Le Meridien Continues Expansion in Central Europe with Announcement of New Hotel in Prague; First Le Meridien Hotel Signing Since Starwood's Recent Acquisition of the Brand
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Le Meridien Continues Expansion in Central Europe with Announcement of New Hotel in Prague; First Le Meridien Hotel Signing Since Starwood's Recent Acquisition of the Brand
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Category: Europe -
This is a press release selected by our editorial committee and published online for free on 2005-12-13
Starwood Hotels & Resorts Worldwide, Inc (NYSE: HOT) newest global hotel brand Le Meridien Hotels & Resorts, is planning to expand its presence in Central Europe following the signing of a management agreement for a new five-star hotel in Prague, capital city of the Czech Republic. The Le Royal Meridien Prague will be located in an existing building currently housing a banking operation and is situated in the old part of the town that dates back to the 11th century. The developers are J&T Global, based in Prague and the Belgian company Buelens Real Estate.
When the redevelopment of the property is completed, the hotel, which is due to open early 2009, will have a minimum of 165 rooms, including 18 suites; meeting rooms; restaurant, bar and street cafe; a fitness club and parking facilities.
Prague has been experiencing a cultural renaissance since the breakdown of the Communist regime in 1989 and is a picturesque "many-spired" city comprised of cobblestone streets, quaint and historic neighborhoods, and a diverse array of centuries-old architectural styles. The city teems with many new galleries, shops, restaurants, cafes and an eclectic mix of nightclubs and bars.
"We are thrilled to be announcing a new Le Meridien hotel in Prague - especially as this is the first hotel signing for Le Meridien since they become part of Starwood Hotels & Resorts last month," said Michael Wale, Senior Vice President Le Meridien Operations. "I am sure this newest hotel in our European portfolio will quickly establish itself as one of the premier hotels in this part of the world."
"This latest addition to the Le Meridien portfolio is an exciting and significant development for Starwood, in that it reflects our focus to grow our newest brand," said Roeland Vos, President, Starwood Hotels & Resorts Europe, Middle East & Africa. "Le Royal Meridien Prague increases Starwood's commitment to this area of Central Europe, while further expanding on the wonderful Le Meridien properties we can offer our guests around the world. We are delighted to be working with J&T Global and Belgian Buelens Real Estate on this new hotel and we hope this development is the beginning of a long term partnership with them both."
Starwood's recent acquisition of the Le Meridien brand, comprising 130 hotels and resorts around the world, provides the hotel giant with a significant presence in Europe, Africa, Middle East and Asia Pacific. The addition of Le Royal Meridien Prague marks the company's first property in the Czech Republic and its bustling capital city.
Le Meridien currently operates five hotels in Central Eastern Europe - Budapest, Warsaw, Vienna and two in Moscow. Le Meridien has a portfolio of 130 luxury and upscale hotels in 53 countries worldwide. The majority of its properties are located in the world's top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East.
Note to Editors:
The management agreement for Le Royal Meridien Prague has been signed with developers, J&T Global CZ,a.s. who are based in Prague.
Le Meridien
Le Meridien Hotels & Resorts, with its portfolio of 130 luxury and upscale hotels in 53 countries worldwide, is owned by Starwood Hotels & Resorts Worldwide, Inc. Le Meridien enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 52 properties around the world. In the 2005 Luxury Brand Status Index survey Le Meridien was recognised as one of the top 15 luxury hotel brands. For more information, please visit www.lemeridien.com
Starwood Hotels & Resorts
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), Le Meridien(R) and the recently announced Aloft(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
J&T Global
J&T Group develops its main activities and services in the field of corporate investments, property development, private banking, commerce and provision for service on public markets. In next five years the group intends to invest at least 25 billion of Czech crowns in the area of property development. The most substantial projects are the development of multifunctional projects in Bratislava - River Park, Zuckermandel, the surroundings of the former Presscenter, the investment into the development of High Tatras and development of industrial and logistics parks - logistics park near Volkswagen's factory in Bratislava and supplier park for PSA Peugeot in Trnava. Recently J&T has completed the reconstruction of Crowne Plaza hotel in Bratislava, and plans the reconstruction of the Kempinski hotel River Park and Grand Hotel Kempinski High Tatras among others.
www.jtfg.com
Buelens Real Estate
Please visit www.buelensrealestate.com
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties include the risk that the anticipated benefits of the transaction will actually be realized as well as other risks and uncertainties presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)
Le Meridien Hotels & Resorts Limited. Registered in England Number 04190153. Registered Office CityPoint, 1 Ropermaker Street, London, EC2Y 9HT.
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CONTACT: Le Meridien Hotels & Resorts
Le Meridien Press Office
Kim Stringer
Tel: +44 (0)20 7150 7737
kim.stringer@lemeridien.com
www.lemeridien.com
or
Grifco PR
Claire Griffin/Katie Foster/Kathryn Peel
Tel:+44-(0)207-385-7090
claire@grifcopr.com
katie@grifcopr.com
kathryn@grifcopr.com
or
Media
Starwood Hotels & Resorts Worldwide, Inc.
Carla Burt
Tel: (914) 640-8076
E-mail: carla.burt@starwoodhotels.com
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.
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