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