Interstate Buys Interest In Sawgrass Marriott

PITTSBURGH Interstate Hotels Corp., in conjunction with Connecticut General Life Insurance Company, a subsidiary of CIGNA Corp., have purchased the Sawgrass Marriott Resort and Beach Club in Ponte Vedra Beach, FL. Interstate acquired a 10% equity interest for approximately $4 million in the joint venture that purchased the resort. Interstate will continue to manage the property under a Marriott franchise agreement. (12/11/00)