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Press Release: MeriStar Hospitality Corporation
April 21, 2004
ARLINGTON, VA -- MeriStar Hospitality Corporation (NYSE: MHX), one of the nation's largest hotel real estate investment
trusts (REIT), yesterday announced the promotion of William H. Reynolds, Jr. to executive vice president and chief
investment officer. In his new position, he will direct MeriStar's development team and oversee the company's hotel
investment and divestment activities. He previously served as the company's senior vice president of development
and acquisitions.
"Bill has a deep background in all facets of real estate, including nearly 20 years in the hotel industry,"
said Paul W. Whetsell, MeriStar Hospitality chairman and chief executive officer. "His leadership of our nearly
completed asset disposition program has been exceptional. We now are actively seeking to acquire high-quality assets,
and Bill will play an instrumental role in leading the acquisition process."
Reynolds joined MeriStar's predecessor company, CapStar Hotel Company, in 1996 and over his eight-year tenure has
been involved in the acquisition of more than $3.0 billion of hotel properties. He is a former principal of Dallas-based
Metro Hotels, where he directed asset management, new hotel development, acquisitions, management contract procurement,
timeshare and a development joint venture with The Continental Companies/Carnival Hotels & Resorts.
Previously, he was president of City Associates, a Houston-based office building and condominium developer, and
is a former marketing and portfolio management officer for an apartment, condominium and single-family subdivisions
developer with operations in Connecticut and Texas.
Reynolds holds a bachelor of arts degree from Trinity College in Hartford, Conn., and a masters in public administration
from the University of New Haven. He is a member of the Connecticut and National Trusts for Historic Preservation.
He is a director of The Writer's Center in Bethesda, Md., a charter trustee of Trinity College, a past trustee
of the American Resort Development Association, and is a director of Ameripark Corporation, InnRoom systems and
Phoenix Chemical Services.
Arlington, Va.-based MeriStar Hospitality Corporation owns 81 principally upscale, full-service hotels in major
markets and resort locations with 22,236 rooms in 23 states, the District of Columbia and Canada. The company owns
hotels under such internationally known brands as Hilton, Sheraton, Marriott, Westin, Doubletree and Radisson.
For more information about MeriStar Hospitality Corporation, visit the company's Web site: www.meristar.com.
This press release contains forward-looking statements about MeriStar Hospitality Corporation, including those
statements regarding future operating results, the timing and composition of revenues and expected proceeds from
asset sales, 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 continuing sluggishness of the national economy; economic conditions generally and
the real estate market specifically; the effect of threats of terrorism and increased security precautions on travel
patterns and demand for hotels; the threatened or actual outbreak of hostilities and international political instability;
governmental actions; legislative/regulatory changes, including changes to laws governing the taxation of REITs;
level of proceeds from asset sales; cash available for capital expenditures; availability of capital; ability to
refinance debt; rising interest rates; rising insurance premiums; competition; supply and demand for hotel rooms
in our current and proposed market areas, including the existing and continuing weakness in business travel and
lower-than expected daily room rates; other factors that may influence the travel industry, including health, safety
and economic factors; and changes in generally accepted accounting principles, policies and guidelines applicable
to REITs. Additional risks are discussed in the company's filings with the Securities and Exchange Commission.
Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be
material. These statements are made as of the date of this press release, and we undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Contact:
MeriStar Hospitality Corporation
Bruce Riggins, 703-812-7223
or
Daly Gray Public Relations (Media)
Jerry Daly or Carol McCune, 703-435-6293
Source: MeriStar Hospitality Corporation