the Le Meridien Brand and All Related Management and Franchise
Business for the Brandís 130 Hotels
|SINGAPORE Ė August 25, 2005 Ė Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT) today announced that it has signed definitive agreements
to acquire the Le Meridien brand and all related management and franchise
business for the brandís 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 owned and leased
hotel portfolio of Le Meridien. 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.
Subject to satisfying the conditions to closing, the deal would close towards
the end of the third quarter at which time Starwood Hotels & Resorts
would assume control of the Le Meridien brand.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood® corporation is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, and W®, Hotels and Resorts as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.
This press release contains forward-looking statements within the meaning of federal securities regulations.
|Also See:||Groups Submit Proposals for Recapitalisation of Le Meridien Hotels Group / May 2005|
|Le Meridien Revs Up the Momentum; Obtains New Long-term Partnerships with Several High-profile/ HOTEL Asia Pacific Asia Pacific Hotel Owners as Recapitalisation Strategy Continues / June 2004|
|Lehman Brothers Holdings Inc. and Starwood Hotels & Resorts Worldwide Inc. Take Control of British Hotel Group Le Meridien for Less than US$1.3 billion / December 2003|
|Financier Guy Hands Seeking to Work Out Rescue Package for His Debt-laden Le Meridien Hotels Group / May 2003|