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Moody's lifts Winston Hotels preferreds to B2
Moody's Investors Service said it raised the preferred stock rating of Winston Hotels, Inc. to B2 from B3 and revised the outlook to stable from positive to reflect the success Winston Hotels has enjoyed in generating consistent earnings growth and flag diversity, as well as increased coverages.
Winston has achieved increased size and diversification through modest growth in its gross asset base to $692 million at the third quarter from $665 million at the end of 2005 and has plans to acquire more assets in 2007, the agency said. In addition, the company has stable levels of total debt and secured debt and occupancy has improved to 73% at the third quarter from 71% at the end of 2005.
Offsetting these positives are significant brand concentrations: Hilton and Marriott have roughly 80% of all rooms and 39 of Winston's 53 hotels are managed by Alliance Hospitality, Moody's said.
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