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