Starwood Hotels & Resorts Worldwide finally inked the deal to buy Le Meridien on November 24. The US hotel company has acquired the Le Meridien brand and the related management and franchise business for the portfolio of 130 hotels and resorts globally for approximately US $225 million. The completion of this acquisition will significantly increase the company’s footprint in Europe, Africa, Middle East and Asia Pacific.
The acquisition of the Le Méridien brand management and fee business further supports Starwood’s strategic shift from its significant real estate ownership to a management and franchise fee focused model.
“The acquisition of the Le Méridien brand is an exciting and significant development for Starwood that we believe further defines us as a truly global hotel operator,” said Steven Heyer, CEO of Starwood Hotels & Resorts. “We love the Le Méridien brand which is why we have pursued it over the last couple of years — we see great potential. Le Méridien is a perfect complement to the Starwood portfolio. Le Méridien hotels and resorts represents both a great growth opportunity, alongside Starwood’s W and Westin brands, and extends the number of destination choices of travel to Starwood loyalists across the world”.
With 43 properties in Europe, 47 in Africa and the Middle East, 28 in Asia Pacific and India, and 12 in the Americas, the brand is also a perfect complement to Starwood’s current geographical footprint.
“Le Méridien hotels are located in many markets where we don’t already have a strong presence. This, coupled with the brand’s excellent reputation and its strong European DNA, is what made it such an attractive proposition for us,” added Heyer.
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