Le Meridien Sale Progresses
LONDON, UK, August 30, 2005. Le M'eridien Hotels & Resorts has confirmed that it has signed definitive agreements with Starwood Hotels & Resorts Worldwide 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.
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 
