Marriott agrees to settle suit over hotel purchase

THE BALTIMORE SUN

Patriot American Hospitality Inc. and Interstate Hotel Inc. said yesterday that they had reached a settlement in principle with Bethesda-based Marriott International Inc., paving the way for Patriot to complete its delayed $2.1 billion purchase of Interstate.

The companies said they asked the U.S. District Court in Baltimore to delay a trial scheduled to begin yesterday for one week to allow the parties to complete a settlement agreement.

The companies said they agreed to keep the terms of the settlement confidential in the interim.

The suit stemmed from Dallas-based Patriot American's plan to convert 10 Marriott brand hotels that Interstate owns to its Wyndham hotel brand. Marriott sued to block the acquisition, claiming first-refusal rights.

Pub Date: 5/05/98

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