MeriStar Hospitality Sells Hilton Monterey in Northern California
03 6월 2005 - 5:37AM
Business Wire
MeriStar Hospitality Corporation (NYSE: MHX), one of the nation's
largest hotel real estate investment trusts (REIT), today announced
that it has sold the 204-room Hilton Monterey to Valencia,
Calif.-based Ocean Park Hotels, a hotel developer, owner and
operator, for $20.5 million, or approximately $100,000 per key.
Ocean Park Hotels said it plans to manage the hotel and invest
approximately $5 million in renovations. "We were able to sell this
property for almost 20 times trailing-twelve-month EBITDA* and
reduce our required capital expenditures," said Paul Whetsell,
chairman and CEO. "When you factor in the capital spending avoided
as a result of the transaction, our sales multiple would have been
approximately 25 times." The company plans to use the proceeds of
the sale for business purposes including debt reduction and capital
expenditures for its existing assets. The company has indicated
that its 2005 earnings guidance includes approximately $40 million
in sales proceeds in addition to the Hilton Monterey proceeds. The
company expects to complete these dispositions in the third
quarter. "We will continue to review our portfolio and take
advantage of opportunities to divest selected properties at
attractive pricing and where we believe we can more effectively
redeploy the proceeds into uses that will be accretive to our
shareholders," Whetsell stated. Arlington, Va.-based MeriStar
Hospitality Corporation owns 72 principally upscale, full-service
hotels in major markets and resort locations with 20,115 rooms in
22 states and the District of Columbia. The company owns hotels
under such internationally known brands as Hilton, Sheraton,
Marriott, Ritz-Carlton, Westin, Doubletree and Radisson. For more
information about MeriStar Hospitality, visit the company's Web
site: www.meristar.com. *EBITDA is a non-GAAP financial measure and
should not be considered as alternatives to any measures of
operating results under GAAP. Trailing-twelve-month Net Loss for
the Hilton Monterey was $(0.3) million, which consisted of $1.0
million of EBITDA less $1.3 million of depreciation and
amortization. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements, which are based on various assumptions
and describe our future plans, strategies and expectations, are
generally identified by our use of words such as "intend," "plan,"
"may," "should," "will," "project," "estimate," "anticipate,"
"believe," "expect," "continue," "potential," "opportunity," and
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cannot guarantee that we actually will achieve these plans,
intentions or expectations. All statements regarding our expected
financial position, business and financing plans are
forward-looking statements. Except for historical information,
matters discussed in this press release are subject to known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
which could have a material adverse effect on our operations and
future prospects include, but are not limited to: economic
conditions generally and the real estate market specifically;
supply and demand for hotel rooms in our current and proposed
market areas; other factors that may influence the travel industry,
including health, safety and economic factors; competition; cash
flow generally, including the availability of capital generally,
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refinance debt; the effects of threats of terrorism and increased
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threatened or actual outbreak of hostilities and international
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