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Thursday, February 6, 2014

Eyeing IPO, Japan's Seibu rehires Cerberus hotel executive, (NASDAQ: MAR)

Japan's Seibu Holdings said on Thursday it would reinstate a senior executive recommended by Cerberus Capital Management LP in a sign the railway and hotel group is seeking to improve relations with its top shareholder ahead of a planned IPO. Prince Hotels and Resorts said in a statement that Stan Brown, 54, would become its director and executive vice president starting on Friday. The company manages a network of hotels and is one of the Seibu group's core divisions.Brown had been effectively ousted last year when Seibu did not put him up for reelection as director of the division. The former Marriott International Inc executive was also on the Cerberus slate of directors rejected by Seibu Holdings shareholders in June.The rehiring of Brown is the latest signal that Seibu is looking to work more closely with Cerberus in a bid to improve its operational performance ahead of a possible relisting of its shares later this year.The two had been locked in a bitter public feud for most of 2013 that centred on when it would go public and at what price.

Marriott International, Inc. is a diversified hospitality company. Shares of MAR fell by 0.19% or $-0.09/share to $47.89. In the past year, the shares have traded as low as $38.17 and as high as $51.53. On average, 2395440 shares of MAR exchange hands on a given day and today's volume is recorded at 2099797.