Marriott International has agreed to sell one Residence Inn, three Courtyard by Marriott hotels three SpringHill Suites hotels and one TownePlace Suites hotel to CNL Hospitality Corp. for approximately $181 million in cash.
Marriott International developed and will continue to operate the eight hotels under long-term management agreements with an affiliate of CNL Hospitality Corp. The sale has closed on two of the hotels included in the transaction that are currently open. The parties expect sales of the remaining six hotels to be completed over the first three quarters of 2002. The eight hotels are located in California, New Jersey, Pennsylvania and Virginia and include a total of 1,374 rooms.
Arne M. Sorenson, executive vice president and chief financial officer of Marriott International, said, “In 2001, we sold real estate assets and investments (including a total of 18 hotels) with an aggregate sales value of more than $730 million. In addition, we have agreements to sell within nine months an additional seven hotels (including the remaining six hotels in the transaction announced today), which are under development and have an aggregate sales value of more than $205 million.”