MeriStar Hospitality Completes Sale of 10 Florida Assets
28 Februar 2006 - 10:15PM
PR Newswire (US)
Company Calls Remaining $106 Million of 10.5% Senior Notes
BETHESDA, Md., Feb. 28 /PRNewswire-FirstCall/ -- 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: * Best Western Sanibel Island
Beach Resort (46 rooms) * The Dunes Golf & Tennis Club * Hilton
Cocoa Beach Oceanfront (296 rooms) * Hilton Clearwater Beach Resort
(426 rooms) * Sanibel Inn (96 rooms) * Seaside Inn (32 rooms) *
Sheraton Beach Resort Key Largo (200 rooms) * Song of the Sea (30
rooms) * South Seas Island Resort (579 rooms) * 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. For more information about MeriStar
Hospitality, visit the company's website: http://www.meristar.com/.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward-looking
statements, which are based on various assumptions and describe our
future plans, strategies and expectations, are generally identified
by our use of words such as "intend," "plan," "may," "should,"
"will," "project," "estimate," "anticipate," "believe," "expect,"
"continue," "potential," "opportunity," and similar expressions,
whether in the negative or affirmative. We cannot guarantee that we
actually will achieve these plans, intentions or expectations. All
statements regarding our expected financial position, business and
financing plans are forward- looking statements. Except for
historical information, matters discussed in this press release are
subject to known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to
be materially different from future results, performance or
achievements expressed or implied by such forward-looking
statements. Factors which could have a material adverse effect on
our operations and future prospects include, but are not limited
to: economic conditions generally and the real estate market
specifically; supply and demand for hotel rooms in our current and
proposed market areas; other factors that may influence the travel
industry, including health, safety and economic factors;
competition; the level of proceeds from asset sales; cash flow
generally, including the availability of capital generally, cash
available for capital expenditures, and our ability to refinance
debt; the effects of threats of terrorism and increased security
precautions on travel patterns and demand for hotels; the
threatened or actual outbreak of hostilities and international
political instability; governmental actions, including new laws and
regulations and particularly changes to laws governing the taxation
of real estate investment trusts; weather conditions generally and
natural disasters; rising insurance premiums; rising interest
rates; and changes in U.S. generally accepted accounting
principles, policies and guidelines applicable to real estate
investment trusts. These risks and uncertainties should be
considered in evaluating any forward-looking statements contained
in this press release or incorporated by reference herein. All
forward-looking statements speak only as of the date of this press
release or, in the case of any document incorporated by reference,
the date of that document. All subsequent written and oral
forward-looking statements attributable to us or any person acting
on our behalf are qualified by the cautionary statements in this
section. We undertake no obligation to update or publicly release
any revisions to forward-looking statements to reflect events,
circumstances or changes in expectations after the date of this
press release. Contact: Mike Bauer Jerry Daly or Carol McCune Sr.
Director, Finance and Daly Gray Public Relations (Media) Investor
Relations (703) 435-6293 (301) 581-5927 First Call Analyst: FCMN
Contact: julie@dalygray.com DATASOURCE: MeriStar Hospitality
Corporation CONTACT: Mike Bauer, Sr. Director, Finance and Investor
Relations of MeriStar Hospitality Corporation, +1-301-581-5927; or
Media: Jerry Daly or Carol McCune of Daly Gray Public Relations,
+1-703-435-6293, for MeriStar Hospitality Corporation Web site:
http://www.meristar.com/
Copyright
Meristar (NYSE:MHX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Meristar (NYSE:MHX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024