Marriott International, Inc. (NYSE:MAR) today announced that it has agreed to sell one SpringHill Suites, two TownePlace Suites, three Residence Inns and four Courtyard hotels to Hospitality Properties Trust (NYSE:HPT) for approximately $145 million in cash.
Marriott International developed and will continue to operate the ten hotels under long-term management agreements with an affiliate of Crestline Capital Corporation (NYSE:CLJ), which is leasing the communities from Hospitality Properties Trust. Eight of the hotels included in the transaction are currently in service. The other two hotels are under construction, and the company expects sales of these latter properties to be completed during the fourth quarter of this year. The ten hotels include a total of 1,420 rooms, and are located in Arizona, California, Georgia, Massachusetts, Nevada, Tennessee, Texas and West Virginia.
We are pleased to complete this transaction with Hospitality Properties Trust and Crestline Capital Corporation, said Arne M. Sorenson, executive vice president and chief financial officer of Marriott International. This sale reaffirms Marriott`s strategy to sell company-developed hotels while retaining long-term management agreements, Mr. Sorenson added.