"Given the slowdown in the economy, we believe it is more prudent for us to continue to focus on our core business of operating hotels, rather than consummate the merger," says Whetsell. "American Skiing has great potential, and we wish them well in their future endeavors."
Despite the economic downturn, Whetsell says his company's first quarter earnings remain in line with internal forecasts. "Our hotel management business provides substantial, consistent cash flow, even in a changing economy, and positions us to continue to reduce debt and execute our growth strategy," adds John Emery, MeriStar's chief investment officer. "We continue to have a prudent and conservative capital structure that gives us flexibility and liquidity."
MeriStar Hotels & Resorts operates 268 hospitality properties in 36 states, the District of Columbia, Canada, Puerto Rico and the US Virgin Islands, including 54 properties managed by subsidiary Flagstone Hospitality Management. Through its Doral Golf brand, MeriStar manages 12 golf courses. BridgeStreet Corporate Housing Worldwide, a MeriStar subsidiary, offers fully furnished corporate housing throughout the United States, Canada and Europe.
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