The purchase price will be paid 85% in cash and 15% in operating partnership
units from Innkeepers. Marriott will operate the six properties under long-term
management agreements, bringing to 26 the total number of hotels
managed by Marriott for the REIT.
"Innkeepers is the largest owner of Residence Inns and is a proven, quality owner that maintains its properties at the highest levels," said William R. Tiefel, president, Marriott Lodging. "Our relationship with Innkeepers enables us to grow the Residence Inn system and maintain the integrity of the brand.
"When you combine Innkeepers' commitment to quality with Marriott's management capabilities, based on ourproprietary, proven systems and national network, you create an attractive situation for both companies," Mr.Tiefel added.
The six Residence Inns will offer hotel features that provide extended - stay guests greater space to work and relax including a larger work desk, enhanced lighting in the guestroom and two-line telephones. "These are top - notch properties in some of the most desirable locations in the country with strong, underlying demand growth," Mr. Tiefel noted.
MARRIOTT INTERNATIONAL, INC. is a leading worldwide hospitality company,
with over 1,600 operating
units in the United States and 53 other countries and territories. Major businesses include hotels operated and
franchised under the Marriott, Ritz-Carlton, Courtyard, Residence Inn, Fairfield, TownePlace Suites, Executive
Residences Renaissance, New World and Ramada International brands; vacation club (timeshare) resorts; senior
living communities and services; and food service distribution. The company is headquartered in Washington,
D.C. and has approximately 129,000 employees. In fiscal year 1997, Marriott International reported total sales of $9 billion.