Marriott’s Woes Continue with Loss of The Eden Roc Renaissance Miami Beach
June 14, 2013 12:36pm
Files Amended Complaint Seeking Additional Damages in Pending Litigation
MIAMI BEACH, Fla., June 13, 2013 -- Renaissance Hotels, a division of Marriott International, Inc. (NYSE: MAR), will cease managing The Eden Roc Renaissance Miami Beach Hotel as of July 11, Marriott announced today. The owner of the property has engaged a new management company. In connection with its departure, Marriott also said that it has filed an Amended Complaint in the pending litigation against the owner, seeking millions of dollars in breach of contract damages. The management agreement permits Renaissance to operate the hotel until the year 2055.
The Renaissance hotel brand has successfully operated the Eden Roc Hotel under a long-term management agreement with Eden Roc, LLLP, which is controlled by Key International, since 2005 and contributed financially to its extensive renovations. During this period, Eden Roc became fully integrated into the global Renaissance Hotels lifestyle brand portfolio.
Marriott International continues to operate and franchise more than 30 hotels across nine brands in the greater Miami area and is committed to Miami as a community and a prime global destination.
www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
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