GlobeSt.com UPDATE: Host Marriott, Sarofim Complete $92M Deal

BETHESDA, MD-The books have closed on a $92-million deal between Host Marriott Corp. and Sarofim Realty Advisors. The transaction, first reported in December, allowed Dallas-based Sarofim to shell out the millions to acquire 85% of Host Marriott’s interest in the Courtyard joint venture, a partnership between Host Marriott and Marriott International Inc. that involves the ownership of 120 Courtyard by Marriott hotels.

The deal also paves the way for Sarofim to invest $240 million in new equity into the joint venture, which is now about five years old. For previous story, click here.