WHITE PLAINS, N.Y. --
Starwood Hotels & Resorts completed the $225 million
acquisition of the Le Meridien hotel brand, including the related
management and franchise business of the chains 130 hotels and
resorts around the world.
Starwood said the
acquisition, first announced in August, will significantly increase
its presence particularly in the Asia-Pacific region as Le Meridien
has at least 10 new hotels in India, Thailand and China, among
other places, slated to open in 2006.
Starwood will continue
to operate the Le Meridien flag.
Le Meridien is a
perfect complement to the Starwood portfolio, with its
international footprint and unique guest culture, said Steven
Heyer, Starwoods CEO in a statement. Le Meridien represents both a
great growth opportunity, alongside Starwoods W and Westin brands,
and extends the number of destination choices of travel to the 24
million members of Starwood Preferred Guest loyalty
program.
In addition, we have
great plans to expand the brand -- particularly in the U.S., Latin
America and Asia-Pacific -- to enhance the brand itself, and build
on its great reputation and people, Heyer said.
Starwood Hotels &
Resorts has more than 850 properties in more than 95 countries
worldwide. Its brands include St. Regis, The Luxury Collection,
Sheraton, Westin, Four Points by Sheraton, W, Le Meridien, Aloft
and Starwood Vacation Ownership.
To contact the
reporter who wrote this article, send e-mail to Michael Milligan at
[email protected].