Starwood Hotels & Resorts Worldwide Inc. and Lehman Brothers Holdings Inc. acquired the senior debt of Le Meriden Hotels & Resorts Ltd for $1.3 billion and have entered into exclusive talks concerning the recapitalization the struggling hotel chain. Negotiations will take place over the next several months says Allison Reid, Starwood spokeswoman. After that, a determination will be made about the next step for London-based Le Meridien and its 120 upscale and resort properties. ...

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