Marriott International Announces Sale of Three Hotels for $104 Million
MARRIOTT INTERNATIONAL ANNOUNCES SALE OF THREE HOTELS FOR $104 MILLION
WASHINGTON, D.C. – Dec. 18, 2000 – Marriott International, Inc. (NYSE:MAR) today announced that it has completed the sale of one Courtyard by Marriott hotel, one SpringHill Suites hotel and one Fairfield Inn hotel to CNL Hospitality Corp. for approximately $104 million in cash.
Marriott International developed and will continue to manage these hotels. The three hotels comprise the Marriott Village at Little Lake Bryan in Orlando, Fla., which includes a total of 1,100 rooms and is within one mile of the Walt Disney World Resort. The complex features three custom designed hotels with expanded recreational facilities, children’s activity centers, a shared food and sundries court, as well as the individual food and beverage facilities in each hotel. Transportation is available to all major Orlando attractions from the hotels.
“This transaction continues to advance our strategy of managing hotels owned by others,” said William J. Shaw, president and chief operating officer of Marriott International. “We are pleased that CNL Hospitality Corp. has chosen to expand its portfolio of Marriott International lodging properties,” Mr. Shaw added.
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CONTACTS:
Tom Marder
(301) 380-2553
thomas.marder@marriott.com
Nick Hill
(301) 380-7484
nick.hill@marriott.com
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality company with over 2,000 operating units in the United States and 58 other countries and territories. Marriott Lodging operates and franchises hotels under the 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, procurement services, and The Ritz-Carlton Hotel Company LLC. The company is headquartered in Washington, D.C., and has approximately 151,000 employees. In fiscal year 1999, Marriott International reported systemwide sales of $17.7 billion. For more information or reservations, please visit us at www.marriott.com.