Marriott Thwarts Attempted Takeover of Eden Roc Renaissance Hotel
Renaissance Continues to Manage Eden Roc Hotel
BETHESDA, Md., Oct. 16, 2012 /PRNewswire/ -- A New York State Supreme Court judge signed a temporary restraining order (TRO) late yesterday, protecting Marriott International, Inc. (NYSE: MAR) and its affiliate Renaissance Hotel Management Company, LLC, the manager of the Eden Roc Renaissance Miami Beach hotel, from takeover attempts and other interference by the hotel owner until a hearing in mid-November.
In the pre-dawn hours on Sunday, October 14, the hotel owner failed at an attempted surprise takeover of the hotel by force, in disregard of the law and its obligations under the hotel management agreement. The attempt ended when the Miami Beach police ordered the owner's effort to cease.
"It's inexplicable why ownership and its advisors would have engaged in this outrageous and reckless act that endangered our employees, the hotel and its economic prospects," said Marriott's General Counsel Ed Ryan. "The attempted takeover failed. It is business as usual at the hotel, and our employees continue to welcome guests with the exceptional service they have come to expect at the hotel."
Pending the hearing on Marriott's motion, the TRO enjoins the hotel owner, "its agents, and all other persons in its control" from taking "any action to remove or replace Renaissance as the manager of the Hotel and from any action to interfere with Renaissance's management and operation of the Hotel," and directs them to "allow Renaissance to perform its role as manager of the Hotel in accordance with the Management Agreement."
In legal papers filed with the New York court, Marriott said that the hotel's owner had "knowingly, wrongfully, and materially breached a long-term management agreement with Marriott. Marriott will seek substantial damages from the hotel's owner and its partners for their conduct in damaging the operation and reputation of the hotel and Marriott." The company said it will continue to aggressively pursue its legal rights.
At the same time the company reiterated its strong and deep commitment to the iconic Eden Roc Hotel. The legendary property, with its rich history and famed art deco architecture, is a wonderful example of the sophisticated style and exemplary service that Renaissance hotels are known for around the world.
Reservations can be made at the Eden Roc Renaissance Miami Beach through normal Marriott channels, including Marriott.com and Marriott's voice reservations phone numbers.
Marriott International, Inc. (NYSE: MAR) is a leading lodging company based in Bethesda, Maryland, USA with more than 3,700 properties in 74 countries and territories and reported revenues of over $12 billion in fiscal year 2011. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands, including Marriott Hotels & Resorts, The Ritz-Carlton, JW Marriott, Bulgari, EDITION, Renaissance, Gaylord Hotels, Autograph Collection, AC Hotels by Marriott, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Marriott Executive Apartments, Marriott Vacation Club, Grand Residences by Marriott, and The Ritz-Carlton Destination Club. There are approximately 300,000 employees at headquarters, managed and franchised properties. Marriott is consistently recognized as a top employer and for its superior business operations, which it conducts based on five core values: put people first, pursue excellence, embrace change, act with integrity, and serve our world. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
SOURCE Marriott International, Inc.
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