CONTACT: Nick Hill Gordon Lambourne
(301) 380-7484 (301) 380-1368
nick.hill@marriott.com gordon.lambourne@marriott.com
COURTYARD BY MARRIOTT II LIMITED PARTNERSHIP UNITHOLDERS APPROVE SETTLEMENT;
MARRIOTT INTERNATIONAL AND ROCKLEDGE HOTEL PROPERTIES EXTEND TENDER OFFER UNTIL
OCTOBER 16
WASHINGTON, D.C. - Oct. 2, 2000 - Marriott International, Inc. (NYSE:MAR) and
Rockledge Hotel Properties, Inc. announced today that the unitholders of
Courtyard by Marriott II Limited Partnership ("Courtyard II") have
overwhelmingly approved the merger and the amendments to the Courtyard II
partnership agreement described in the Purchase Offer and Consent Solicitation
previously sent to unitholders. More than 80% of the Courtyard II units
eligible to vote voted in favor of the merger and the amendments to the
partnership agreement. The solicitation period expired at midnight, New York
City time, on Friday, September 29, 2000.
The fairness of the Courtyard II settlement was also approved by the court at
the hearing held on Thursday, September 28, 2000. The Courtyard II settlement
remains contingent on, among other things, consummation of the settlement
relating to Courtyard by Marriott Limited Partnership.
CBM II Holdings LLC, a wholly owned subsidiary of a joint venture between
Marriott International and Rockledge Hotel Properties, is also extending its
offer to acquire all outstanding units of limited partnership interest of
Courtyard II to 5 p.m., New York City time, on Monday, October 16, 2000. The
offer was previously scheduled to expire at midnight, New York City time, on
Friday, September 29, 2000. The unitholders' approval of the merger and each of
the amendments to the Courtyard II partnership agreement satisfies one of the
few remaining conditions to the tender offer and the merger.
According to Gemisys Corporation, the claims administrator for the tender offer,
approximately 1,192 Courtyard II units have been tendered and not withdrawn
pursuant to the tender offer, representing more than 80% of the outstanding
Courtyard II units.
-------------------------------------
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. Marriott operates and franchises hotels under the
Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield
Inn, SpringHill Suites and Ramada International brand names; operates Ritz-
Carlton brand hotels through The Ritz-Carlton Hotel Company LLC; develops and
operates vacation ownership resorts under the Marriott, Ritz-Carlton Club and
Horizons brands; operates executive apartments and conference centers; and
provides furnished corporate housing through its ExecuStay by Marriott division.
Other Marriott businesses include senior living communities and services,
wholesale food distribution, and procurement services. Marriott is
headquartered in Washington, D.C., and has approximately 151,000 employees. In
fiscal year 1999, Marriott International reported systemwide sales of $17.7
billion. For more information or reservations, please visit our web site at
www.marriott.com.
- ----------------
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
that 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 web site at www.hostmarriott.com.
--------------------
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 that are managed by a subsidiary of Marriott International,
Inc.
# # #