Hotel Online  Special Report

advertisement
Apalachee Bay Properties, the Third Largest Apartment 
Finder Agency in Paris, Acquired by 
MeriStar's Bridgestreet Subsidiary
WASHINGTON - Aug. 29, 2001-- MeriStar Hotels & Resorts (NYSE:MMH), the nation's largest independent hotel management company, today announced that its BridgeStreet Corporate Housing Worldwide subsidiary has expanded its European operations with the acquisition of Paris-based Apalachee Bay Properties.

Apalachee, which will be renamed BridgeStreet Paris, is an apartment finder service, third-party management and registered property sales brokerage business and the third largest agency in Paris dealing with corporate housing, representing some 300 studio, one-, two- and three-bedroom furnished units located throughout the city.
    
BridgeStreet Paris becomes MeriStar's second European operation and is part of the company's targeted expansion. Its first European office, located in London, opened in the early 1990s. Earlier this year, MeriStar announced that BridgeStreet had opened offices in Manhattan and Chicago. BridgeStreet now has offices in 22 cities in the United States, Canada and Europe.
    
"Europe offers significant expansion opportunities, and Paris as a major European center of finance and government is a logical and strategic next step," said Paul W. Whetsell, chairman and chief executive officer of MeriStar Hotels & Resorts. "Apalachee has a well-established reputation for quality accommodations and a large list of blue chip corporate accounts. We see excellent opportunities to cross sell with our British and Canadian and U.S. corporate clients. Our offices in London and Paris give us a solid base to springboard into other European countries."
    
"Paris has a strong economy and Apalachee presented us with the opportunity to capitalize on a similar client base," said Thomas Vincent, president, BridgeStreet Corporate Housing Worldwide.  "Apalachee has built a solid reputation for high quality service that is consistent with BridgeStreet, all of the staff are multilingual, and we will build on our North American BridgeStreet model."
    
Apalachee was founded in 1994 and was owned and operated by Jason Aldred, who will remain with BridgeStreet as vice president operations France. "Our combining with a strong international brand like BridgeStreet allows us to leverage our strengths and greatly expand our exposure and customer base, both in France and other European countries," Aldred said.
    

BridgeStreet Corporate Housing Worldwide, a subsidiary of MeriStar Hotels & Resorts, is one of the world's largest corporate housing providers, offering upscale, fully furnished corporate housing throughout the United States, Canada, the United Kingdom, Paris and 39 additional countries through its network partners. 
    
This press release contains forward-looking statements, within the meaning of Section 27A of the 
MeriStar Hotels & Resorts Completes BridgeStreet Accommodations Acquisition 

WASHINGTON--June 1, 2000 - MeriStar Hotels & Resorts completed the acquisition of BridgeStreet Accommodations, Inc. (AMEX: BDS).

BridgeStreet shareholders will receive $1.50 cash plus 0.5 shares of MeriStar common stock for each outstanding share of BridgeStreet. 

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, about MeriStar Hotels & Resorts, Inc., including those statements regarding future operating results and the timing and composition of revenues, among others. 
###
Contact:
MeriStar Hotels & Resorts
Bruce Riggins
202/295-2276
www.bridgestreet.com

 
Also See   FelCor Lodging Trust to Acquire MeriStar Hospitality in $2.7 Billion Merger / May 2001 

To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.