MeriStar Hospitality Corporation Sells Five Hotels for $58.5 million
BETHESDA, MD, January 3, 2005. MeriStar Hospitality Corporation, one of the nation's largest hotel real estate investment trusts (REIT), today announced that it has sold five hotels, in separate transactions, for $58.5 million in gross proceeds during the 2005 fourth quarter.
The properties include:
o Hilton Salt Lake City Airport (287 rooms)
o Doubletree Bradley International Airport in Hartford, Conn. (200 rooms)
o Hilton in Durham, N.C. (194 rooms)
o Crowne Plaza - San Jose, Calif. (239 rooms)
o Holiday Inn - Madison, Wis. (194 rooms)
"These sales are part of our previously announced asset disposition program which is designed to take advantage of the strong pricing currently realizable in the hotel real estate market," said Paul Whetsell, chairman and CEO. "We were able to sell these five properties at a 14-times trailing-twelve-month EBITDA multiple on a combined basis. We intend to use the proceeds from our asset disposition program to improve our balance sheet primarily through debt reduction, particularly our 10.5 percent callable senior notes."
Jones Lang LaSalle Hotels acted as broker on the Hilton Salt Lake City and Hilton Durham, Molinaro Koger brokered the Holiday Inn Madison, Colliers brokered the Crowne Plaza San Jose, and Pinnacle Realty Investments brokered the Doubletree Bradley International Airport.
Separately, the company announced that it had recently completed its relocation to new corporate headquarters in Bethesda, Md. MeriStar's new headquarters location is:
6430 Rockledge Drive
Suite 200
Bethesda, Md. 20817
(301) 581-5900
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
