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EXHIBIT (a)(11)
CONTACT: Tom Marder
(301) 380-2253
[email protected]
MARRIOTT INTERNATIONAL AND ROCKLEDGE HOTEL PROPERTIES EXTEND TENDER OFFER UNTIL
OCTOBER 24 FOR COURTYARD BY MARRIOTT LIMITED PARTNERSHIP AND COURTYARD BY
MARRIOTT II LIMITED PARTNERSHIP
WASHINGTON, D.C. - Oct. 20, 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 11:00 a.m., New
York City time, on Tuesday, October 24, 2000. The offers were previously
scheduled to expire at 5:00 p.m., New York City time, on Thursday, October 19,
2000.
The fairness of the terms of the Courtyard I settlement was approved by the
court at a hearing held yesterday. It is currently anticipated that an order
approving the Courtyard I and Courtyard II settlements will be entered at a
hearing to be held on Tuesday, October 24.
According to Gemisys Corporation, the claims administrator for the purchase
offers, as of 5:00 p.m., New York City time on October 19, approximately 812
Courtyard I units and 1211 Courtyard II units have been tendered and not
withdrawn pursuant to the purchase offers, representing more than 70% and 80% of
the outstanding Courtyard I units and Courtyard II units, respectively.
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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 58 other
countries and
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territories. The company is headquartered in Washington, D.C., and has
approximately 151,000 employees.
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.
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