$176m hotel REIT deal.GE Real Estate recently provided $176 million of financing to Winston Winston is a name deriving from Old English wynnstān, meaning "pleasant stone". Places Winston is the name of several places in England:
adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. hotels. Winston will use the 10-year, fixed rate loans to repay existing debt and expand their business. The transaction was structured as 16 separate loans without cross-collateralization Cross-collateralization is a term used when the collateral for one loan is also used as collateral for another loan. If a person has borrowed from the same bank a home loan secured by the house, a car loan secured by the car, and so on, these assets can be used as cross-collaterals to provide Winston Hotels with optimal flexibility in managing its portfolio. As of March 31, 2006 the company owned or was invested in 55 hotel properties in 17 states having an aggregate of 7,542 rooms. |
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