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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 rehire a senior executive recommended by Cerberus Capital Management LP and expand the role of another 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, a core Seibu division and one of Japan's largest hotel chains, said in a statement that Stan Brown, 54, would become its director and executive vice president starting on Friday.Seibu also said that Randy Evans would become a director and vice president of Seibu Properties Inc, which oversees a vast portfolio of commercial and residential real estate, effective Friday. Evans, 66, will remain a director of the railway division, a post assumed with Cerberus' recommendation in 2012.Brown had been effectively ousted last year when Seibu did not put him up for reelection as director of the hotel division. The former Marriott International Inc executive was also on the Cerberus slate of directors rejected by Seibu Holdings shareholders in June.

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.