Starwood acquires Le Méridien

Starwood Hotels & Resorts Worldwide, Inc. has completed the acquisition of the Le Méridien brand and the related management and franchise business for the portfolio of 130 hotels and resorts for $225 million.

The company said the completion of this acquisition will significantly increase its foothold in Europe, Africa, Middle East and Asia Pacific.

It said 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, one of the strategic pillars that underpin Starwood's future direction.

Starwood will continue to operate the Le Méridien flag.