Marriott to sell eight US hotels for £124.5m
03 January 2002 by Samantha McClary
Hotel company Marriott International is selling eight of its US hotels in a $181m (£124.5m) sale-and-leaseback deal.
The deal, with development company CNL Hospitality Corp, includes one Residence Inn, three Courtyard by Marriott hotels, three SpringHill Suites hotels and one TownePlace Suites hotel.
The eight hotels are in California, New Jersey, Pennsylvania and Virginia and have a total of 1,374 bedrooms.
Marriott said it would continue to operate the hotels under a long-term management agreement with CNL.
The sale of two of the eight hotels has already been completed. The remaining six will be completed by the end of September this year.
