MeriStar Announces Completion of Mergers with Affiliates of The Blackstone Group
02 Mai 2006 - 8:15PM
PR Newswire (US)
BETHESDA, Md., May 2 /PRNewswire-FirstCall/ -- 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
1/8% 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 1/8% Senior Notes due 2011, constituting
approximately 96.6% of the 9% Senior Notes due 2008 and
approximately 97.6% of the 91/8% 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been tendered and not withdrawn in connection with the previously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 1/8% 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tendered and not withdrawn in the tender offers and consent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 1/8% 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 1/8% 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.
For more information about MeriStar, visit the company's website:
http://www.meristar.com/. 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. Information relating to The Blackstone
Group can be accessed on the Internet at
http://www.blackstone.com/. Safe Harbor Statement This press
release contains forward-looking statements. 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: Kevin J. Welch of MeriStar Hospitality
Corporation, +1-301-581-5926 DATASOURCE: MeriStar Hospitality
Corporation CONTACT: Kevin J. Welch of MeriStar Hospitality
Corporation, +1-301-581-5926 Web site: http://www.meristar.com/
http://www.blackstone.com/
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