Corporation In the Sale of Seven Florida Assets
|TAMPA, FL- February 2, 2006- The Plasencia Group,
Inc., the leading hospitality transaction and consulting services firm
representing owners of hotels, resorts and golf courses, announced that
it has served as advisor to MeriStar Hospitality Corporation (NYSE: MHX)
of Bethesda, MD in the proposed sale of seven hotels included in a portfolio
of 10 assets being acquired by an affiliate of The Blackstone Group.
The transaction, scheduled to close by the end of the first quarter 2006, is valued at $367 million in cash. The sales price reflects an EBITDA multiple for the 10 properties that is accretive to the company’s current trading value. The company intends to use the majority of the proceeds to further reduce debt, particularly its most expensive 10.5 percent senior unsecured debt, which currently is callable by the company.
The Plasencia Group is handling the following assets from the portfolio of Florida assets being acquired by Blackstone:
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, with regional offices in Tampa, Hartford, Chicago, Dallas, Austin, Houston, Little Rock, San Francisco and San Diego. In conjunction with its affiliates, Regent Street for luxury properties and Sun Hospitality Advisors for limited service properties, The Plasencia Group has provided personalized, valued-added investment opportunities and services to clients such as Prudential (NYSE:PRU), Host Marriott Corporation (NYSE:HMT), MeriStar Hospitality Corporation (NYSE:MHX) and Metropolitan Life Insurance Company (NYSE:MET). The Plasencia Group offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, project management and disposition, and proprietary industry research.
About MeriStar Hospitality Corporation
Bethesda, Md.-based MeriStar Hospitality Corporation owns 58 principally upper-upscale, full-service hotels in major markets and resort locations with 17,003 rooms in 19 states and the District of Columbia. The company owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Ritz-Carlton, Westin, Doubletree and Radisson. For more information about MeriStar Hospitality, visit the company’s website: www.meristar.com.
Cashman & Katz
|Also See:||The Plasencia Group Expands Sun Hospitality Advisors Division With San Francisco Office / January 2006|
|Plasencia Group, Inc. Offers Aggressive Lodging Investment Roadmap for 2006 / January 2006|
|The Plasencia Group, Inc. Advises Islandia Associates, LTD in Sale of Hyatt Regency Islandia Hotel / Jnauary 2006|
|The Plasencia Group, Inc. Advises Thayer Lodging Group on the Sale of Eight Properties to Pyramid Hotel Advisors, LLC Properties Combine Geographic Diversity, Performance and Growth Potential / July 2005|
|Robert C. O'Leary Named Vice President of the The Plasencia Group's Sun Hospitality Division / March 2005|
|The Plasencia Group Is Exclusive Marketing Advisor on Sale of Long Beach Hilton / January 2005|
|The Plasencia Group Appoints Brian K. Rodgers as Senior Associate, Western Region / Aug 2004|
|The Plasencia Group Appoints Stephen Kindl as Regional Vice President for the Northeast / July 2004|
|The Plasencia Group Advises on the Sale of the San Jose Wyndham / July 2004|
|The Plasencia Group Advises on the Sale of the Marriott Irvine, Orange County, California / June 2004|
|The Plasencia Group Appoints Eric M. Holtze as Director of Financial Analysis / June 2004|
|The Plasencia Group Launches Sunbelt Hospitality, Led by Robert Wiemer in Houston / March 2004|
|The Plasencia Group Advises on the Sale of Interest in the Don Cesar Beach Resort / December 2003|
|The Plasencia Group Advises on the Sale of the Hilton Garden Inn, Ybor City, Tampa / Sept 2003|
|The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003|