Marriott Thwarts Attempted Takeover of Eden Roc Renaissance Hotel
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.
"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 CounselEd 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 theNew Yorkcourt, 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.
About Marriott International, Inc.
Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,000 properties under 30 leading hotel brands spanning 131 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company now offers one travel program, Marriott Bonvoy™, replacing Marriott Rewards®, The Ritz-Carlton Rewards®, and Starwood Preferred Guest®(SPG). For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.