Hotel Online  Special Report


advertisement


Marriott International Sells
Two Hotels for $143 million
WASHINGTON, D.C. � June 17, 2002 � Marriott International, Inc. (NYSE:MAR) today announced it has sold the Bridgewater (New Jersey) Marriott and the San Francisco Courtyard by Marriott hotels for a total of approximately $143 million to an affiliate of CNL Hospitality Corp., based in Orlando.  Marriott signed long-term management agreements for both properties. 

Marriott developed the 347-room Bridgewater Marriott and the 405-room San Francisco Courtyard.  Marriott will retain an equity interest in the San Francisco Courtyard.

Arne M. Sorenson, Marriott�s executive vice president and chief financial officer, said, �We are very pleased with these asset sales and with our growing partnership with CNL Hospitality.  This year, Marriott has sold real estate assets totaling approximately $300 million.�

MARRIOTT INTERNATIONAL, INC. (NYSE: MAR), a leading worldwide hospitality company celebrating its 75th Anniversary in 2002, has nearly 2,600 operating units in the United States and 64 other countries and territories. 

 
###
Contact:
Tom Marder
(301) 380-2553    
  [email protected] 
www.marriott.com

 
Also See: CNL Hospitality Corp. Acquires Eight Marriott Hotels for Approximately $181 million in Cash / Jan 2002 
CNL Hospitality Corp. Opens the Largest Residence Inn in the World; the 350-suite Residence Inn SeaWorld International Center in Orlando / May 2002 

To search Hotel Online data base of News and Trends Go to Hotel.Online Search

Home | Welcome! | Hospitality News | Classifieds | Catalogs & Pricing | Viewpoint Forum | Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.