The sale of the San Diego Holiday Inn Select falls in line with MeriStar's plan of selectively pruning non-core assets from its portfolio, according to Paul W. Whetsell, the company's chairman and chief executive officer. He explains that the Holiday Inn deal was Meristar's fifth such transaction for 2002, adding that the proceeds will "further enhance" the company's financial structure.
As the nation's third-largest hotel REIT, Meristar currently owns 107 principally upscale, full-service properties with 27,581 rooms in 27 states, the District of Columbia and Canada. Its holdings include such well-known brands as Hilton, Sheraton, Marriott Westin, Radisson and Doubletree.
It also features a host of amenities, including an outdoor heated pool and spa, seven meeting rooms and banquet facilities totaling 6,000 sf, a café and bar with room service, a Pizza Hut Express, a fitness room, gift shop, guest laundry, ATM and safety deposit boxes.
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