MeriStar, based in Washington, DC, is the nation's third largest hotel REIT. According to company officials, the proceeds from the sale will be used to pay down existing debt. MeriStar is also in the process of changing its focus to more upscale hotel properties.
Shortly after the sale was concluded, the Philadelphia-based Growth Properties re-flagged the property as a Clarion Hotel. Several investors are said to have shown interest in the property prior to the sale.
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