GA

#

 

914

 

6,293

3

 

122

 

917

 

6,415

 

7,332

 

935

 

6,397

7/19/96

30

Hampton Inn

                                 

 

   

   Raleigh, NC

#

 

697

 

5,955

--

 

1,180

 

697

 

7,135

 

7,832

 

1,541

 

6,291

5/18/95

30

Hampton Inn

                                 

 

   

   Southern Pines, NC

*

 

614

 

4,280

--

 

830

 

614

 

5,110

 

5,724

 

1,289

 

4,435

6/2/94

30

Hampton Inn

                                 

 

   

   Southlake, GA

*

 

680

 

4,065

15

 

599

 

695

 

4,664

 

5,359

 

1,179

 

4,180

6/2/94

30

Hampton Inn

                                 

 

   

   W. Springfield, MA

#

 

916

 

5,253

5

 

611

 

921

 

5,864

 

6,785

 

707

 

6,078

7/14/97

30

Hampton Inn

                                 

 

   

   White Plains, NY

#

 

1,382

 

10,763

21

 

364

 

1,403

 

11,127

 

12,530

 

1,175

 

11,355

10/29/97

30

Hampton Inn

                                 

 

   

   Wilmington, NC

*

 

460

 

3,208

2

 

484

 

462

 

3,692

 

4,154

 

983

 

3,171

6/2/94

30

Comfort Inn

                                 

 

   

   Augusta, GA

   

404

 

3,541

--

 

338

 

404

 

3,879

 

4,283

 

853

 

3,430

5/18/95

30

Comfort Inn

                                 

 

   

   Charleston, SC

#

 

438

 

5,853

11

 

1,425

 

449

 

7,278

 

7,727

 

1,400

 

6,327

5/18/95

30

Comfort Inn

                                 

 

   

   Chester, VA

*

 

661

 

6,447

--

 

361

 

661

 

6,808

 

7,469

 

1,475

 

5,994

11/29/94

30

Comfort Inn

                                 

 

   

   Clearwater, FL

*

 

532

 

3,436

30

 

911

 

562

 

4,347

 

4,909

 

936

 

3,973

5/18/95

30

Comfort Inn

                 

 

   

   Durham, NC

*

947

6,208

35

484

982

6,692

7,674

1,460

6,214

11/29/94

30

Comfort Inn

                 

 

   

   Fayetteville, NC

 

1,223

8,047

4

719

1,227

8,766

9,993

1,992

8,001

11/29/94

30

Comfort Inn

                 

 

   

   Greenville, SC

 

871

3,551

20

1,368

891

4,919

5,810

930

4,880

5/6/96

30

Comfort Inn

                 

 

   

   Raleigh, NC

 

459

4,075

8

783

467

4,858

5,325

1,117

4,208

8/16/94

30

Comfort Inn

                 

 

   

   Wilmington, NC

 

532

5,889

20

771

552

6,660

7,212

1,669

5,543

6/2/94

30

Comfort Suites

                 

 

   

   Orlando, FL

#

1,357

10,180

7

541

1,364

10,721

12,085

1,321

10,764

5/1/97

30

Homewood Suites

                 

 

   

   Alpharetta, GA

*

985

6,621

27

780

1,012

7,401

8,413

693

7,720

5/22/98

30

Homewood Suites

                 

 

   

   Cary, NC

#

1,010

12,367

16

239

1,026

12,606

13,632

1,915

11,717

7/9/96

30

Homewood Suites

                 

 

   

   Clear Lake, TX

#

879

5,978

--

67

879

6,045

6,924

874

6,050

9/13/96

30

Homewood Suites

                 

 

   

   Durham, NC

*

1,074

6,136

(133)

639

941

6,775

7,716

489

7,227

11/14/98

30

Homewood Suites

                 

 

   

   Lake Mary, FL

*

871

6,987

4

278

875

7,265

8,140

628

7,512

11/4/98

30

Homewood Suites

                 

 

   

   Phoenix, AZ

*

1,402

9,763

11

35

1,413

9,798

11,211

850

10,361

6/1/98

30

Homewood Suites

                 

 

   

   Raleigh, NC

*

1,008

10,076

5

423

1,013

10,499

11,512

974

10,538

3/9/98

30

Holiday Inn Express

                 

 

   

   Abingdon, VA

 

918

2,263

--

434

918

2,697

3,615

380

3,235

5/7/96

30

Holiday Inn Express

                 

 

   

   Clearwater, FL

*

510

5,854

2

878

512

6,732

7,244

787

6,457

8/6/97

30

Holiday Inn Select

                 

 

   

   Dallas, TX

*

1,060

13,615

26

2,885

1,086

16,500

17,586

2,677

14,909

5/7/96

30

Holiday Inn

                 

 

   

   Secaucus, NJ

*

--

13,699

--

1,151

--

14,850

14,850

1,354

13,496

5/27/98

30

Holiday Inn

                 

 

   

   Tinton Falls, NJ

*

1,261

4,337

3

2,451

1,264

6,788

8,052

615

7,437

4/21/98

30

Courtyard by Marriott

                 

 

   

   Ann Arbor, MI

#

902

9,850

11

1,007

913

10,857

11,770

1,252

10,518

9/30/97

30

Courtyard by Marriott

                 

 

   

   Houston, TX

*

1,211

9,154

22

1,922

1,233

11,076

12,309

1,372

10,937

7/14/97

30

Courtyard by Marriott

                 

 

   

   Wilmington, NC

#

742

5,907

5

68

747

5,975

6,722

793

5,929

12/19/96

30

Courtyard by Marriott

                 

 

   

   Winston-Salem, NC

*

915

5,202

--

506

915

5,708

6,623

357

6,266

10/3/98

30

Hilton Garden Inn

 

                       

 

   

   Albany, NY

*

1,168

 

11,236

--

 

11

1,168

 

11,247

12,415

1,000

 

11,415

5/8/98

30

Hilton Garden Inn

                         

 

   

   Alpharetta, GA

*

1,425

 

11,719

--

 

11

1,425

 

11,730

13,155

1,107

 

12,048

3/17/98

30

Hilton Garden Inn

                         

 

   

   Raleigh, NC

*

1,901

 

9,209

--

 

2

1,901

 

9,211

11,112

793

 

10,319

5/8/98

30

Quality Suites

                         

 

   

   Charleston, SC

#

912

 

11,224

--

 

750

912

 

11,974

12,886

2,493

 

10,393

5/18/95

30

Residence Inn

                         

 

   

   Phoenix, AZ

#

2,076

 

13,311

33

 

279

2,109

 

13,590

15,699

1,299

 

14,400

3/3/98

30

Fairfield Inn

                         

 

   

   Ann Arbor, MI

*

542

 

3,743

25

 

557

567

 

4,300

4,867

488

 

4,379

9/30/97

30

    $

41,576

$

329,970

$

372

$

31,798

$

41,948

$

361,768

$

 403,716

$

54,236

$

349,480

   



*Property serves as collateral for the $140,000 line of credit which closed on February 1, 1999 (see Note 5).

# Property serves as collateral for the $71,000 note through GE Capital Corporation (see Note 5).


WINSTON HOTELS, INC.

NOTES TO SCHEDULE III

 

           
     

2000

 

1999

(a)

Reconciliation of Real Estate:

       

 

Balance at beginning of period

$

407,185

$

398,256

 

Acquisitions during period

 

--

 

--

 

Dispositions during period

 

7,411

 

--

 

Additions during period

 

3,942

 

8,929

 

Balance at end of period

$

403,716

$

407,185

 

(b)

Reconciliation of Accumulated Depreciation:

       

 

Balance at beginning of period

 

41,429

 

27,774

 

Depreciation for period

 

13,834

 

13,655

 

Dispositions during period

 

1,027

 

--

 

Balance at end of period

$

54,236

$

41,429

 

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