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Marriott Sells Downtown Hotel, Retains Management

SAN FRANCISCO-Marriott International Inc. sells its new San Francisco Downtown Courtyard hotel to CNL Hospitality Corp. as part of a two-hotel, $143-million deal.

By Michelle Savage | Updated on June 18, 2002

SAN FRANCISCO-The 405-room San Francisco Downtown Courtyard hotel made headlines when Marriott International Inc. opened its doors last fall. This week, the hotelier sold the property to Orlando-based CNL Hospitality Corp.

CNL purchased the San Francisco Downtown Courtyard as part of a package with New Jersey’s 347-room Bridgewater Hotel for a total of $143 million. Marriott representatives declined to reveal the individual values of each hotel. Marriott International will go on operating the hotels under management agreements with a CNL affiliate.

Located at 299 Second Street in the South of Market area, the San Francisco Downtown Courtyard is close to the Moscone Convention Center, Pacific Bell Park, Union Square and the Embarcadero. Its hotel room rates are upward of $159 per night.

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