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                                                                   EXHIBIT 10.30






                              WINSTON HOTELS, INC.
                      EXECUTIVE DEFERRED COMPENSATION PLAN








                        EFFECTIVE AS OF OCTOBER 16, 1998


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ARTICLE I

PURPOSE

1.1  General. The purpose of the Plan is to attract, motivate, and retain top
     management employees of the Company by providing an opportunity and an
     incentive for each individual to defer the receipt of compensation
     otherwise payable currently and to accumulate earnings thereon on a
     tax-deferred basis.

1.2  Unfunded Plan. The Plan is intended to be an unfunded plan for purposes of
     the Employee Retirement Income Security Act of 1974, as amended, and
     maintained primarily for the purpose of providing deferred compensation for
     a select group of management or highly compensated employees.

ARTICLE II

DEFINITIONS

The following capitalized terms used in the Plan shall have the respective
meanings set forth in this Article:

2.1  Board. "Board" means the Board of Directors of the Company.

2.2  Bonus Deferral Election. "Bonus Deferral Election" means an election to
     defer payment of an annual bonus, if any, in the form(s) provided by the
     Committee subject to the requirements and terms of Article IV hereof.

2.3  Committee. "Committee" means the individuals appointed by the Board to
     administer the Plan and to perform the functions set forth herein.

2.4  Company. "Company" means Winston Hotels, Inc., a North Carolina
     corporation, or any successor entity thereto, including without limitation,
     the transferee of all or substantially all of the stock or assets of the
     Company.

2.5  Deferral Account. "Deferral Account" means the notional account established
     and maintained for each Participant in accordance with Article VI hereof,
     for bookkeeping purposes only, to measure the value of elective deferrals
     made under the Plan and the earnings thereon. Amounts credited to the
     Deferral Account shall be expressed in dollars and cents.

2.6  Deferral Election. "Deferral Election" means a Salary Deferral Election or
     a Bonus Deferral Election as defined under this Article II.

2.7  Disability. "Disability" means the suffering from a physical or mental
     condition which, in the opinion of the Committee based upon appropriate
     medical advice and examination and in accordance with rules applied
     uniformly to all Participants, totally and permanently prevents the
     Participant, as the case may be, from performing the customary duties of
     his/her regular job with the Company.

2.8  Participant. "Participant" means any individual who is eligible to
     participate in the Plan as provided in Section 4.1 hereof.


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2.9  Plan. "Plan" means the Winston Hotels, Inc. Executive Deferred Compensation
     Plan, as from time to time amended.

2.10 Plan Year. "Plan Year" means the period beginning on the effective date of
     the Plan and ending on December 31 and thereafter any calendar year.

2.11 Salary Deferral Election. "Salary Deferral Election" means an election to
     defer payment of base salary in the form(s) provided by the Committee
     subject to the requirements and terms of Article IV hereof.

2.12 Unforeseeable Emergency. "Unforeseeable Emergency" means an immediate
     financial need of the Participant resulting from extraordinary and
     unforeseeable circumstances arising as a result of events beyond the
     control of the Participant as determined by the Committee.


ARTICLE III

ADMINISTRATION

3.1  Committee. The Plan shall be administered by the Committee, which shall
     hold meetings at such times as may be necessary for the proper
     administration of the Plan. Except as otherwise provided in the Plan, the
     Committee shall have full power to construe and interpret the Plan,
     establish and amend rules and regulations for its administration, and
     perform all other acts relating to the Plan, including the delegation of
     administrative responsibilities that it believes reasonable and proper.

3.2  Duties. The Committee, or any person or entity designated by the Committee,
     shall be responsible for the administration of the Plan including but not
     limited to determination of eligibility, receiving deferral elections,
     provision of investment choices, distribution of benefits hereunder,
     maintenance of account balances, calculation of hypothetical investment
     returns and any other duties concerning the day-to-day operation of the
     Plan.

3.3  Adjudication. Any decision made, or action taken, by the Committee or the
     Board arising out of, or in connection with, the interpretation and
     administration of the Plan, including but not limited to the adjudication
     of claims and payment of benefits hereunder, shall be final and conclusive.

3.4  Indemnification. No member of the Committee or its delegate shall be liable
     for any action, failure to act, determination or interpretation made in
     good faith with respect to this Plan or any transaction hereunder, except
     for liability arising from his/her own willful misfeasance, gross
     negligence or reckless disregard of his/her duties. The Company hereby
     agrees to indemnify each member of the Committee for all costs and expenses
     and, to the extent permitted by applicable law, any liability incurred in
     connection with defending against, responding to, negotiation for the
     settlement of or otherwise dealing with any claim, cause of action or
     dispute of any kind arising in connection with any actions in administering
     this Plan or in authorizing, denying authorization to, or failing to
     authorize any transaction hereunder.



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ARTICLE IV

PARTICIPATION

4.1  Eligibility. Participation in the Plan shall be limited to any employee of
     the Company and its subsidiaries who is selected by the Board, in its sole
     discretion, to participate in the Plan.

4.2  Filing an Election.

     (a)  A Salary Deferral Election shall be effective for a Plan Year if the
          Participant files an executed Salary Deferral Election with the
          Committee by December 15th of the Plan Year immediately preceding such
          Plan Year, provided however, for the initial Plan Year, a Participant
          may file an executed Salary Deferral Election with the Committee by
          October 15, 1998 which shall solely cover salary paid on or after
          October 16 of such Plan Year.

     (b)  A Bonus Deferral Election shall be effective for the Plan Year for
          which the bonus, if any, is earned if the Participant files an
          executed Bonus Deferral Election with the Committee by December 15th
          of such Plan Year.

     (c)  Notwithstanding the foregoing, if (during any Plan Year) any employee
          of the Company or its subsidiaries is hired or promoted into the
          classification of employees eligible to participate in the Plan
          described in Section 4.1, then such employee shall become a
          Participant in the Plan on the first day of the second month following
          such employee's date of hire or date of promotion ("Initial
          Eligibility Date") and he/she may file a Deferral Election for the
          Plan Year including his/her Initial Eligibility Date subject to the
          following:

          (1)  Salary Deferral Election. The Participant must file the Salary
               Deferral Election no later than 10 days prior to his/her Initial
               Eligibility Date and the Salary Deferral Election shall solely
               cover salary paid on or after his/her Initial Eligibility Date
               through the last day of such Plan Year.

          (2)  Bonus Deferral Election. The Participant may file a Bonus
               Deferral Election subject to the terms and conditions otherwise
               described in this Section 4.2 and the Plan.

4.3  Irrevocable. A Deferral Election shall be irrevocable once filed with the
     Committee except as provided in Articles VII and X hereof; provided however
     that a Participant may change his/her Salary Deferral Election with respect
     to any payroll period beginning on or after the date the Participant files
     a new Salary Deferral Election with the Committee.


ARTICLE V

COMPENSATION SUBJECT TO DEFERRAL

5.1  Base Salary. With respect to the base salary otherwise payable to a
     Participant during the Plan Year for which a Salary Deferral Election is in
     effect, the dollar amount or percentage of salary specified on such Salary
     Deferral Election shall be deferred in accordance with the 



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terms prescribed therein; provided however that such Salary Deferral Election
shall be for no more than 80% of the Participant's salary, unless otherwise
permitted by the Committee.

5.2  Annual Bonus. With respect to the annual bonus, if any, that is earned by a
     Participant during the Plan Year for which a Bonus Deferral Election is in
     effect, the dollar amount or percentage of annual bonus specified on such
     Bonus Deferral Election shall be deferred in accordance with the terms
     prescribed therein; provided however that such Bonus Deferral Election
     shall be for no more than 80% of the Participant's bonus, unless otherwise
     permitted by the Committee.


ARTICLE VI

ELECTIVE DEFERRALS

6.1  Elective Deferral. Amounts deferred under Article V hereof with respect to
     each Plan Year of participation in the Plan shall be credited to the
     Participant's Deferral Account if, as, and when such amounts would
     otherwise have been paid to the Participant.

6.2  Vesting. Except as provided in Section 7.6 hereof, each Participant shall
     have a nonforfeitable and fully vested right to the amounts credited in
     such Participant's Deferral Account.

6.3  Investment Choices. Each Participant shall be entitled to direct the deemed
     investment of the amounts credited to such Participant's Deferral Account
     in any of the investment choices or combination of investment choices as
     may be offered by the Committee from time to time in accordance with the
     rules, regulations and procedures established by the Committee. The
     Committee may add or remove investment choices at its sole discretion;
     provided, however, no amount shall be subject to forfeiture solely by
     reason of a removal of an investment choice in accordance with Section 6.3
     hereof.

6.4  Investment Earnings. Each Participant's Deferral Account shall be credited
     with earnings and losses in accordance with such Participant's investment
     choice(s). Earnings and losses shall begin to accrue with respect to
     amounts credited to a Participant's Deferral Account under Section 6.1 in
     accordance with the procedures established by the Committee.


ARTICLE VII

DISTRIBUTIONS

7.1  Timing of Payment. Except as provided in Section 7.4, Section 7.5, and
     Section 7.6, a Participant shall receive a distribution of the balance in
     his/her Deferral Account in the calendar month (the "Distribution Calendar
     Month") following the calendar month (the "Pre-Distribution Calendar
     Month") in which occurs the earlier of (a) his/her termination of
     employment or (b) the date on which the sum of his/her age and years of
     service equals 55; provided however, that at any time prior to the
     Pre-Distribution Calendar Month, the Participant may irrevocably elect to
     receive a single sum distribution in any calendar month subsequent to
     his/her Distribution Calendar Month.



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7.2  Form of Payment. Any payment from a Participant's Deferral Account shall be
     made in cash in a single sum.

7.3  Account Balance. Upon payment to a Participant under this Article VII, such
     Participant's Deferral Account shall be reduced by the cash distributed (or
     forfeited under Section 7.6).

7.4  Death or Disability.

     (a)  In the event of the Participant's death, the balance of such
          Participant's Deferral Account shall be paid to the Participant's
          designated beneficiary or, if no beneficiary has been designated, to
          the Participant's estate in the manner prescribed by the Committee at
          its sole discretion.

     (b)  In the event of the Participant's Disability, the balance of such
          Participant's Deferral Account shall be paid to the Participant (or
          the Participant's legal representative) in the manner prescribed by
          the Committee at its sole discretion.

7.5  Distribution for Unforeseeable Emergency. Notwithstanding any provision to
     the contrary, in the event of an Unforeseeable Emergency a Participant
     shall be entitled to early payment of all or part of the balance of such
     Participant's Deferral Account to the extent reasonably needed to satisfy
     the Unforeseeable Emergency need. An application for an early payment under
     this Section 7.5 shall be made in accordance with the procedures and
     requirements adopted by the Committee.

7.6  Early Distribution. Notwithstanding any provision to the contrary, a
     Participant shall be entitled to payment of all or part of the balance of
     such Participant's Deferral Account prior to the date of distribution
     determined under Section 7.1 in accordance with the procedures and
     requirements adopted by the Committee; provided, however, ten percent of
     the early payment amount otherwise payable from the Deferral Account shall
     be forfeited and the Participant shall have no right or entitlement
     whatsoever with respect to such forfeited amount.

7.7  Valuation of Distributions. Any distribution to be made under this Plan
     shall be based on the value of the Participant's Deferral Account as of the
     valuation date (described below).

     (a)  Valuation Date for Distributions for Unforeseeable Emergency, Early
          Distribution, Death, and Disability. If the Participant (or his/her
          beneficiary) is entitled to a distribution under Section 7.4, Section
          7.5, or Section 7.6, then the Committee shall choose for such
          Participant the valuation date (or dates) for such distribution (or
          distributions) and such distribution (or distributions) shall occur as
          soon as administratively feasible after such valuation date (or
          dates).

     (b)  Valuation Date for All Other Distributions. The valuation date for all
          other distributions shall be the last business day of the
          Pre-Distribution Calendar Month.

7.8  162(m) Deduction Limitation. In the event the Company would be denied a
     deduction for amounts otherwise payable in any Plan Year to a Participant
     under this Article VII by reason of the application of section 162(m) of
     the Internal Revenue Code of 1986, as amended, the Committee, in its sole
     discretion, may reduce any payment otherwise due to such Participant (but
     not below zero) to the extent necessary to avoid such application of
     section 162(m) and 




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     such amount not paid and the net earnings thereon shall be paid to the
     Participant in the earliest Plan Year(s) in which payment may be made
     without application of section 162(m).

ARTICLE VIII

STATEMENT OF ACCOUNTS

Statements shall be sent no less frequently than annually to each Participant
(or such Participant's estate, beneficiary or legal representative).


ARTICLE IX

BENEFICIARY DESIGNATION

Each Participant shall have the right, at any time, to designate any single
person or entity as such Participant's designated beneficiary. A beneficiary
designation shall be made, and may only be amended or revoked, by the
Participant by filing a written designation with the Committee or its designee
in accordance with the procedures adopted by the Committee. Any such beneficiary
designation shall apply to all benefits under this Plan.


ARTICLE X

AMENDMENT OR TERMINATION

The Board or the Committee may (in its sole discretion) amend, modify or
terminate the Plan at any time for any or no reason; provided, however, no
amendment, modification or termination shall, without the consent of the
Participant, adversely affect such Participant's right to payment from the
Participant's vested balance under the Deferral Account as of the date of such
amendment, modification or termination.


ARTICLE XI

MISCELLANEOUS

11.1 Unsecured Right. Any right to receive a payment under the Plan shall be no
     greater than that of an unsecured general creditor of the Company. No
     amount payable under the Plan may be assigned, transferred, encumbered or
     subject to any legal process for the payment of any claim against a
     Participant. The Committee may, but need not, establish a grantor trust
     (commonly referred to as a "rabbi trust") to hold assets of the Company
     that may, but need not, be used to pay benefits hereunder.

11.2 No Right to Continued Employment. Participation in the Plan shall not give
     any employee any right to remain in the employ of the Company or any
     subsidiary or affiliate thereof.

11.3 Withholding. The Company shall withhold to the extent required by law all
     applicable income and other taxes from amounts deferred or paid under the
     Plan.



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11.4 Governing Law. The Plan shall be construed, governed and enforced in
     accordance with the laws of the State of North Carolina, without reference
     to rules relating to conflicts of law, except to the extent preempted by
     federal law.

11.5 Compliance with Other Laws. The Committee may, from time to time, impose
     additional restrictions upon Participants as it deems necessary, advisable
     or appropriate in order to comply with applicable federal and state
     securities laws, or other federal laws.



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