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CONTACT: Tom Marder
(301) 380-2253
[email protected]
SETTLEMENT OF LITIGATION INVOLVING COURTYARD BY MARRIOTT LIMITED PARTNERSHIP AND
COURTYARD BY MARRIOTT II LIMITED PARTNERSHIP BECOMES FINAL; ACQUISITION OF
COURTYARD BY MARRIOTT LIMITED PARTNERSHIP AND COURTYARD BY MARRIOTT II LIMITED
PARTNERSHIP SUCCESSFULLY COMPLETED
WASHINGTON, D.C. - Dec. 8, 2000 - Marriott International, Inc. (NYSE:MAR) and
Rockledge Hotel Properties, Inc. announced today that the previously announced
settlement of lawsuits brought by and on behalf of limited partners in Courtyard
by Marriott Limited Partnership ("Courtyard I") and Courtyard by Marriott II
Limited Partnership ("Courtyard II") has become final.
Pursuant to the settlement, CBM I Holdings LLC and CBM II Holdings LLC, wholly
owned subsidiaries of a joint venture between Marriott International, Rockledge
Hotel Properties and Host Marriott, L.P., previously launched tender offers to
acquire all outstanding units of limited partnership interest of Courtyard I and
Courtyard II. The tender offers were successfully completed earlier today when
CBM I Holdings LLC and CBM II Holdings LLC accepted for payment all units of
limited partnership interest of Courtyard I and Courtyard II, respectively, that
were validly tendered prior to the expiration of the offers and not withdrawn
prior to midnight on Thursday, December 7, 2000. According to Gemisys
Corporation, the claims administrator for the tender offers, approximately 938
Courtyard I units and 1,254 Courtyard II units were acquired pursuant to the
tender offers, representing approximately 82% and 85% of the then outstanding
Courtyard I units and Courtyard II units, respectively.
The remaining Courtyard I and Courtyard II units were acquired in mergers in
which each remaining unit held by a unitholder who did not elect to opt out of
the settlement was converted into the right to receive the same amount per unit
as will be paid to unitholders who tendered their units in the tender offers.
The units held by the holders of the 3 Courtyard II units that elected to opt
out of the settlement were converted into the
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right to receive the appraised value of such units, calculated as set forth in
the Purchase Offer and Consent Solicitation documents previously sent to
unitholders. No holders of Courtyard I units elected to opt out of the
settlement.
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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 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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