Marriott International, Inc. (NYSE:MAR) today announced that it has sold the Waikiki Beach Marriott Resort to a partnership (the “Partnership”) controlled by CNL Hospitality Corp. (“CNL”) for approximately $130 million in cash. Marriott International is a minority investor in the Partnership and will continue to operate the resort under a long-term management agreement with the Partnership.
“We are pleased to work with CNL to complete the sale of this unique resort property in Hawaii,” said Arne M. Sorenson, executive vice president and chief financial officer of Marriott International. “We continue to be very successful in our strategy to sell company-owned hotels while retaining long-term management agreements,” Mr. Sorenson added.
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR), a leading worldwide hospitality company celebrating its 75th Anniversary in 2002, has nearly 2,600 operating units in the United States and 65 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. Other Marriott businesses include senior living communities and services, and wholesale food distribution. The company is headquartered in Washington, D.C., and has approximately 145,000 employees. In fiscal year 2001, Marriott International reported systemwide sales of $20 billion. For more information or reservations, please visit our web site at www.marriott.com.