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Starwood Hotels & Resorts Selected As Manager |
The eviction ruling was subsequent to an order from the District Court of Dallas County, State of Texas stating that Meridien committed an event of default as defined in its lease agreement with LaSalle and that it had no lawful right of possession. The Company has retained Meridien's $1.0 million security deposit in accordance with its lease agreement with Meridien. In conjunction with Merdien's eviction, today the Company announced that the hotel has been rebranded as the Westin City Center Dallas and is now operated by Starwood Hotels & Resorts Worldwide, Inc. Additionally, the Company announced it has commenced a $3.0 million renovation program. This program will include installation of Westin's signature Heavenly Bed(R) and Heavenly Bath(R) in all guestrooms, as well as Westin Service Express(R) and Westin One Call(R). The Company will also refurbish the lobby and install new hotel management information systems. "Starwood is a premier worldwide management company with a tremendous reputation for quality and excellent customer service," noted Mr. Barnello. "We are excited to have this organization associated with our Dallas hotel. Furthermore, the Westin brand is anticipated to add significant benefits to the hotel including improved guest service, enhanced reservation system support, better brand awareness, augmented marketing and advertising coverage, and a deeper management team and overall support network. We believe the Westin brand and Starwood will unleash the hotel's true potential." Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 105,000 employees at its owned and managed properties. LaSalle Hotel Properties is a leading multi-tenant, multi-operator real estate investment trust, which owns interests in 17 upscale and luxury full-service hotels, totaling approximately 5,600 guest rooms in 13 markets in 11 states and the District of Columbia. Certain matters discussed in this press release may be deemed to be forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. |
Contact:
LaSalle Hotel Properties
Hans Weger Chief Financial Officer 301/941-1516 |