GlobeSt.com UPDATE: Marriott Wraps Up Acquisition

WASHINGTON, DC-Marriott International Inc. has closed a multifaceted transaction –announced on April 27–that includes the hotel company’s nearly $1.5-billion acquisition of 32 hotels and two joint venture interests from Hong Kong-based hotel company CTF Holdings Ltd. It also includes three correlating deals involving the immediate disposition of some of the hotels to Sunstone Hotel Investors Inc., Walton Street Capital LLC and Tarsadia Hotels.

The transaction lays to rest a 2002 lawsuit CTF filed against Marriott, accusing the company of overcharging for goods and services provided through the Rockville, MD-based online procurement services firm Avendra LLC. “As part of the transaction, we and CTF have agreed to dismiss all litigation currently pending between us, including litigation and arbitration involving CTF and its affiliates,” Marriott officials note in the company’s first quarter 2005 report.