|WASHINGTON--June 18, 2002--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, today 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.