Marriott International, Inc. (NYSE:MAR) today announced that it has sold four hotels to Hospitality Properties Trust (NYSE:HPT) for approximately $102 million in cash. Marriott International will continue to operate the hotels under long-term management agreements with an affiliate of Hospitality Properties Trust. The hotels include a Marriott resort in Hawaii, a Courtyard hotel in Calfornia, a SpringHill Suites and a TownePlace Suites hotel, both in Washington state. All four hotels are currently in service and include a total of 900 rooms.
“We are pleased to complete this transaction with Hospitality Properties Trust,” said Arne M. Sorenson, executive vice president and chief financial officer of Marriott International. “We are continuing our strategy to sell company-developed hotels while retaining long-term management agreements,” Mr. Sorenson added.