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CONTACT: Nick Hill Gordon Lambourne
(301) 380-7484 (301) 380-1368
[email protected] [email protected]
MARRIOTT INTERNATIONAL AND ROCKLEDGE HOTEL PROPERTIES EXTEND TENDER OFFER AND
CONSENT SOLICITATION PERIOD FOR COURTYARD BY MARRIOTT II LIMITED PARTNERSHIP
UNTIL MIDNIGHT, SEPTEMBER 29.
WASHINGTON, D.C. - September 22, 2000 - Marriott International, Inc. (NYSE:MAR)
and Rockledge Hotel Properties, Inc. announced today that CBM II Holdings LLC, a
wholly owned subsidiary of a joint venture between Marriott International and
Rockledge Hotel Properties, is extending its offer to acquire all outstanding
units of limited partnership interest of Courtyard by Marriott II Limited
Partnership ("Courtyard II") to 12:00 midnight, New York City time, on Friday,
September 29, 2000. The expiration of the solicitation period during which
holders of Courtyard II units may submit consent forms regarding the merger and
the amendments to the Courtyard II partnership agreement described in the
Purchase Offer and Consent Solicitation previously sent to unitholders were also
extended to 12:00 midnight, New York City time, on Friday, September 29, 2000.
The offer and the consent solicitation period were each previously scheduled to
expire at 12:00 midnight, New York City time, on Friday, September 22, 2000.
A supplement to the Purchase Offer and Consent Solicitation will be sent shortly
to unitholders indicating that after 12:00 midnight, New York City time, on
September 29, 2000, the expiration date of the consent solicitation period will
no longer be required to coincide with the expiration date of the offer. After
that time the expiration date of the purchase offer and the expiration date of
the consent solicitation may be extended to the same date or different dates, or
not at all. If the expiration date of the consent solicitation period is not
further extended, after 12:00 midnight, New York City time, on Friday, September
29, 2000, holders of Courtyard II units will no longer be able to submit or
revoke consent forms regarding the merger and the amendments to the partnership
agreement.
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The extension of the expiration dates of the tender offer and the consent
solicitation period does not affect the timing of the final court hearing to
approve the terms of the Courtyard II settlement, which will still be held at 9
a.m. (local time) on September 28, 2000 in the courtroom of the Honorable
Michael Peden, 285th District Court, Bexar County Courthouse, 100 Dolorosa
Street, San Antonio, Texas, as indicated in the Purchase Offer and Consent
Solicitation previously sent to unitholders.
According to Gemisys Corporation, the Claims Administrator for the tender offer
and consent solicitation, approximately 1199 Courtyard II units have voted in
favor of the merger, approximately 22 units have voted against, 30 units have
abstained, and approximately 150 have not yet voted. Approximately 1175
Courtyard II units have been tendered and not withdrawn pursuant to the tender
offer, representing approximately 80% of the outstanding Courtyard II units.
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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
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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 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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