Yvonne Lee - All Headline News Staff ReporterNew York, NY (AHN) - MeriStar Hospitality Corp. said on Tuesday that it has made a deal to allow Blackstone Group to acquire it for about $2.6 billion. The private equity firm will pay $10.45 in cash for each MeriStar share. This is about 5 percent higher than MeriStar’s closing price of $9.93 on Friday, reports Reuters. The hotel real estate investment trust has about $1.6 billion in long-term debt as of Dec. 31. The deal is the latest in a series of mergers and acquisitions in the lodging industry. Last June, Blackstone bought Wyndham International for $1.44 billion. It had also acquired La Quinta Properties in November for $2.28 billion. MeriStar owns various brands of hotels, including Hilton, Marriott and Sheraton. Its board voted unanimously to approve the buyout, the company said in a statement. Article © All Headline News - All Rights Reserved
Source: www.allheadlinenews.com
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