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at Miami International Airport for for $57.5 million . Plans $65 Million Complete Makeover, Including Building New Courtyard Tower, New Residence Inn Hotel
ANNAPOLIS, Md., June 7, 2007�Thayer Lodging Group today announced that it has acquired a complex of three Marriott-branded hotels at Miami International Airport from Marriott International, Inc. (NYSE: MAR) for $57.5 million. Thayer said it plans to invest an additional $65 million to totally makeover the complex. The renovation/construction will take place in phases, with a final completion date planned for early 2009 to coincide with completion of a major expansion of the airport and regional transportation hub. Marriott will continue to manage the hotels and oversee all construction and renovation projects. Key elements of the project include:
�We enjoyed great success working with Marriott on our Grande Lakes Resort project, a luxury resort with nearly 1,600 rooms in two hotels, 125,000 square feet of meeting space and a 40,000-square-foot spa,� Pillsbury said. �It generated exceptional returns for our investors, and we believe this acquisition holds equal promise.� �Thayer was able to move quickly on this complex transaction and shares our enthusiasm for the master plan for this exceptional site,� said Stephen Joyce, Marriott executive vice president, global development/owner and franchise services. �Thayer has great strategic vision to carry out a project like this. We look forward to additional opportunities to develop new projects with them.� �Our mission at Thayer is to realize exceptional returns through value-add business plans. Here, the combination of creative renovation and new development in one of the country�s high growth economies is compelling,� noted Bill Reynolds, Thayer chief investment officer. �Miami is an international crossroads, and Marriott, as our brand partner, leverages this excellent real estate and hotel market.� About Marriott International, Inc. Marriott International, Inc. is a leading lodging company with nearly 2,900 lodging properties in the United States and 67 other countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Washington, D.C., and has approximately 151,000 employees at 2006 year-end. In fiscal year 2006, Marriott International reported sales from continuing operations of $12.2 billion. For more information or reservations, go to www.marriott.com. About Thayer Lodging Group
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Thayer Lodging Group
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