Inland-American to Buy Winston Hotels

Winston Hotels, Raleigh, N.C., has decided to go with an offer from Inland American Real Estate Trust, a part of the Oakbrook, Ill.-based Inland Capital Markets group of real estate companies, to acquire the real estate investment trust for $15 per share in cash.In this connection, Winston has also terminated its previous merger agreement with Wilbur Acquisition Holding Co., in which the consideration was $14.10 per share, the hotel REIT reported. Winston's board of directors has approved the Inland merger proposition, and the merger is expected to close in the third quarter, subject to shareholder approval. The companies can be found on the Web at http://www.winstonhotels.com and http://www.inland-american.com.