EXHIBIT (a)(11)
CONTACT: Tom Marder
(301) 380-2253
thomas.marder@marriott.com
COURTYARD BY MARRIOTT LIMITED PARTNERSHIP UNITHOLDERS APPROVE SETTLEMENT;
MARRIOTT INTERNATIONAL AND ROCKLEDGE HOTEL PROPERTIES EXTEND TENDER OFFER UNTIL
OCTOBER 19 FOR COURTYARD BY MARRIOTT LIMITED PARTNERSHIP AND COURTYARD BY
MARRIOTT II LIMITED PARTNERSHIP
WASHINGTON, D.C. - Oct. 17, 2000 - Marriott International, Inc. (NYSE:MAR) and
Rockledge Hotel Properties, Inc. announced today that the unitholders of
Courtyard by Marriott Limited Partnership ("Courtyard I") have overwhelmingly
approved the merger and the amendments to the Courtyard I partnership agreement
described in the Purchase Offer and Consent Solicitation previously sent to
Courtyard I unitholders. Approximately 75% of the Courtyard I units eligible to
vote voted in favor of the merger and the amendments to the partnership
agreement. The solicitation period expired at 5:00 p.m., New York City time, on
Monday, October 16, 2000. In addition, less than 10% of the Courtyard I
unitholders elected to opt out of the settlement class, satisfying one of the
few remaining conditions to the offers for units of limited partnership interest
of Courtyard I and Courtyard by Marriott II Limited Partnership ("Courtyard
II").
CBM I Holdings LLC and CBM II Holdings LLC, wholly owned subsidiaries of a joint
venture between Marriott International and Rockledge Hotel Properties, have
extended their offers to acquire all outstanding units of limited partnership
interest of Courtyard I and Courtyard II to 5:00 p.m., New York City time, on
Thursday, October 19, 2000. The offers were previously scheduled to expire at
5:00 p.m., New York City time, on Monday, October 16, 2000.
A court hearing to approve the Courtyard I settlement is currently scheduled to
be held on October 19, 2000. The fairness of the Courtyard II settlement was
approved by the court at a hearing held on Thursday, September 28, 2000.
According to Gemisys Corporation, the claims administrator for the purchase
offers and consent solicitations, as of 5:00 p.m., New York City time on October
16, approximately 780 Courtyard I units and 1208 Courtyard II units have been
tendered and not withdrawn pursuant to the purchase offers, representing more
than 67% and 82% 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 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 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 LIMITED PARTNERSHIP is a Delaware limited partnership
formed in 1986 which owns 50 Courtyard by Marriott hotels located throughout the
United States which are managed by a subsidiary of Marriott International, Inc.
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.
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