Marriott Sale of Seattle Waterfront

WASHINGTON - May 28, 2003 - Marriott International, Inc. (NYSE:MAR) today announced that it has sold the Seattle Marriott Waterfront hotel to CNL Hospitality Properties, Inc. for approximately $89 million in cash. Marriott International developed and will continue to operate the hotel under a long-term management agreement with CNL Hospitality Properties, Inc.
The 358-room hotel overlooks Seattle’s Elliott Bay and is located along the central waterfront and within walking distance of major attractions and shopping destinations. Ideal for both business and social occasions, the Seattle Marriott Waterfront offers eleven meeting rooms and over 11,000 square feet of meeting space. The hotel`s unique contemporary design draws inspiration from its surroundings and incorporates the natural elements of water, light and sky. All guest rooms at the hotel overlook Elliott Bay, with views of the Puget Sound and the Olympic Mountain range.
“This transaction is consistent with our long-standing strategy of managing hotels owned by others,” said Arne M. Sorenson, executive vice president and chief financial officer of Marriott International. “We are pleased that CNL Hospitality Properties, Inc. has chosen to expand its portfolio of Marriott International lodging properties with the acquisition of this outstanding new hotel,” Mr. Sorenson added.
“We are extremely pleased about our investment in the Seattle Marriott Waterfront, which fits squarely into our strategy of owning premium hotels in major markets and working alongside one of the industry’s leading lodging companies,” said Thomas J. Hutchison III, chief executive officer of CNL Hospitality Properties, Inc.
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality company with nearly 2,600 lodging properties in the United States and 66 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. The company is headquartered in Washington, D.C., has approximately 129,000 employees, and was ranked as the lodging industry`s most admired company and one of the best places to work for by FORTUNE®. For more information or reservations, please visit the web site at