MeriStar Completes Sale of 10 Florida Assets
Company Calls Remaining $106 Million of 10.5% Senior Notes
ST. LAUDERDALE, FL, March 1, 2006. MeriStar Hospitality Corporation (NYSE: MHX), one of the nation's largest hotel real estate investment trusts (REIT), today announced that it has completed the previously announced sale of a portfolio of nine hotels (1,948 rooms) and a golf and tennis club, all located in Florida, to an affiliate of The Blackstone Group for approximately $367 million, subject to adjustments made at closing. The properties in the portfolio include:
o Best Western Sanibel Island Beach Resort (46 rooms)
o The Dunes Golf & Tennis Club
o Hilton Cocoa Beach Oceanfront (296 rooms)
o Hilton Clearwater Beach Resort (426 rooms)
o Sanibel Inn (96 rooms)
o Seaside Inn (32 rooms)
o Sheraton Beach Resort Key Largo (200 rooms)
o Song of the Sea (30 rooms)
o South Seas Island Resort (579 rooms)
o Sundial Beach Resort (243 rooms)
The company also announced that it submitted an irrevocable notice to redeem the remaining $106 million of its 10.5 percent senior unsecured notes due 2011, with a redemption date of March 27, 2006. Additionally, the company repaid $75 million of term loan debt under its secured credit facility and retired the $44 million mortgage on the Hilton Clearwater Beach Resort.
Bethesda, Md.-based MeriStar Hospitality Corporation owns 48 principally upper-upscale, full service hotels in major markets and resort locations with 14,559 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.
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 
