Among the hotels that MeriStar decided to part with is the 150-room Ramada Plaza Hotel Meriden in Meriden, CT, and the 262-room Jekyll Inn on Jekyll Island, GA. Morristown, NJ's 199-room the Westin Morristown and Trevose, PA's 215-room Holiday Inn Select Bucks County also found new homes in the deal. In December, MeriStar announced it had sold off seven properties for $31.5 million as part of their current portfolio re-structuring strategy.
"We have 16 assets, with 4,131 rooms, remaining in our disposition program, and we expect to substantially complete the program by the end of the first quarter," says MeriStar chairman and CEO Paul W. Whetsell. "The disposition of the 16 additional hotels should generate total gross proceeds of $110 million to $130 million."
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