MeriStar Hotels & Resorts, American Skiing Plan Merger

WASHINGTON, DC-In a deal expected to be complete in the first calendar quarter of 2001, the nation’s largest independent hotel management firm will merge with the country’s largest ski resort operating company. Officials from MeriStar Hotels & Resorts and American Skiing Company say they signed a definitive agreement to join forces.

Pending customary conditions, including regulatory and shareholder approval, the merged company will be renamed Doral International Inc. and will focus on international leisure and hospitality. Doral International will have assets exceeding $1.2 billion, pro forma FY 2001 revenues of approximately $600 million, and expected pro forma EBITDA in FY 2001 in excess of $100 million.

Doral International will be headquartered in Washington, DC at Meristar’s 1010 Wisconsin Ave. offices. Leslie B. Otten will be chairman, Paul W. Whetsell, chief executive officer, and John Emery, chief financial officer.