Press Release: BridgeStreet Corporate Housing Worldwide
June 19, 2002
WASHINGTON, DC -- BridgeStreet Corporate Housing Worldwide, a leading international provider of corporate housing
to business travelers, and Global Home Network (GHN), an international provider of furnished apartments primarily
for leisure travelers, yesterday announced they have signed a strategic alliance agreement to share inventory and
services.
Under the arrangement, the two companies will co-market their combined furnished apartment inventories in 135 markets
in more than 40 countries, in locations from Argentina to Vietnam. GHN will maintain all international booking
functions and also have GDS connectivity for its apartment product under the symbol "BK." BridgeStreet
will market GHN's inventory through its international network of corporate housing sales professionals. Both companies
will cross-market to their respective extensive client bases.
"We view this as a totally symbiotic, win-win relationship, starting with our complementary inventories of
national and international properties and approaches to business," said Thomas Vincent, president, BridgeStreet
Corporate Housing Worldwide. "Global historically has focused on the leisure market, primarily with stays
of approximately five days, while BridgeStreet concentrates on the business travel market with typical stays of
30 days or more."
"The blend of inventory and electronic and direct sales expertise makes this an ideal combination," said
Carol Barron, president of Global Home Network. "We've been in business for 12 years and have seen accelerating
changes in the industry. We view this strategic alliance as a major breakthrough that helps both companies leapfrog
the current standard and set a new level of expectations and service."
The strategic alliance will give both companies' customers faster response time and greater service. The combined
inventory will be available on each company's Web site, www.bridgestreet.com and www.globalhomenetwork.com. Rates
are stated in U.S. dollars and vary according to length of stay, grade of accommodations, number of persons and
amenities. Property types include European apartment hotels, which offer front desk reception and hotel services,
and fully furnished apartments, townhouses and condominiums. Typical accommodations have one to three bedrooms
and include a fully equipped kitchen, telephones, color TVs and many other amenities. In markets where the strategic
alliance does not have inventory, Global will provide fee-based research services to locate appropriate housing.
BridgeStreet, a wholly owned subsidiary of MeriStar Hotels & Resorts (NYSE: MMH), is an industry leader in
providing worldwide corporate housing accommodations to business travelers. Together with Global Home Network,
they now offer corporate apartments throughout the United States, Canada, the United Kingdom, France, and 39 countries
around the world. BridgeStreet properties meet uncompromising standards of quality, comfort and service. BridgeStreet
is headquartered in Washington, D.C. For more information, visit www.bridgestreet.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about MeriStar Hotels & Resorts, including
those statements regarding future operating results and the timing and composition of revenues, among others. Except
for historical information, the matters discussed in this press release are forward-looking statements that are
subject to certain risks and uncertainties that could cause the actual results to differ materially, including
the following: the ability of the company to cope with the economic disruption resulting from the terrorist attacks
that occurred on September 11, 2001; the ability of the company to successfully implement its acquisition strategy
and operating strategy; the company's ability to manage rapid expansion; changes in economic cycles; competition
from other hospitality companies; and changes in the laws and government regulations applicable to the company.
For a more detailed description of some of those risks and uncertainties, please read the sections titled "Risk
Factors" and "Special Note Regarding Forward-Looking Statements" in the annual report on Form 10-K
of MeriStar Hospitality Corporation for the year ended December 31, 2001.
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Contact:
BridgeStreet Corporate Housing Worldwide
Thom Vincent, 202/295-2334
or
Integrated Marketing Communications
Rosemary Breehl, 440/895-1200