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.
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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. |