Starwood to acquire Le Meridien Hotels
Starwood Hotels has unveiled plans to acquire London-based rival Le Meridien Hotels & Resorts.
The deal would see Starwood, which has 750 hotels, take on the Le Merdien brand, its management and franchise business representing 130 properties.
Starwood Hotels would also enter into management agreements for 36 owned and leased Le Méridien properties to be acquired by a joint venture formed by Lehman Brothers and Starwood Capital Group.
The joint venture plans to acquire the owned and leased hotel portfolio of Le Méridien, with the exception of the Forte Village in Sardinia which would be acquired by an affiliate of Lehman.
The transactions and recapitalisation of Le Meridien are expected to be completed in the third quarter of the year. Meanwhile, Le Méridien will continue to be operated independently by current management.
Le Méridien chief executive Robert Riley said: “If completed, these arrangements would at long last provide for the consensual recapitalisation of the group.
“Le Méridien has a well-respected and unique identity with strong customer loyalty, and skilled, experienced and passionate employees.
“Its alignment with a robust multi-branded management company like Starwood Hotels should enable the Le Méridien brand and its hotels to thrive by enhancing revenue and accelerating growth.
“The joint venture with Lehman Brothers and Starwood Capital Group should provide a financially strong structure for the current owned and leased portfolio. Providing an independent ownership structure for the Forte Village should create new potential for this world famous property.”
Report by Phil Davies
Phil Davies
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