Marriott International, Inc.
and Strategic Hotel Capital, LLC today signed an agreement to resolve the
litigation between the two parties. Implementation of the agreement is
subject to the consent of certain third parties, which is expected to be
received within 90 days. The resolution is not material to Marriott
International. Marriott International manages seven of the properties in Strategic’s
21-hotel portfolio under the Ritz-Carlton and Marriott brands.
Arne Sorenson, chief financial officer of Marriott International, Inc.,
said, “We are pleased to have resolved our differences and look forward to
a healthy and growing relationship with Strategic.”
Laurence Geller, chairman of Strategic said: “We are happy to have
restored a constructive and long-term partnership with Marriott