Le Méridien has operated the hotel under a long-term lease agreement with LaSalle Hotel Properties that was not due to expire until April 2008.   However, the lease contained provision for our interests at the hotel to be bought out for fair market value by the property owner under certain conditions.  At the beginning of 2002, LaSalle chose to exercise this provision, but refused to pay Le Méridien fair market value for what has been a highly profitable business.  

The issue of fair market value is still subject to litigation at this time.  In the meantime, the Dallas county court determined that possession of the hotel should pass to LaSalle by July 14, at which time management of the hotel will be assumed by LaSalle or its designated operator.

As with any transfer of management control, Le Méridien intends to conduct an orderly and seamless transition to the new operator of the property, continuing to hold the interests of our employees, our customers and the city of Dallas in very high regard.  Additionally, we very much hope to maintain Le Méridien�s presence here, and are actively exploring alternatives to keep the Le Méridien brand in Dallas.

We obviously wish our employees the very, very best of success with the new operator, and are working closely with them to ensure a professional handover to the new management.

Le Méridien is a global hotel group with a portfolio of over 135 luxury and upscale hotels (36,000 rooms) in 56 countries worldwide.  The majority of its properties are located in the world�s top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The company also enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 44 properties around the world.   Headquartered in London, Le Méridien Hotels & Resorts Group was formed by the Principal Finance Group of Nomura International plc.  The Principal Finance Group has since become independent and is now known as Terra Firma.  The Terra Firma Group manages Le Méridien for Nomura International plc.  www.lemeridien.com.