Nearly 99% of the shareholders voting at the meeting signed off on the merger; a figure representing approximately 81% of the total number of MeriStar common stock. As per the specifications of the merger agreement, holders of MeriStar common stock and units of limited partnership interest in MeriStar Hospitality Operating Partnership 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 rooms in 19 states and Washington, DC. If all goes as planned, the merger will close next week. The agreement is valued at approximately $2.6 billion. MeriStar as an entity will be abolished and the MeriStar name will go away, according to a MeriStar spokesperson. MeriStar's portfolio consists of 57 high-end hotels with an aggregate 16,507 room in major markets in 19 states and the District of Columbia.
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