MeriStar merges with Interstate
MeriStar Hotels & Resorts and Interstate Hotels Corporation, two of America's largest independent hotel management companies, are to merge in a deal worth $68m.
The combined company, named Interstate Hotels Corporation, will have a total market capitalisation of $260m and will operate 412 hotels. The company will be the largest independent operator of full-service Marriott, Hilton and Sheraton hotels with properties in the USA, Canada and Russia.
'The new company will have a real estate joint venture in place to acquire $300m to $500m of hotel assets and up to $50m of cash and availability on its line of credit to participate in joint ventures,' said president and CEO of MeriStar Hotel & Resorts. Details: www.meristar.com
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