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Starwood to Acquire Le Meridien

Starwood today announced that it has signed definitive agreements to acquire the Le Meridien brand and all related management and franchise business for the brand’s 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.