"We continue to pursue our strategy of selling non-core assets," says MeriStar chairman and chief executive officer Paul W. Whetsell. "Since the end of the third quarter of 2002, we have sold three assets and generated total net proceeds of approximately $47.0 million.
"With these recent dispositions and the $42.1 million proceeds from the settlement of our note receivable with Interstate, we have significantly enhanced our liquidity and financial flexibility. We will seek additional opportunities to dispose of non-core assets in the first half of 2003."
MeriStar owns upscale, full service hotels in major markets and resort locations with 27,432 rooms in 26 states, Washington, DC and Canada. The company owns hotels under brands including Hilton, Sheraton, Marriott, Westin, Radisson and Doubletree.
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