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Winston Hotels sells casino interest

LAS VEGAS, Nevada – Triangle Business Journal: "Winston Hotels on Friday confirmed it has sold its loan interest in the $91.5 million renovation of the Lady Luck casino and hotel in Las Vegas.

"Las Vegas-based Downtown Resorts LLC announced plans to refinance and refurbish the 25,500-square-foot casino and an adjacent 627-room hotel. The project, which was expected to reach completion in the 2007 first quarter, was financed by a $66 million senior note originated from Los Angeles-based Canyon Partners.

"…Winston revealed Feb. 21 that it has agreed to be sold to privately held Wilbur Acquisition Holding Co. for approximately $430 million…"

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