Steigenberger Hotels Resist Trend Towards Global Consolidation
FRANKFURT, Germany, February 28, 2006. Running counter to recent deals that brought U.S.'s Hilton Hotels Corp. together with Hilton International and led U.S.'s Starwood Capital to acquire France's Concorde Hotels, Germany's luxury Steigenberger Hotel Group AG plans to remain independent.
The group owns or operates 75 hotels in Germany, Austria, Switzerland, and the Netherlands. In addition, the group has one hotel in Egypt. The controlling family has had acquisition offers from U.S.-based interests, but has turned them down.
To strengthen its independent position, the group expects to invest 150 million euros on renovations in the next three years. An aggressive expansion plan also has been announced, which will see six new properties open in Italy, Germany, and Egypt by 2008
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
