"The sales were completed in line with our expected pricing," MeriStar chairman and CEO Paul W. Whetsell says. "Since January 2003, the company has sold 23 hotels (4,657 rooms) at an average of $40,000 per room. The proceeds will allow us to further strengthen our balance sheet by repaying debt and reinvesting in our core properties in order to yield superior returns." In January of this year, MeriStar disposed of four hotels in Connecticut, Georgia, New Jersey and Pennsylvania, for an aggregate sum of $34 million.
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