Marriott Int’l Sells Interest In Laguna Beach Property

WASHINGTON, DC— Marriott International said it has sold its interest in the Laguna Beach Colony to Laguna Beach Resorts LLC for approximately $190M in cash. The Laguna Beach Colony, currently under development, is a 30-acre, master-planned resort and residential project located along the Pacific coast in Laguna Beach, CA. The primary components of the project will include a 260-room ultra-luxury resort hotel, 14 residential estate lots and 14 residential condominiums. Laguna Beach Resorts LLC is a newly formed entity comprised of hotelier Alan Fuerstman, the Athens Group and other private investors. The resort hotel will be operated by Fuerstmans new hotel company, Montage Hotels and Resorts. So far in 2002, Marriott has sold real estate assets totaling approximately $490 million, according to the company.