Marriott International Announces Sale Of Three Hotels For $104 Million

Marriott International, Inc. (NYSE:MAR) today announced that it has completed the sale of one Courtyard by Marriott hotel, one SpringHill Suites hotel and one Fairfield Inn hotel to CNL Hospitality Corp. for approximately $104 million in cash.

Marriott International developed and will continue to manage these hotels. The three hotels comprise the Marriott Village at Little Lake Bryan in Orlando, Fla., which includes a total of 1,100 rooms and is within one mile of the Walt Disney World Resort. The complex features three custom designed hotels with expanded recreational facilities, children`s activity centers, a shared food and sundries court, as well as the individual food and beverage facilities in each hotel. Transportation is available to all major Orlando attractions from the hotels.

This transaction continues to advance our strategy of managing hotels owned by others, said William J. Shaw, president and chief operating officer of Marriott International. We are pleased that CNL Hospitality Corp. has chosen to expand its portfolio of Marriott International lodging properties, Mr. Shaw added.