Starwood Hotels & Resorts Worldwide is on the verge of completing its acquisition of the Le Meridien brand.
After lengthy negotiations, the joint venture between Starwood Capital, the group's investment arm and venture capitalists Lehman Brothers, now expects to complete the deal by the end of the autumn.
Under the terms of the deal, the joint venture will take over all 130-plus Le Meridien hotels and resorts, which include 36 owned hotels as well as management and franchise contracts.
The deal is still subject to conditions, which include completing employee consultations and the closing of the real estate sale.
Le Meridien will continue to operate as an independent company under the current management team until the deal completes.
Starwood Hotels & Resorts Worldwide owns and manages more than 750 properties in more than 80 countries under brands including Sheraton, Westin and the Luxury Collection.
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