WASHINGTON, D.C. - June, 2002 - Marriott International, Inc. (NYSE:MAR) today announced the sale of its interest in the Laguna Beach Colony to Laguna Beach Resorts LLC for approximately $190M in cash.
The Laguna Beach Colony, currently under development, is a thirty-acre, master-planned resort and residential project located along the Pacific coast in Laguna Beach, California. The primary components of the project will include a 260-room ultra-luxury resort hotel, fourteen residential estate lots and fourteen residential condominiums. Laguna Beach Resorts LLC is a newly formed entity comprised of hotelier Alan Fuerstman, the Athens Group and other private investors. The resort hotel will be operated by Mr. Fuerstman’s new hotel company, Montage Hotels and Resorts.
Arne M. Sorenson, executive vice president and chief financial officer of Marriott International, said, “We are pleased with our continued demonstrated success in recycling capital. So far in 2002, Marriott has sold real estate assets totaling approximately $490 million.”
Note: This press release contains “forward-looking statements” within the meaning of federal securities laws concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those expressed in or implied by the statements herein.