Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has completed the sale of two of its non-branded hotels - the 310-room Baltimore-Washington International Airport Marriott (BWI) and the 272-room Courtyard by Marriott Arlington Crystal City - to Orlando-based CNL Hospitality Properties, Inc. (“CNL”) for approximately $104 million.
Starwood is also in advanced negotiations with CNL to sell a majority interest in two additional domestic hotels that Starwood is expected to continue to manage under long-term management agreements. Proceeds from these sales, coupled with other previously announced hotel sales in North America and Italy, will total approximately $1.1 billion and will be used to retire existing debt and for other general corporate uses.
Starwood Hotels & Resorts is one of the leading hotel and leisure companies in the world with more than 740 properties in 80 countries and 105,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com
CNL Hospitality Properties, Inc. is an affiliate of CNL Financial Group, Inc., and specializes in the investment of quality hotels and resorts. Through partnering with several top-tier lodging companies, CNL owns interests in a portfolio of 124 hotels with more than 25,000 rooms in 37 states with 19 nationally recognized hotel brands. Headquartered in Orlando, Florida, CNL Financial Group, Inc., is one of the nation`s largest, privately held real estate investment and financial companies. CNL Financial Group, Inc. and the entities is has formed or acquired have more than $6.5 billion in assets, representing more than 1,800 properties and 1,000 mortgage loans in 49 states. For additional information, please visit www.cnlonline.com.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)