The companies have already closed sales on two of the hotels and expect to complete the remaining transactions by the end of the third quarter. "In 2001, we sold real estate assets and investments (including a total of 18 hotels) with an aggregate sales value of more than $730 million," Marriott Executive Vice President and CFO Arne M. Sorenson, notes in a statement. "In addition, we have agreements to sell within nine months an additional seven hotels (including the remaining six hotels in the transaction announced), which are under development and have an aggregate sales value of more than $205 million."

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Hotels
Washington, DC