Under the terms of the sale, Marriott has a long-term management agreement to continue operating the hotels, which are currently in service with some 900 rooms. The sale is part of Marriott International's strategy to sell company-developed hotels while retaining management agreements, according to the hospitality company's chief financial officer and executive vice president, Arne M. Sorenson.
Marriott International has more than 2,300 operating units across the globe and last year reported sales of $19.8 billion.
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