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| WHITE PLAINS, N.Y - Dec. 30, 2003 -- Lehman Brothers Holdings Inc.
and Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT - News) announced
today the acquisition of all of the outstanding senior debt (approximately
$1.3 billion), at a discount, of Le Meridien Hotels and Resorts Ltd. Starwood
will fund $200 million through a high yield junior participation in the
debt. As part of this funding, Lehman and Starwood have entered into an
exclusive agreement to negotiate the recapitalization of Le Meridien in
the coming months. The Le Meridien portfolio includes more than 120 upscale
hotels and resorts with significant concentration in major European cities
and resort destinations. For Starwood, the Le Meridien asset and customer
base are largely complementary to Starwood's own.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 105,000 employees at its owned and managed properties. Lehman Brothers (ticker symbol NYSE:LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high-net-worth individuals worldwide. |
| Contact:
Starwood Hotels & Resorts Worldwide, Inc. Allison Reid 914-640-8514 |