CONTACT: TOM MARDER
TENDER OFFERS FOR COURTYARD BY MARRIOTT LIMITED PARTNERSHIP AND COURTYARD BY
MARRIOTT II LIMITED PARTNERSHIP UNITS EXPIRE; ORDER ENTERED APPROVING SETTLEMENT
WASHINGTON, D.C. - Oct. 24, 2000 - Marriott International, Inc. (NYSE:MAR) and
Rockledge Hotel Properties, Inc. announced today that the tender offers by CBM I
Holdings LLC and CBM II Holdings LLC, wholly owned subsidiaries of a joint
venture between Marriott International and Rockledge Hotel Properties, 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") expired at 11:00 a.m., New York City time,
on Tuesday, October 24, 2000.
Orders approving the Courtyard I and Courtyard II settlements and dismissing the
underlying litigation were entered at a hearing held earlier today. It is
anticipated that the purchase offers and the mergers will be consummated on or
about November 28, 2000.
According to Gemisys Corporation, the claims administrator for the purchase
offers, as of 11:00 a.m., New York City time on October 24, approximately 794
Courtyard I units and 1209 Courtyard II units were tendered and not withdrawn
pursuant to the purchase offers, representing more than 69% and 82% of the
outstanding Courtyard I units and Courtyard II units, respectively. No
Courtyard I unit holder elected to opt out of the settlement. The holders of 3
units of Courtyard II elected to opt out of the settlement, out of a total of
Upon consummation of the mergers, CBM I Holdings LLC and CBM II Holdings LLC
will acquire all of the remaining units of limited partnership interest of
Courtyard I and Courtyard II, respectively.
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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