WASHINGTON, D.C.- HOTELBUSINESS. has learned that Capital Investments, a joint venture between Marriott International and Blackacre Capital Management, has agreed to acquire two additional Marriott hotels upon completion of development. The two properties are: a Marriott hotel in New Jersey, which is scheduled to open in 2001, and a Renaissance Hotel in Texas, which is scheduled to open in 2002. Blackacre will own the two developments and Marriott will manage them.
“Capital Investments is a full-service lodging fund,” said Mark Brugger, vp/project finance for Marriott International. “Our goal is to grow the fund to $1 billion.”
Brugger went on to say that the Capital Investments venture is currently working on several other opportunities within the domestic United States, Caribbean, and Hawaii. The group is concentrating on hotels that can be purchased for less than $100 million, and is helping Marriott achieve its strategic goal to move all real estate off of its books and focus its efforts on expanding its management portfolio. (10/3/00) –Diana M. Rodriguez