Marriott International Announces Sale Of Four Hotels For $102 Million; Will Retain Long-Term Management Agreements

Marriott International Announces Sale Of Four Hotels For $102 Million; Will Retain Long-Term Management Agreements WASHINGTON, D.C. - June 18, 2001 - Marriott International, Inc. (NYSE:MAR) today announced that it has sold four hotels to Hospitality Properties Trust (NYSE:HPT) for approximately $102 million in cash. Marriott International will continue to operate the hotels under long-term management agreements with an affiliate of Hospitality Properties Trust. The hotels include a Marriott resort in Hawaii, a Courtyard hotel in Calfornia, a SpringHill Suites and a TownePlace Suites hotel, both in Washington state. All four hotels are currently in service and include a total of 900 rooms.

"We are pleased to complete this transaction with Hospitality Properties Trust," said Arne M. Sorenson, executive vice president and chief financial officer of Marriott International. "We are continuing our strategy to sell company-developed hotels while retaining long-term management agreements," Mr. Sorenson added.

MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality company with over 2,300 operating units in the United States and 59 other countries and territories. Marriott Lodging operates and franchises hotels under the Marriott, JW Marriott, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott, Ritz-Carlton and Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its ExecuStay by Marriott division; and operates conference centers. Other Marriott businesses include senior living communities and services, wholesale food distribution and The Ritz-Carlton Hotel Company, L.L.C. The company is headquartered in Washington, D.C., and has approximately 154,000 employees. In fiscal year 2000, Marriott International reported systemwide sales of $19.8 billion. For more information or reservations, please visit our web site at www.marriott.com.

Note: This press release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning business strategies and their intended results and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this press release are subject to numerous risks and uncertainties, including the effects of economic conditions, supply and demand changes for hotel rooms, competitive conditions in the lodging industry, relationships with clients and property owners, the impact of government regulations, and the availability of capital to finance growth, which could cause actual results to differ materially from those expressed in or implied by the statements herein