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 317-room Holiday Inn Select in San Diego, Calif., for an undisclosed amount. Sale proceeds will be retained to maximize MeriStar`s financial flexibility and liquidity.
“We continue to selectively prune non-core assets from our portfolio of hotels,” said Paul W. Whetsell, chairman and chief executive officer. “The sale proceeds will further enhance our financial structure. This is our fifth such sale this year.”
Washington, D.C.-based MeriStar Hospitality Corporation owns 107 principally upscale, full-service hotels in major markets and resort locations with 27,581 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.