Nearly 99% of the shareholders voting at the meeting signed offon the merger; a figure representing approximately 81% of the totalnumber of MeriStar common stock. As per the specifications of themerger agreement, holders of MeriStar common stock and units oflimited partnership interest in MeriStar Hospitality OperatingPartnership LP will have the option to exchange those holdings for$10.45 in cash per unit.
MeriStar owns 47 upscale hotels accounting for over 14,400 roomsin 19 states and Washington, DC. If all goes as planned, the mergerwill close next week. The agreement is valued at approximately $2.6billion. MeriStar as an entity will be abolished and the MeriStarname will go away, according to a MeriStar spokesperson. MeriStar'sportfolio consists of 57 high-end hotels with an aggregate 16,507room in major markets in 19 states and the District ofColumbia.
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