WASHINGTON - May 10, 1999 - MeriStar Hotels
& Resorts (NYSE: MMH), the nation's largest independent hotel management
company, today announced that it has signed a long-term contract to manage
the 283-room Hilton Vancouver Metrotown, currently under construction in
Burnaby, British Columbia, Canada. It is the company's 34th Hilton franchise
and brings to 10 the number of new management contracts signed by MeriStar
in 1999.
The hotel, which is scheduled to open in late 1999, is part of the
Crystal Project, a CAN$200 million development in suburban Vancouver that
also includes 55,000 square feet of office space, a 210,000 square-foot
retail area, a 22,500 square-foot conference center and a 218-unit residential
complex.
"This is our fourth management contract in the Vancouver area, which
will allow us to capitalize on cross-marketing opportunities, operating
synergies and purchasing advantages,"said Paul Whetsell, MeriStar chairman
and chief executive officer. "Vancouver is one of Canada's fastest growing
urban markets. This will be one of the city's most prestigious developments,
and we are pleased to be a partner with the project's well-regarded developers."
The Crystal development is a joint venture project of TYBA Group Inc.,
Amara International Investment Corp. and Dong Ah Construction Industrial
of Seoul, South Korea. TYBA Group Inc. is a Vancouver-based international
development company with offices in Toronto and the U.S. Chaired by entrepreneur
Felix Ts'o, the company is actively involved in real estate investments
throughout Canada, the U.S. and Asia. TYBA often manages, invests in and
develops major projects on a joint basis with overseas and local investors.
Amara International Investment Corp., led by Stanley Kwok, is a Vancouver-based
private company specializing in real estate investment and in locating
Asian partnerships for projects.
Dong Ah Construction Industrial Co., Ltd. is one of South Korea's largest
public companies. A recognized leader in the construction industry, the
company is involved in numerous international investment development projects,
including the world's largest civil engineering project, the US$15 billion
"The Great Man River" in the Middle East.
MeriStar Hotels & Resorts leases or manages 215 hotels with 44,990
rooms in 34 states, the District of Columbia, Canada and the U.S. Virgin
Islands. For more information about MeriStar Hotels & Resorts, Inc.,
visit the company's web site: www.meristar.com.
The matters in this press release include "forward looking statements"
within the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and are qualified by cautionary statements
contained herein and in MeriStar Hotels & Resorts' filings with the
Securities and Exchange Commission. |
