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 201-room Crowne Plaza in Las Vegas, Nev., to a private, California-based investment partnership for an undisclosed amount. Sale proceeds will be used primarily to pay down existing debt.
“This disposition is consistent with our continuing strategy of selling non-core assets from our portfolio of hotels,” said Paul W. Whetsell, chairman and chief executive officer.
Washington, D.C.-based MeriStar Hospitality Corporation owns 108 principally upscale, full-service hotels in major markets and resort locations with 27,898 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. For more information about MeriStar Hospitality Corporation, visit the company`s Web site: www.meristar.com.
This press release contains forward-looking statements about MeriStar Hospitality Corporation, including those statements regarding future operating results and the timing and composition of revenues, among others. Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially, including the following: the current slowdown of the national economy; economic conditions generally and the real estate market specifically; the impact of the September 11, 2001 terrorist attacks or actual or threatened future terrorist incidents; legislative/regulatory changes, including changes to laws governing the taxation of REITs; availability of capital; interest rates; competition; supply and demand for hotel rooms in our current and proposed market areas; and changes in general accounting principles, policies and guidelines applicable to REITs. Additional risks are discussed in the Company`s filings with the Securities and Exchange Commission, including the Company`s annual report on Form 10-K for the year ended December 31, 2001.