MeriStar's board approves merger with the Blackstone Group

BETHESDA, Md. -- MeriStar Hospitality Corp. has agreed to be acquired by the Blackstone Group, a deal said to be valued at $2.6 billion.

The board of directors of MeriStar, a hotel real estate investment trust, has already approved the merger, which will be placed before the companys stockholders at a meeting soon.

In addition, MeriStar reported that it is going forward with the sale of nine hotels and one golf and tennis club to affiliates of the Blackstone Group.

MeriStar Hospitality Corp. owns 57 upper-upscale, full-service hotels -under Hilton, Sheraton, Marriott, Ritz-Carlton, Westin, Doubletree and Radisson brands -- in major markets and resort locations with 16,507 rooms in 19 states and Washington, including the 10 properties that are under contract to be sold to Blackstone.

MeriStar is the latest acquisition by the Blackstone Group, which purchased the La Quinta Corp., operator of La Quinta, Baymont, Woodfield Suites and Budgetel hotels, for $34 billion last November.

The private investment firms holdings also include Boca Resorts and Extended Stay America.

To contact the reporter who wrote this article, send e-mail to Michael Milligan at [email protected].

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