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WASHINGTON - Nov. 29, 1999--MeriStar Hospitality Corporation (NYSE:
MHX), a hotel real estate investment trust (REIT), today announced that
hotel industry veteran Randall W. (Randy) Carroll has joined the company
in the newly created position of senior vice president, real estate and
asset management.
Carroll will focus on optimizing MeriStar�s real estate financial performance by implementing programs that generate incremental revenue from the company�s realty holdings, strategically divesting certain properties and reinvesting the proceeds to provide greater long-term yields. Carroll will report to Bruce Wiles, MeriStar Hospitality president and chief investment officer. �Randy increases our depth in hotel real estate and adds new expertise in timeshare to our strong real estate and asset management team,� commented Paul W. Whetsell, MeriStar chairman and CEO. �Initially, he will help execute our previously announced plan to sell selected assets and use the proceeds to partially fund our share buy-back program. He also will develop innovative approaches to derive additional income from our wide-ranging real estate portfolio.� Carroll brings to MeriStar 20 years of hospitality industry experience in a variety of legal, finance and real estate positions. Previously, he was vice president of corporate development and finance for Hilton Hotels, where he was responsible for originating, negotiating and structuring Hilton�s major real estate transactions and supervising projects through the development or acquisition process in the Eastern Region. He also served as vice president of development for the company�s timeshare subsidiary, Hilton Grand Vacations Company. Carroll holds a bachelor�s degree from Dartmouth College, a master�s degree from the Cornell University School of Hotel Administration and a law degree from the College of William and Mary. He is admitted to the Bar in California and Washington, D.C., and is a licensed real estate broker in California. He has served on the board of advisors to the hotel administration program of Loyola Marymount University and is a frequent seminar speaker and college lecturer. He has authored numerous articles on hotel development and financial topics. His professional affiliations include the American Resort Development Association, Urban Land Institute, American Hotel Motel Association, and the Cornell Society of Hotelmen. Washington, D.C.-based MeriStar Hospitality Corporation owns 116 principally upscale, full-service hotels in major market and resort locations with 29,348 rooms in 27 states, the District of Columbia and Canada. The company owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Westin, Radisson and Doubletree. |
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