MeriStar Hospitality Corporation (NYSE: MHX) and its subsidiary, MeriStar Hospitality Operating Partnership, L.P., announced the completion of the merger of MeriStar with and into Alcor Acquisition LLC, the merger of Alcor Acquisition L.P. with and into MeriStar Hospitality Operating Partnership, L.P., and the other transactions contemplated by the Agreement and Plan of Merger, dated as of February 20, 2006, by and among MeriStar, MeriStar Hospitality Operating Partnership, L.P., Alcor Holdings LLC, Alcor Acquisition Inc., Alcor Acquisition LLC and Alcor Acquisition L.P. Alcor Holdings LLC, Alcor Acquisition LLC and Alcor Acquisition L.P. are affiliates of The Blackstone Group.
Under the terms of the merger agreement, holders of shares of MeriStar common stock and units of limited partner interest in MeriStar Hospitality Operating Partnership, L.P. will receive $10.45 per share or unit in cash, without interest.
In addition, MeriStar Hospitality Operating Partnership, L.P. announced that as of 8 a.m., New York City time, on May 2, 2006, the expiration date of the tender offers for its 9% Senior Notes due 2008 and its 9?% Senior Notes due 2011, $236,678,000 aggregate principal amount of its 9% Senior Notes due 2008 and $334,550,000 aggregate principal amount of its 9?% Senior Notes due 2011, constituting approximately 96.6% of the 9% Senior Notes due 2008 and approximately 97.6% of the 9?% Senior Notes, respectively, had been tendered and not withdrawn in connection with the previously announced cash tender offers and consent solicitations for such notes. All such 9% Senior Notes and 9?% Senior Notes validly tendered and not withdrawn in the tender offers and consent solicitations have been accepted for payment. MeriStar also announced that the Supplemental Indentures governing the 9% Senior Notes and the 9?% Senior Notes, which were executed on April 13, 2006 in connection with the receipt of the requisite consents from holders of each of the 9% Senior Notes and the 9?% Senior Notes to the proposed amendments reflected therein, are now operative.
About MeriStar Hospitality Corporation
Bethesda, Maryland-based MeriStar Hospitality Corporation owns 47 principally upper-upscale, full-service hotels in major markets and resort locations with 14,404 rooms in 19 states and the District of Columbia. MeriStar owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Ritz-Carlton, Westin, Doubletree and Radisson.
About The Blackstone Group
The Blackstone Group, a global private investment and advisory firm with offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Mumbai and Paris, was founded in 1985. Blackstone's real estate group has raised approximately $10 billion for real estate investing and has a long track record of investing in office buildings, hotels and other commercial properties. In addition to Real Estate, The Blackstone Group's core businesses include Private Equity, Corporate Debt Investing, Marketable Alternative Asset Management, Mergers and Acquisitions Advisory, and Restructuring and Reorganization Advisory.
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