NEW YORK FelCor Lodging Trust Inc. and MeriStar Hospitality Corp. have agreed to merge their respective operations and resources a transaction predicted yesterday by HOTEL BUSINESS..
As outlined, the $2.7 billion transaction will result in a pro-forma market capitalization of $6.3 billion for the combined company and will bring the number of hotels owned by FelCor to 299, ostensibly making the Irving, TX-based organization the U.S. lodging REIT with the most hotels and rooms (approximately 78,000) in its ownership portfolio.
Washington, DC-based MeriStar Hotels & Resorts will reportedly continue to manage the newly added hotel assets. (5/10/01)