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COLLEGE PARK, Md. (AP) - Hotel real estate company MeriStar Hospitality Corp. said Tuesday it has agreed to a $2.6 billion buyout by an arm of The Blackstone Group, the latest in a string of large lodging buys by the private investment firm.
The New York-based Blackstone said it will offer $10.45 per share of MeriStar, a roughly 5 percent premium over the Bethesda-based MeriStar's Friday closing price of $9.93 per share. The deal has already been approved by MeriStar's board and will be voted on by company shareholders. It is expected to close in the second quarter if accepted.
Shares of MeriStar, one of the nation's largest real estate investment trusts, with 57 upscale hotels, rose 35 cents, or 3.5 percent, to close at $10.28 Tuesday on the New York Stock Exchange.
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