WASHINGTON D.C. Marriott International has agreed to sell nine properties one Residence Inn, two Courtyard by Marriott hotels, three SpringHill Suites hotels and three TownePlace Suites hotels, to CNL Hospitality Corp. for approximately $100 million in cash.
Marriott International developed and will continue to manage the nine hotels under long-term management agreements with an affiliate of Crestline Capital Corp., which is leasing the properties from an affiliate of CNL Hospitality Corp.
Five of the hotels included in the transaction are currently open. The other four hotels are under construction; the sales of these properties are expected to be complete during the fourth quarter of this year.
The nine hotels are located in Georgia, Kansas, Maine, Massachusetts, New Jersey, North Carolina, Utah and Virginia and include 1,143 rooms. (8/22/00)