Lehman and Starwood Acquire Senior Debt of Le Meridien

As part of this funding, Lehman and Starwood have entered into an exclusive agreement to negotiate the recapitalization of Le Meridien in the coming months. The Le Meridien portfolio includes more than 120 upscale hotels and resorts with significant concentration in major European cities and resort destinations. For Starwood, the Le Meridien asset and customer base are largely complementary to Starwood's own.