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Holiday Inn Madeira Beach for $9.25 million |
ARLINGTON, Va., July 15, 2003 � MeriStar Hospitality
Corporation (NYSE: MHX), the nation�s third largest hotel real estate investment
trust (REIT), today announced that it had completed the sale of the 149-room
Holiday Inn-Madeira Beach for $9.25 million, or approximately $62,000 per
room. The hotel is located on Florida�s Gulf Coast, immediately south
of Tampa/St. Petersburg.
�The sale is part of our previously announced plan to dispose of non-core assets,� said Paul W. Whetsell, chairman and chief executive officer. �This strategy will allow us to reshape our portfolio to one with higher performance characteristics and also will enhance our liquidity. Over time, we intend to use our asset sale proceeds both to pay down debt and to reinvest in core assets. We have 33 additional non-core assets planned for disposition, and we expect the pace of these sales to pick up in the second half of the year.� Arlington, Va.-based MeriStar Hospitality Corporation owns 104 principally upscale, full-service hotels in major markets and resort locations with 27,120 rooms in 25 states, the District of Columbia and Canada. The company owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Westin, Doubletree and Radisson. This press release contains forward-looking statements about MeriStar Hospitality Corporation, including those statements regarding future operating results, the timing and composition of revenues and expected proceeds from asset sales, among others. |
Contact:
MeriStar Hospitality Corporation
Bruce Riggins VP, Strategic Planning & Analysis (703) 812-7223 www.meristar.com |
Also See: | MeriStar Hospitality Corporation Drops Common Share Dividend for the 2002 Fourth Quarter; Sells the 317-room Holiday Inn Select in San Diego, California / December 2002 |