Le Meridien Hotels & Resorts Announces Sale of Le Meridien Chicago
LONDON, UK, November 8, 2005. Global hotel group Le M'eridien Hotels & Resorts announced today the completion of the sale of Le M'eridien Chicago to an affiliate of Lodging Capital Partners. Le M'eridien's management of the hotel ceased at the completion.
The sale of the hotel is the first in a series of transactions over the coming weeks that will result in the successful recapitalisation of Le M'eridien.
Le M'eridien Chicago has been part of the Le M'eridien Group since June 2001. The hotel's excellent location and facilities combined with Le M'eridien's European style and service have culminated in the success of the hotel. In recent months Le M'eridien Chicago has consistently led its competitive set in terms of average room rate and RevPar.
According to Robert Riley, CEO of Le M'eridien: "We are on the home stretch for the successful recapitalisation of Le M'eridien, with successive steps to be taken over the coming weeks. Until then we can assure our owners, colleagues, guests and partners that it is business as usual at Le M'eridien."
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