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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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14a-6(e)(2))
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[X] Soliciting Material Pursuant to ss. 240.14a-12
BridgeStreet Accommodations, Inc.
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[BRIDGESTREET(R) ACCOMMODATIONS LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
BRIDGESTREET ACCOMMODATIONS, INC. REACHES DEFINITIVE
AGREEMENT TO MERGE WITH MERISTAR HOTELS AND RESORTS, INC.
CLEVELAND, March 24, 2000-BridgeStreet Accommodations, Inc. (AMEX:BDS)
today announced that it has agreed to be acquired by MeriStar Hotels & Resorts,
Inc. (NYSE:MMH), the nation's largest independent management company, in a
merger in which each outstanding share of BridgeStreet would be exchanged for
$1.50 in cash plus 0.5 share of MeriStar common stock. Total consideration per
share of BridgeStreet is estimated to be approximately $3.00. The merger is
subject to approval of the stockholders of BridgeStreet and other customary
conditions.
The $35 million projected aggregate value of the transaction includes $24
million for the approximately 8 million outstanding shares of BridgeStreet
common stock plus $11 million to retire BridgeStreet's existing debt.
John Danneberg, president and chief executive officer, stated, "The merger
with MeriStar will strengthen BridgeStreet's ability to serve its customers in
the increasingly competitive corporate extended stay market. MeriStar's
financial and marketing resources will enhance BridgeSteet's ability to expand
its domestic and international operations. With the focus on Fortune 2000
business travelers and major consulting companies, there are good marketing
synergies between the two companies."
BridgeStreet offers upscale, fully furnished apartments, townhouses and
condominiums primarily for business travelers and relocating corporate
executives who need lodging for one night up to several months or more. A
typical unit is considerably larger and its cost per night considerably lower
than traditional and extended-stay hotels. The company's diverse customer base
centers on Fortune 2000 corporations, professional firms and travel-wise
individuals.
BridgeStreet's toll-free number is 1-800-B-STREET for calls from the U.S.
or Canada. Feel free to visit our web site at www.bridgestreet.com.
MeriStar Hotels & Resorts operates 235 hospitality and leisure properties
with more than 46,000 rooms and 10 golf courses in 34 states, the District of
Colombia, Canada, Puerto Rico and the U.S. Virgin Islands. For more information
about MeriStar Hotels & Resorts, visit MeriStar's web site:
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Page -2-
March 24, 2000
Press Release - BSA Reaches Definitive Agreement to
Merge with MeriStar Hotels & Resorts, Inc.
This release contains forward-looking statements, which involve risks and
uncertainties. The company's actual results may differ significantly from
results discussed in the forward-looking statements due to a number of important
factors, including, but not limited to, the company's planned rapid expansion,
risks related to acquisition financing, dependence on third parties, market
acceptance of the company's brand name, and factors affecting travel. These
factors are more fully discussed in the company's Registration Statement on Form
S-4 filed with the Securities and Exchange Commission (File No. 333-39187).
ALL STOCKHOLDERS OF BRIDGESTREET ARE URGED TO READ BRIDGESTREET'S PROXY
STATEMENT RELATING TO THE SPECIAL MEETING OF BRIDGESTREET'S STOCKHOLDERS THAT
WILL BE CALLED FOR THE PURPOSE OF APPROVING THE MERGER WHEN THE PROXY STATEMENT
IS AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE ACQUISITION
DESCRIBED IN THIS PRESS RELEASE. SUCH INFORMATION WILL INCLUDE THE STOCK
OWNERSHIP AND OTHER INTERESTS IN THE TRANSACTION OF BRIDGESTREET'S DIRECTORS AND
EXECUTIVE OFFICERS, WHO WILL BE PARTICIPATING IN THE SOLICITATION OF PROXIES
RELATED TO THE TRANSACTION, AND MERISTAR'S EXECUTIVE OFFICERS, WHO MAY BE
PARTICIPATING IN THE SOLICITATION OF SUCH PROXIES.
ONCE COMPLETED, BRIDGESTREET WILL MAIL ITS PROXY STATEMENT TO EACH OF ITS
STOCKHOLDERS. THE COMPANY'S PROXY STATEMENT, AND ANY OTHER RELEVANT DOCUMENTS,
WILL BE AVAILABLE FOR FREE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEB SITE
(www.sec.gov). FURTHER, WHEN THEY ARE AVAILABLE, THE COMPANY'S NOTICE OF MEETING
AND PROXY STATEMENT WILL BE AVAILABLE FOR FREE FROM THE COMPANY BY CONTACTING
INVESTOR RELATIONS,
AT 330-405-6060.
* * *
For further information contact: BridgeStreet Accommodations, Inc.
John E. Danneberg, President and CEO,
(330) 405-6060
www.bridgestreet.com
