Hotel REIT Rides Off with $32M from Sales

ARLINGTON, VA-Seven hotel properties bring in proceeds totaling $31.5 million for MeriStar Hospitality Corp. Adhering to its corporate strategy of selling off non-core assets, the hotel REIT disposed of particular hotels accounting for over 1,200 rooms in Illinois, New York, Oregon, Texas and Canada. “We expect to close on 10 to 12 additional properties by the end of January,” MeriStar chairman and CEO Paul W. Whetsell says.

Among the US properties MeriStar opted to let go of are the seven-year-old, 200-room Radisson Schaumburg in Schaumburg, IL, with its 7,000 sf of meeting space; Rochester, NY’s 171-room Radisson Rochester, which was built in 1999 and has 11,000 sf of meeting space; the 14-year-old, 161-room Crowne Plaza Portland, which features 3,000 sf of meeting space and sits in Lake Oswego just outside of Portland; and the 30-year-old, 304-room Hotel Dallas and its 16,000 sf of meeting space. The remaining three properties are in Canada–the 170-room Holiday Inn Calgary Airport in Calgary, Alberta, and Vancouver, BC’s 100-room Holiday Inn Metrotown and 118-room Ramada Vancouver.