MeriStar cashes in on hot hotel market.MeriStar Hospitality Corporation, one of the nation's largest hotel real estate investment trusts, announced this week that it has sold five hotels, in separate transactions, for $58.5 million in gross proceeds during the 2005 fourth quarter. The properties include: Hilton Salt Lake City Airport (287 rooms), Doubletree Bradley International Airport Coordinates:
in Hartford, Conn. (200 rooms), Hilton in Durham, N.C. (194 rooms), Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. , San Jose, Calif. (239 rooms) and Holiday Inn, Madison, Wis. (194 rooms). "These sales are part of our previously announced asset disposition program which is designed to take advantage of the strong pricing currently realizable in the hotel real estate market," said Paul Whetsell, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We were able to sell these five properties at a 14-times trailing-twelve-month EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become multiple on a combined basis. We intend to use the proceeds from our asset disposition program to improve our balance sheet primarily through debt reduction, particularly our 10.5 percent callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. senior notes." Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Hotels acted as broker on the Hilton Salt Lake City and Hilton Durham, Molinaro Koger brokered the Holiday Inn Madison, Colliers brokered the Crowne Plaza San Jose, and Pinnacle Realty Investments brokered the Doubletree Bradley International Airport. Separately, the company announced that it had recently completed its relocation to new corporate headquarters in Bethesda, Md. MeriStar Hospitality Corporation owns 64 principally upper-upscale, full-service hotels in major markets and resort locations. The company owns hotels under such internationally known brands as Hilton, Sheraton, Marriott, Ritz-Carlton, Westin, Doubletree and Radisson. |
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