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Marriott Selling Eight Hotels for $181 Mil

WASHINGTON, DC-Marriott International, Inc. sells off eight of its properties to CNL Hospitality Corp. for $181 million. Marriott will continue to manage the hotels.

By Barbra Murray | Updated on January 04, 2002

WASHINGTON, DC-In a deal that will gross $181 million, Marriott International, Inc. has revealed it will sell eight of its properties to Orlando, Florida-based CNL Financial Group, Inc.’s CNL Hospitality Corp. The hotels account for 1,374 rooms in California, New Jersey, Pennsylvania and Virginia. Marriott will stay on to manage all of the properties, which include a Residence Inn, a TownePlace Suites hotel, three Courtyard by Marriott hotels and three SpringHill Suites hotels.

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.”

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