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MeriStar Hospitality Completes Sale of Seven Hotels for Aggregate $31.5 Million

2003-12-18

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MeriStar Hospitality Corporation (NYSE: MHX), one of the nation's largest hotel real estate investment trusts (REIT), today announced that it has completed the sale of seven hotels with a total of 1,224 rooms to five separate buyers for aggregate proceeds of $31.5 million.

This brings to 14 the number of hotels sold by the company year to date, with 2,586 rooms, for total proceeds of $122.4 million, or $47,000 per room. The sales are part of a previously announced plan to dispose of non-core hotel properties and reshape the company's portfolio. Proceeds from the sales may be used to reinvest in the company's core properties, for hotel acquisitions, or to repay senior debt.
"We continue to make excellent progress on the sale of our non-core assets and are on target with the timeline we previously announced," said Paul W. Whetsell, chairman and chief executive officer. "We expect to close on 10 to 12 additional properties by the end of January."

The seven hotels include four hotels in the U.S., each sold to a separate buyer, and three Canadian properties, which were sold as a portfolio to a single buyer. The properties are:

Hotel Name                             # of Rooms    Location

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Radisson Schaumburg                             200  Schaumburg, Ill.

Radisson Rochester                              171  Rochester, N.Y.

Crowne Plaza Portland                           161  Portland, Ore.

Hotel Dallas (formerly Radisson)                304  Dallas, Texas

Holiday Inn Calgary Airport                     170  Calgary, Alberta

Holiday Inn Metrotown                           100  Vancouver, B.C.

Ramada Vancouver                                118  Vancouver, B.C.

                                     ---------------

                          Total rooms         1,224

Arlington, Va.-based MeriStar Hospitality Corporation owns 93 principally upscale, full-service hotels in major markets and resort locations with 24,995 rooms in 23 states, the District of Columbia and Canada.

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