National hotel REIT MeriStar Hospitality Corp. has sold four hotels to two separate buyers. Gross proceeds from the sale of the hotels in Connecticut, Georgia, New Jersey and Pennsylvania total $33.9 million. Since early 2003, MeriStar has sold 18 hotels (or 3,412 rooms) for total gross proceeds of $156.3 million.
The company also has withdrawn eight assets from the original list of hotels that it planned to sell. The eight hotels with a total of 1,818 rooms were projected to generate $105 million to $115 million in gross proceeds.
"We re-evaluated our asset disposition program and decided to retain eight of the hotels previously marketed for sale," says Paul Whetsell, chairman and CEO. "These hotels generate stronger levels of cash flow than the average of the ones we are selling, and we believe we currently will benefit from holding these properties."