The properties concerned are the Crowne Plaza Las Vegas, Las Vegas's St. Tropez, Oregon's Crowne Plaza Lake Oswego and Meridien, CT's Ramada Plaza Hotel. "[The arrangement] more closely aligns ownership and management," MeriStar Hospitality and MeriStar Hotels & Resorts Chairman/CEO Paul Whetsell says in a statement. "In addition to a more focused approach, we expect to benefit from MeriStar Hotels & Resorts' size and scope in terms of operating synergies, purchasing and cross-marketing." MeriStar began converting its leases at the beginning of the year. At one time, Prime held the leases and managed eight MeriStar hotel properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Capital Markets
Hotels
Washington, DC