MeriStar Operating Partnership Preps for Merger
BETHESDA, MD, March 30, 2006. MeriStar Hospitality Corp.'s subsidiary MeriStar Hospitality Operating Partnership, LP has begun cash tender offers for any and all of its outstanding 9% senior notes due in 2008 and in 2011 in connection with the agreement of MeriStar and the partnership to merge with affiliates of The Blackstone Group.
The consent solicitations will expire April 12 and the tender offers will expire on May 2, unless extended or terminated by the partnership.
As previously reported, MeriStar has scheduled a special meeting on April 27 of its stockholders to approve the merger of MeriStar with, and into, Alcor Acquisition LLC, an affiliate of The Blackstone Group.
The meeting, which will also address other issues contemplated by the Merger among MeriStar, MeriStar Hospitality Operating Partnership, LP and the Blacktone affiliate, will be held at 10 a.m. at the Hilton Arlington, 950 North Stafford St., Arlington, VA.
Stockholders of record on the close of business on March 17, 2006 will be entitled to vote at the meeting.
Completion of the merger remains subject to MeriStar stockholder approval and other customary closing conditions. Upon completion, each outstanding share of common stock of MeriStar and each unit of limited partnership interest in MeriStar Hospitality Operating Partnership, LP will be converted into the right to receive $10.45 in cash, without interest and less any required withholding taxes.
MeriStar Hospitality Corp. currently owns 47 hotels in major markets and resort locations with 14,404 rooms in 19 states.
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