Winston Hotels, Raleigh, N.C., has formed Winston Finance, a subsidiary that will be responsible for the hotel real estate investment trust's subordinated financing program.The REIT has also promoted Joseph V. Green to president. Mr. Green, who will also continue to serve as chief financial officer, has 25 years of experience in the hospitality sector, Winston said. "Winston Hotels is poised to respond to the economic recovery," Mr. Green said. "With our recent follow-on stock offering we have the flexibility and funding to proactively expand our business." The REIT also announced the promotion of Kenneth R. Crockett to chief operating officer. He will also be a managing director of Winston Finance.

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