Le Meridien Signs Difinitive Agreements with Starwood
London Based Le Meridien to Sell Management and Franchise Business
LONDON, UK, August 25, 23005. Le M'eridien Hotels & Resorts (Le M'eridien) today confirmed that it has signed definitive agreements with Starwood Hotels & Resorts Worldwide, Inc. (Starwood) to sell the Le Meridien brand and all related management and franchise business for the brand's more than 130 hotels and resorts. Separately, affiliates of Lehman Brothers and Starwood Capital Group Global LLC are forming a joint venture, which is expected to acquire the Group's owned and leased hotel portfolio. Closing of the brand purchase transaction is subject to certain significant terms and conditions including completion of employee consultations and the closing of the real estate sale.
Le M'eridien will continue to operate as an independent company under the current management team until the completion of these transactions, which is expected in early autumn.
Robert Riley, CEO of Le M'eridien, commented: "The signing of the definitive agreements is another step towards completing the consensual recapitalisation of Le M'eridien. When all the pieces of the transaction come together, the Le M'eridien brand, our hotels and our people will be poised to move forward aggressively with one of the world's most dynamic global hospitality companies. Until then we can assure our owners, partners and guests that it is business as usual at Le M'eridien"
London-based Le M'eridien is a global hotel group with a portfolio of more than 130 luxury and upscale hotels in 56 countries worldwide. The majority of its properties are located in the world's top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The company also enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 46 properties around the world. In the 2005 Luxury Brand Status Index survey Le M'eridien was recognised as one of the top 15 luxury hotel brands.
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