The Blackstone Group yesterday remained active in bolstering its hotel holdings with the $2.6 billion acquisition of MeriStar Hospitality Corp.
Maryland-based MeriStar's portfolio includes 57 mostly high-end properties including some of Washington, D.C.'s most notable hotels, such as the Ritz-Carlton Pentagon City, The Georgetown Inn and The Hilton Washington Embassy Row.
The acquisition of MeriStar by the New York-based Blackstone is one of a recent host of others that has bulked up the financial group's real estate holdings. Most recently, in November 2005 it agreed to purchase the 590-hotel La Quinta Corp.
(BTNonline, Nov. 9, 2005). Earlier in 2005, it acquired Wyndham International for $3.24 billion in cash and debt
(BTNonline, June 14, 2005).
The deal is slated to be finalized in the second quarter, after stockholder approval.