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Merger set for big hotel owners

Thursday, May 10, 2001 | 10:43 a.m.

DALLAS -- Hotel investor FelCor Lodging Trust Inc. is buying hotel management concern MeriStar Hospitality Corp. for about $1.1 billion in cash and stock in a deal that would create one of the biggest hotel companies.

FelCor is the largest owner of Embassy Suites, Crowne Plaza, Doubletree and Holiday Inn hotels, while Meristar is a big owner of Hilton and Sheraton hotels.

The deal announced today would create a company with 299 properties and combined revenues of $2.9 billion.

FelCor is a real estate investment trust, based in the Dallas area, and it owns 186 hotels with almost 50,000 rooms and suites concentrated primarily in the upscale and full-service segments.

MeriStar Hospitality, based in Washington, D.C., has 113 hotels in 27 states and the District of Columbia.

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