Specifically, MeriStar Hospitality Corp. merged with and into Alcor Acquisition LLC and Alcor Acquisition LP merged with and into MeriStar Hospitality Operating Partnership LP. In exchange, shareholders of MeriStar Hospitality Corp. common stock and MeriStar Operating Partnership LP limited partnership interest units will receive $10.45 per-share or unit.
MeriStar shareholders signed off on the merger just last week. The company brings with it to Alcor 47 hotels accounting for more than 14,400 rooms in 19 states and Washington, DC. MeriStar as an entity will be abolished, as will the MeriStar name.
"Blackstone has offices all over the country but the company is headquartered in New York so the merged operation will be based in New York, but the people working on the MeriStar portfolio will remain in Washington," Paul Whetsell, who was chairman and CEO of MeriStar until the closing of yesterday's merger, tells GlobeSt.com. The staff of MeriStar's Washington-area headquarters will be reduced by about one-third.
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