WASHINGTON, D.C. MeriStar Hospitality Corp., the hotel real estate investment trust (REIT), completed the sale of the 193-room Four Points Hotel in Cherry Hill, NJ. Sale proceeds of $7.5 million will be used primarily to pay down existing debt.
Paul Whetsell, MeriStar chairman/CEO, said that the sale is part of the company s ongoing strategy to refine its portfolio towards larger upscale, full-service commercial hotels and resorts.
Separately, MeriStar Hospitality Corp. reported that its board of directors declared a quarterly cash dividend of $0.505 per share.
The dividend, equivalent to an annual rate of $2.02 per share, is payable April 30, 2001 to shareholders of record on April 13, 2001. Based on March 20th closing stock price of $19.60, the annualized dividend yield is 10.3%.
MeriStar Hospitality currently owns 113 upscale, full-service hotels in major markets and resort locations. (3/21/01)