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Marriott sells eight hotels for $181m
Marriott International has agreed to sell eight US hotels for $181m to CNL Hospitality Corp, though it will continue to operate the properties.
The eight hotels in the sale deal are located in California, New Jersey, Pennsylvania and Virginia and include a total of 1,374 rooms. The sale has closed on two hotels and the sale of the remaining six is expected to be completed over the next nine months.
While 2001 was a particularly difficult year for the lodging industry, hotel investors' continued interest in owning our brands demonstrates the success of our business strategy, commented William J Shaw, president and chief operating officer of Marriott International.
CNL Hospitality currently owns or controls a portfolio of 49 hotels with 11,680 rooms in 21 American states.