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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 thomas.marder@marriott.com www.marriott.com |