WASHINGTON DC- Marriott International and Rockledge Hotel Properties announced that the tender offers by CBM I Holdings LLC and CBM Holdings II LLC, wholly owned subsidiaries of a joint venture between the two companies, to acquire all outstanding units of limited partnership interest of Courtyard by Marriott Limited Partnership and Courtyard by Marriott II Limited Partnership expired at 11:00 a.m. EST on October 24, 2000.
Orders approving the Courtyard I and Courtyard II settlements and dismissing the underlying litigation were entered at hearing. It is anticipated that the purchase offers and the mergers will be consummated on or about November 28, 2000.
Approximately 794 Courtyard I units and 1,209 Courtyard II units were tendered and not withdrawn pursuant to the purchase offers, representing more than 69% and 82% of the outstanding Courtyard I and Courtyard II units, respectively. No Courtyard I unit holder elected to opt out of the settlement. The holders of only 3 units of Courtyard II elected to opt out of the settlement, out of a total of 1,470 units. (10/24/00)