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Marriott Selling Three Bay Area Hotels

OAKLAND, CA-Marriott International is selling an Oakland hotel and two Silicon Valley hotels as part a $181 million, eight-property deal with CNL Hospitality Corp. The Oakland property has already sold, while the Silicon Valley hotels sales are expected to close this year.

By Michelle Savage | Updated on January 03, 2002

OAKLAND, CA-Marriott International, Inc. has announced that it has agreed to sell one Residence Inn, three Courtyard by Marriott hotels, three SpringHill Suites hotels and one TownePlace Suites hotel to CNL Hospitality Corp. for approximately $181 million.Three Bay Area hotels, including one in Oakland and two in Silicon Valley, are among the properties being sold. The Courtyard Oakland Airport, a newly opened 155-room hotel was sold, as was a 169-room Courtyard and a 168-room Residence Inn in Silicon Valley, which are both scheduled to open this year.

“While 2001 was a particularly difficult year for the lodging industry, hotel investors’ continued interest in owning our brands demonstrates the success of our business strategy,” said William J. Shaw, president and chief operating officer of Marriott International. “We are pleased that CNL Hospitality Corp. has chosen to expand its portfolio of Marriott International lodging properties and we look forward to continuing the strong long-term relationship between our organizations,” Mr. Shaw added.

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