Starwood, Lehman to Buy Le Meridien Hotels
Starwood Hotels & Resorts Worldwide Inc., Starwood Capital Group and investment bank Lehman Bros. said they would buy the Le Meridien chain of high-end hotels in a long-expected deal.
That news came just hours after Marriott International, Sunstone Hotel Investors and Walton Street Capital said they would buy 32 hotels and joint ventures from CTF Holdings Ltd. in a $1.45-billion deal.
Starwood Hotels said it would buy the Le Meridien brand and manage all 135 Meridien properties, but it declined to disclose financial terms of the deal.
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