MeriStar FFO Level at $57 Million in Third Quarter

WASHINGTON DC – MeriStar Hospitality Corp. recorded funds from operations of $57.1 million for the third quarter, almost unchanged from the $56.7 million it earned in the third quarter of 1999. While net income went up almost $800,000, the deferred cost of an asset sale and hotel amortization and depreciation also contributed to funds from operations.

Because of a decline in outstanding shares, however, funds per diluted share rose to $1.04 from 99 cents. Revenues went up 6.3% to $98.6 million while earnings before expense, income taxes, depreciation and amortization rose 5% to $84.5 million.