WASHINGTON DC MeriStar Hotels & Resorts, the nations largest independent hotel management company, and American Skiing Company, the nations largest ski resort operating company, have signed a definitive agreement to merge. The merged company will be renamed Doral International and will focus on international leisure and hospitality products. It will operate, own and develop Doral-branded, year-round mountain and beach resorts, vacation villages and conference centers. In addition, the company will manage upscale hotels for third-party owners, as well as operate corporate housing under its proprietary BridgeStreet Accommodations brand. The merger combines nine premium ski resorts, 23 resort hotels, 246 hotels, 15 golf courses and four conference facilities. The company also will control prime mountain and beach real estate available for future development of more than 14,000 units. In all, Doral will have assets exceeding $1.2 billion, pro forma FY 2001 revenues of approximately $600 million, and expected pro forma EBITDA in FY 2001 in excess of $100 million. The merger has been approved by both companies boards of directors, and pending customary conditions including regulatory and shareholder approval, is expected to be completed in the first calendar quarter of 2001. Doral International will be headquartered in Washington, D.C. (12/11/00)
Previous ArticleAdler Named President Of Loews
Next Article Marriott Settles Litigation With LP