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CONTACT: Tom Marder Nick Hill
(301) 380-2553 (301) 380-7484
[email protected] [email protected]
MARRIOTT INTERNATIONAL AND ROCKLEDGE HOTEL PROPERTIES EXTEND TENDER OFFER AND
CONSENT SOLICITATION PERIODS FOR COURTYARD BY MARRIOTT AND COURTYARD BY MARRIOTT
II LIMITED PARTNERSHIPS.
WASHINGTON, D.C. - September 18, 2000 - Marriott International, Inc. (NYSE:MAR)
and Rockledge Hotel Properties, Inc. announced today that CBM I Holdings LLC and
CBM II Holdings LLC, wholly owned subsidiaries of a joint venture between
Marriott International and Rockledge Hotel Properties, are each extending their
respective offers to acquire all outstanding units of limited partnership
interest of Courtyard by Marriott Limited Partnership ("Courtyard I") and
Courtyard by Marriott II Limited Partnership ("Courtyard II") to 12:00 midnight,
New York City time, on Friday, September 22, 2000. The solicitation period
during which holders of Courtyard I and Courtyard II units may submit consent
forms regarding the mergers and the amendments to the partnership agreements for
Courtyard I and Courtyard II described in the Purchase Offers and Consent
Solicitations dated August 7, 2000 was also extended to 12:00 midnight, New York
City time, on Friday, September 22, 2000. The offer and consent solicitation
periods were previously scheduled to expire at 12:00 midnight, New York City
time, on Friday, September 15, 2000.
According to Gemisys Corporation, the Claims Administrator for the tender offers
and consent solicitations, as of 12:00 midnight, New York City time, on Friday,
September 15, (i) approximately 454 Courtyard I units had voted in favor of the
Courtyard I merger, approximately 400 units had voted against, 29 units had
abstained, and 267 had not yet voted, and (ii) approximately 1187 Courtyard II
units had voted in favor of the Courtyard II merger, approximately 21 units had
voted against, 29 units had abstained, and 233 had not yet voted. At that time,
approximately 413 Courtyard I units and approximately 1048 Courtyard II units
had been tendered and not withdrawn pursuant to the tender offer,
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representing approximately 36% of the outstanding Courtyard I units and
approximately 71% of the Courtyard II units.
As a consequence of the extension of the expiration date, holders of Courtyard I
and Courtyard II units may tender or withdraw units and submit or revoke consent
forms regarding the respective mergers and the amendments to the partnership
agreements, until 12:00 midnight, New York City time, on Friday, September 22,
2000, unless the offer and consent solicitation periods are further extended.
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MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality
company with over 2,000 operating units in the United States and 57 other
countries and territories. Marriott Lodging operates and franchises hotels under
the Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites,
Fairfield Inn, SpringHill Suites and Ramada International brand names; develops
and operates vacation ownership resorts under the Marriott, Ritz-Carlton and
Horizons brands; operates Marriott Executive Apartments; provides furnished
corporate housing through its ExecuStay by Marriott division; and operates
conference centers. Other Marriott businesses include senior living communities
and services, wholesale food distribution, procurement services, and The Ritz-
Carlton Hotel Company LLC. The company is headquartered in Washington, D.C., and
has approximately 149,000 employees. In fiscal year 1999, Marriott International
reported systemwide sales of $17.7 billion. For more information or
reservations, please visit Marriott International's website at www.marriott.com.
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ROCKLEDGE HOTEL PROPERTIES INC is a Delaware corporation formed in connection
with Host Marriott Corporation's (NYSE: HMT) reorganization of its business
operations to qualify as a "real estate investment trust," or REIT, for federal
income tax purposes. Host Marriott Corporation is a lodging real estate company
which currently owns or holds controlling interests in 122 upscale and luxury
hotel properties primarily operated under premium brands such as Marriott, Ritz-
Carlton, Hyatt, Four Seasons, Hilton and Swissotel. Rockledge Hotel Properties
and Host Marriott Corporation have their principal offices at 10400 Fernwood
Road, Bethesda, Maryland 20817. For further information, please visit Host
Marriott Corporation's website at www.hostmarriott.com.
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COURTYARD BY MARRIOTT LIMITED PARTNERSHIP is a Delaware limited partnership
formed in 1986 which owns 50 Courtyard by Marriott hotels located throughout the
United States which are managed by a subsidiary of Marriott International, Inc.
COURTYARD BY MARRIOTT II LIMITED PARTNERSHIP is a Delaware limited partnership
formed in 1987 which owns 70 Courtyard by Marriott hotels located throughout the
United States which are managed by a subsidiary of Marriott International, Inc.#
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