GEAC Sells Hotel Business To Subsidiary Of Starwood Hotels & Resorts Worlwide
08:32 GMT-04:00 Tuesday, April 03, 2001
TORONTO, Ontario--Geac Computer Corporation Limited (TSE: GAC) announced today that it has completed the sale of its hotel business to Galaxy Hotel Systems LLC for approximately U.S. $ 1 million. Galaxy Hotel Systems is a subsidiary of Starwood Hotels & Resorts Worldwide, Inc., the largest client of the hotel business.
"The sale of the hotel business is indicative of our intention to be a more focused company," declared John E. Caldwell, Geac's President and Chief Executive Officer. "We have had a long relationship with Starwood, a client whose needs and expectations our employees know well. This bodes well for the transition."
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), is one of the leading hotel and leisure companies in the world with more than 725 properties in 80 countries and 120,000 employees at its owned and managed properties. With internationally known brands, Starwood is a fully integrated owner, operator and franchiser of hotel and resorts including St - Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.
Geac Computer Corporation Limited (TSE: GAC) is a provider of mission critical software and systems solutions to corporations around the world. Geac solutions include cross-industry enterprise business applications for financial administration and human resources functions, and enterprise resource planning applications for manufacturing, distribution, and supply chain management. Geac also provides industry applications to the real estate, hospitality, property, construction and publishing marketplaces, as well as a wide range of applications for libraries, government administration and public safety agencies. Headquartered in Toronto, Canada, Geac ranks as one of the world's largest software companies. Further information is available on the World Wide Web at geac.com, or through e-mail at infogeac.com. |
