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Article: Marriott International And Host Marriott Tentatively Agree to Resolve Litigation Involving Hotel Partnerships by Acquisition Of Partnerships Owning 120 Hotels.
- Article from:
- PR Newswire
- Article date:
- April 7, 2000
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WASHINGTON, Feb. 24 /PRNewswire/ --
Marriott International, Inc. (NYSE: MAR) and Host Marriott Corp. (NYSE: HMT) today announced a tentative agreement to resolve pending litigation involving certain limited partnerships formed in the mid- to late 1980s. The agreement, which is still subject to numerous conditions, including definitive documentation and court approval, was reached with lead counsel to the plaintiffs in litigation pending in Texas.
There are two principle features of the agreement. First, Marriott International and Host Marriott expect, through an unconsolidated joint venture, to acquire all of the limited partners' interest in two ...